7 Crypto Tax Software You Should Consider For Cryptocurrency Taxes

Tax authorities worldwide try to benefit from the wealth in cryptocurrency with varying degrees of success. Countries like the UK, Israel, Denmark, Switzerland, Argentina, and Bulgaria all have crypto taxation laws in different classifications. Other countries, however, allow their citizens to trade in cryptocurrency with zero taxation. These include Portugal, Germany, Singapore, Malta, and Malaysia.  While countries have made milestones in cryptocurrency taxation, understanding the process is still complicated. Some guidelines are vague or sophisticated, which frustrates crypto users who…

Japan’s Finance Minister is Not Interested in Reducing Tax on Cryptocurrency

According to Japan’s Finance Minister Taro Aso, he is not willing to demand the reduction of tax rate on cryptocurrencies in the country to 20 percent due to the difficulty of numerous households investing in digital assets. On June 2, the minister attended a meeting of the House of Councillors Committee on Financial Affairs, and answered a question by Japan Restoration Association member. According to Aso, about 900 trillion yen (8.4 billion USD) of the 1900 trillion yen (17.6 billion USD) financial…

About 67 Percent of Users Support Digital Assets Taxation

Recently, South Korean wallet provider known as Childly carried out a survey. Over 5,750 cryptocurrency users across the world were involved in the poll. The results revealed that 66 percent of respondents support cryptocurrency asset taxation. Likewise, it showed that one out of five cryptocurrency users do not support digital asset taxation. Generally, the survey showed that the cryptocurrency community is warm towards taxation. Forty-eight (48) percent of the respondents said it is mandatory to tax cryptocurrency assets; hence, they…

The ATO To Pursue Crypto Traders Over Tax Dues

Reports emerging from Australia indicate that the Country's tax administrator, The Australian Tax Office (ATO) is preparing to seek out crypto traders concerning their tax obligations.  Tax Claim Goes Back Several Years A media report on Wednesday cites an ATO spokesman confirming that the agency will contact over 35,000 traders regarding their tax compliance spanning a few last years.  The Australian law regards cryptos as property subjecting them to capital gains tax. Thus trades are mandated to report all proceeds…

A Guide to Legislation and Taxation on Cryptocurrencies

Cryptocurrency Legislation Over the past 4-5 years, the legislation of cryptocurrencies, blockchain, and similar instruments has become one of the most important regulatory authorities tasks. Even though regulation is of utmost importance, the sudden spark has its reasons. Scrupulous practices such as ICO scams, exchange hacks, unregulated creation of monetary schemes, etc. have made it necessary. Governments worldwide are acknowledging the importance of regulatory oversight for keeping a check on the space. This has received a lot of backlash from…