#tax
61 articles found
Latest
99.75% of Crypto Investors in Israel Don’t Pay Taxes
According to the state comptroller, Israel is losing substantial revenue due to an ineffective tax system for cryptocurrency transactions. Between 2018 and 2022, the country could have collected an additional $250 million annually by taxing digital asset users.
Cryptocurrency Regulations in New Zealand
Cryptocurrency regulation in New Zealand is continuously evolving. Although digital assets are not officially recognized as a form of payment, they are acknowledged as property under tax and financial laws. The nation is actively working towards establishing a clear and secure framework for the digital industry. What Is MEV and How It Impacts Blockchain Transactions
MEV (Maximum Extractable Value) is a key concept in the crypto industry. Often described as the “invisible tax” or the “dark forest of DeFi,” it represents a complex financial process. MEV is generated as a result of prioritizing transactions that pay higher fees. In this article, we will define what MEV is and explore its impact on transaction costs. IRS Hires Crypto Tax Experts
The US Internal Revenue Service (IRS) has brought on board two former cryptocurrency company employees as consultants to aid in crafting the definitive tax regulations for digital assets. This move will impact all crypto businesses, including exchanges and brokers, requiring them to report all transactions per client. 
Dubai: A Crypto-Friendly Tax Haven
The legal firm MANIMAMA has released a report analyzing cryptocurrency tax systems worldwide, including the EU, Switzerland, the UAE, and more. Notably, the UAE, particularly Dubai, emerges as one of the most favorable locations for crypto trading and earnings, as it imposes no capital gains or income tax. 
AI Set to Become a Crucial Tool in Combating Crypto Crimes
Chainalysis CEO Michael Gronager predicts that within the next five years, governments will increasingly leverage AI to uncover financial crimes on the blockchain, including tax evasion. This initiative is expected to be coordinated rather than fragmanted across various agencies. 
Texas Crypto Investor Charged for Concealing $4 Million Income
A federal grand jury has confirmed charges against Frank Richard Ahlgren III, a resident of Texas, for filing false tax returns and engaging in deposit manipulation to avoid tax payments. The unreported income is estimated at around $4 million. Spain Seeks to Strengthen Oversight of Cryptocurrencies
The Spanish Ministry of Finance is drafting a bill aimed at the confiscation of digital assets to cover outstanding tax liabilities. The new regulations will allow investigators to track users' cryptocurrencies and freeze them for subsequent confiscation at the earliest opportunity. HyperVerse Promoter Arrested for Fraud
In a significant move by U.S. authorities, Rodney Burton, a key promoter of the cryptocurrency venture HyperVerse, has been detained on accusations of conducting a fraud scheme exceeding $7 million. According to the U.S. Tax Service's filings, he masterminded a financial pyramid masquerading as a crypto investment opportunity.