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IRS aims to tax NFTs in line with other collectibles

0xMain
March 22, 2023

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The IRS is taking steps to tax NFTs like other collectibles, proposing a new framework for public review and comment. The Internal Revenue Service (IRS) is taking steps to ensure that NFTs are taxed similarly to other collectible items. This move by the...

Trust Wallet introduces tax tool for Coinpanda, Cointracker, and Koinly

0xMain
March 21, 2023

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Non-custodial crypto wallet Trust Wallet has partnered with Coinpanda, Koinly, and Cointracker to offer users a crypto tax reporting feature. Trust Wallet will be integrated into the three platforms to provide a cost-effective and convenient way to generate tax reports. This allows crypto users on decentralized and centralized platforms...

US authorities to impose 30% electricity tax on crypto mining

0xMain
March 10, 2023

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The President Joe Biden administration has proposed imposing a 30% electricity tax on crypto mining operations in the United States. The move is attracting severe criticism from industry players. Despite the unfavorable market conditions and FUD that have plagued the web3 space since...

Brazil’s oldest bank form partnership with a crypto platform for easy tax filing

0xMain
February 12, 2023

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Banco do Brasil, the oldest bank in Brazil, is creating a tax payment solution for citizens holding digital assets in Bitfy, a payments platform serving users in Latin America, according to a statement on Feb. 11. Following this deal, Bitfy will be responsible for...

Justin Sun claims China will implement crypto regulations through tax policies

0xMain
January 30, 2023

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According to Justin Sun, China is moving towards crypto legitimacy by imposing a tax on crypto transactions. The move signifies that the Chinese government views crypto assets as a legitimate wealth source and storage vehicle. China’s crypto transaction tax policy Justin Sun, head...

Arizona to exclude crypto assets from property tax

0xMain
January 25, 2023

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During the first session of the Arizona State Senate seating for 2023, the trio of senator Wendy Rogers, Sonny Borrelli, and Justine Wadsack considered taking the vote of Arizonians on the possibility of drafting a bill that adds virtual currency to the list...

Indian crypto industry calls for tax cuts amid investors’ exodus

0xMain
January 18, 2023

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India’s local crypto institutions have collectively demanded tax reliefs on crypto investments as investors flocked to foreign exchanges following the unfavorable tax policies imposed on digital asset investments. The local industry is calling on authorities to reduce the TDS rate from the current...