India is losing significant revenue due to its current crypto taxes policies, as revealed in a report by the Esya Centre. The country missed out on ₹6,000 crore in taxes as crypto traders moved to foreign platforms. If the policies remain unchanged, India could lose an additional ₹17,700 crore over
A Texas man, Frank Richard Ahlgren III, has been sentenced to two years in prison for Crypto tax evasion. This is the first ever criminal prosecution centred entirely on cryptocurrency. Texas Man Sentenced for $3.7 Million (Bitcoin) Crypto Tax Evasion Ahlgren was convicted for falsely underreporting capital gains earned from
On November 27, 2024, Russia’s Federation Council approved a crucial bill outlining the taxation framework for digital currencies. The legislation follows approval from the State Duma, the lower house of parliament, the day before. With President Vladimir Putin’s expected signature, the bill will soon become law, officially establishing new rules
While several countries are imposing heavy taxes on cryptocurrency gains, Hong Kong is easing the burden. Hong Kong plans to propose a tax exemption on cryptocurrency gains for institutional investors. According to a 20-page proposal seen by the Financial Times, the exemptions would extend beyond crypto to include a variety
The USA has been shifting major blocks within the crypto regulatory landscape over the last few days alone. Particularly, President-elect Donald Trump in the last 24 hours, announced the initiation of the Department of Government Efficiency (DOGE) appointing Elon Musk and Vivek Ramaswamy in leading positions. On the other hand,
Italy has officially introduced a major tax hike on cryptocurrency gains, raising concerns among investors. As part of the country’s 2025 Budget Law, capital gains on Bitcoin and other cryptocurrencies will be taxed at 42%, up from the current 26%. This significant increase, signed into law by President Sergio Mattarella,
The global crypto regulatory landscape has been fighting for the spotlight this week. Several countries have made announcements in the past few days, and certain controversies have arisen. Notably, US SEC chair Gary Gensler, in a recent interview, announced that the ‘regulation by enforcement’ will proceed undeterred. In the last
As countries all over the world are mulling over imposing stringent digital currency regulations, Italy has decided to increase its capital gains tax on Bitcoin (BTC) from 26% to 42%. Vice Economy Minister Maurizio Leo announced this change during a press conference discussing the country’s budget for 2025. This announcement
Japan’s Financial Services Agency (FSA) has unveiled plans to amend the nation’s tax laws to lower the tax burden on crypto assets by 2025. This aligns with the broader tax code reform to bring cryptocurrencies with traditional financial assets. The proposed reforms, detailed in an August 30 request, are part
In the budget meeting for the fiscal year 2024-2025, India’s Finance Minister Nirmala Sitharaman upheld the existing tax regulations on cryptocurrencies, leaving the controversial tax-deducted-at-source (TDS) rate at 1% unchanged. This decision follows a significant urge from the crypto sector, which had asked for a reduction of the TDS to
