On October 10, 2024, Josh and Jessica Jarrett, Tezos network stakers, again filed a lawsuit against the IRS, challenging its taxation of block rewards from staking on the Tezos network. This case, now in federal court in Tennessee, asserts that tokens generated through staking should be classified as property. It
On August 15, 2024, the International Monetary Fund (IMF) recommended a major increase in electricity taxes for cryptocurrency miners and AI data centers to address their carbon footprint. The IMF’s proposal suggests raising the electricity cost for crypto miners by 85%. They propose a tax of $0.047 per kilowatt-hour, potentially
The U.S. president, Joe Biden, is gearing up for his upcoming campaign and has made a significant promise related to the crypto market and traders. The rise of the crypto market has presented a unique set of challenges for traditional tax frameworks. Biden stated that he was going to reform
Ukrainian regulators have announced their plans to raise taxes on crypto gains starting in 2024. Both individuals and businesses involved in cryptocurrency transactions would be subject to an 18% tax on their profits under the proposed plan. The National Commission for Securities and the Stock Market plans to charge a
Kenya, a country in East Africa has recently introduced 1.5 percent taxes on commissions for crypto trading and exchange over four million people in the country. Considerably, in April 2023, the country will scrap the 1.5% tax imposed on crypto trades for foreign operations, says William Ruto, the president of
The United Arab Emirates (UAE) is proposing a new bill to create a decentralized economy for its free zones with 100% tax exemptions. This move aimed at attracting foreign investment and boosting economic growth in the region. 🇦🇪 UAE proposes bill to create a decentralized economy for its free zone
The Floki Inu DAO has finally announced the reduction of the FLOKI transaction tax and the proposal to burn the bridge tokens. And it has been claimed that the plan would be offered for voting on January 27, producing major price fluctuations immediately after it is released. The Floki Inu
Crypto.com Tax was successfully launched earlier this month in Canada, America, and Australia. Aside from all this, the company announced that this service is now available in the UK as well and will be offered in more regions in the future. The Crypto.com Tax service makes submitting crypto tax returns
In recent times, there were a lot of controversial statements revolving in the U.S regulations for crypto taxations. The U.S provision targets to achieve $28 billion for bipartisan infrastructure and uses a smart idea to raise the fund through the tax amount of cryptocurrencies. Besides, the U.S Senate is against
Katie Ananina, a Russian expat and former professional sailboat racer is the founder of Plan B Passport. This firm brokers citizenship through investment schemes for tax-haven countries that do not tax capital gains on crypto holdings for rich investors. Plan B helps in providing passports mainly for European clients each
