The U.S. Treasury Department's new proposal on digital asset taxes is facing criticism from the crypto industry, as it may capture decentralized operations that are difficult to comply with, although it may also provide a clear path for crypto investors to file their taxes.
The U.S. Department of the Treasury and the IRS have released proposed regulations on the sale and exchange of digital assets, requiring brokers to report certain transactions and helping taxpayers determine their tax obligations.
Prominent crypto commentators criticize the new crypto tax reporting rules proposed by President Joe Biden, fearing that they will push the crypto industry further away from the US and stifle innovation.
The U.S. Treasury and IRS have proposed regulations for crypto tax reporting, emphasizing the importance of accurately reporting and tracking crypto activity; investors are advised to consider amending past tax returns and keep their own records despite the introduction of Form 1099-DA.
The Japanese Financial Services Agency has proposed changing the tax code to exempt domestic firms from paying end-of-the-year "unrealized gains" tax on cryptocurrencies.
The IRS has issued proposed regulations defining the term "broker" in relation to digital assets, including decentralized finance platforms, and outlining tax reporting requirements for cryptocurrency transactions, which could have implications for DeFi platforms and users.
The US Department of the Treasury and the IRS have proposed regulations that would require digital asset brokers to report gross proceeds and provide information on gains and losses from the sale of crypto assets starting in 2025.
The U.S. Treasury plans to release guidance on additional clean energy tax incentives, including rules to deter reliance on Chinese supply chains, before the end of 2023.
The leaders of the G20 nations have agreed to provide global tax authorities with more transparency on cryptocurrency transactions, indicating a growing global cooperation on cryptocurrency, even though implementation may take several years.
Lawmakers in the European Parliament overwhelmingly voted in favor of the cryptocurrency tax reporting rule, DAC8, with 535 votes for, 57 against, and 60 abstentions, empowering tax collectors to track and assess all crypto transactions within member states.
