#tax

Cheongju’s administration has reached out to seven South Korean crypto exchanges, including Upbit and Bithumb, to investigate the holdings of around 8,520 individuals who owe a minimum of 1 million won ($750) in local taxes. After the investigation, authorities in Cheongju aim to seize cryptocurrency assets from such tax evaders. Crypto have increasingly been used for hiding assets in South Korea. Over the span of 2021 and 2022, a total of around $180 million worth of crypto were seized by the South Korean government from individuals who evaded their taxes.

Crypto miners in the U.S. have initiated the Digital Energy Council to lobby for miner-friendly policies amidst ongoing crypto regulation debates. The council aims to advocate for sustainable energy development, grid resilience, U.S. competitiveness, and national security. This move comes as President Joe Biden's administration proposes a 30% excise tax on mining operations, citing societal harms. Additionally, Democratic lawmakers criticize miners for environmental concerns.

Representing Massachusetts in the U.S. Senate, she's forcefully advocating for immediate steps to plug the gaps in cryptocurrency tax provisions, gaps that are believed to be worth roughly $50 billion. Warren's argument rests on the Infrastructure Investment Act, which is set to take effect on January 1, 2024. Still, disappointingly, no preliminary guidance has been put forth by the Department of Treasury on this concern.

Coin Center, a crypto-focused policy nonprofit, has reached out to Congress members, urging for more transparent crypto tax regulations. In a letter to Senate Finance Committee's Ron Wyden and Mike Crapo, Coin Center emphasized the need for guidance on cryptocurrency taxation, especially concerning capital gains. They suggested a threshold for gains below which no tax would be due. Coin Center also stressed the importance of a "de minimis" exemption, without which, every small crypto transaction could become a taxable event. This exemption would simplify the use of cryptocurrencies for daily payments, especially for micropayments.