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“# ‘We are the number two crypto miner in the world, and we see practically no financial return,’ says Kazakhstan President Tokayev ” During a meeting with representatives of the financial sector on Friday in Almaty, Kassym-Jomart Tokayev, President of Kazakhstan, expressed his opinion on the current state of affairs of the country’s cryptocurrency industry….
“# US lawmakers introduce bill to ‘fix’ crypto reporting requirement from infrastructure law ” A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill. House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America…
“# India to reduce GST paid on cryptocurrency exchanges from 18% to 1% through regulatory reclassification ” According to a report from CNBC TV18 India, the nation’s government plans to reclassify cryptocurrency exchanges as e-commerce platforms, which will reduce the Goods and Services Taxes (GST) users must pay per transaction, or per trade, to 1%. …
“# President Biden signs infrastructure bill into law, mandating broker reporting requirements ” After months of scrutiny from both the United States Senate and House of Representatives, the infrastructure bill — criticized by many crypto advocates — is now officially the law of the land. In a ceremony in front of the White House on…
“#Biden’s Build Back Better will raise taxes on 30% of middle-class families” President Joe Biden’s Build Back Better agenda would raise taxes on up to 30 percent of middle-class families, despite his campaign promises not to hike taxes on anyone making under $400,000 per year, according to a new analysis. “Taking into account all major…
“#Elon Musk sells $1.1 billion in Tesla stock after Twitter poll” Tesla CEO Elon Musk — the richest man in the world — sold $1.1 billion worth of stock in his company on Wednesday to cover a massive tax bill on his expiring security options exercise. Musk acquired 2.2 million shares of the electric car…
“# House passes $1T infrastructure bill with crypto tax for Biden’s approval ” The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill, which if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens. The infrastructure bill was first proposed by the…
“# The major tax myths about cryptocurrency debunked ” Crypto and taxes may not be a match made in heaven, but taxes seem inevitable, and the United States Internal Revenue Service (IRS) has made it clear it is going after people who don’t report. With IRS summonses to Coinbase, Kraken, Circle and Poloniex, plus other…
“#Pro-biz GOPer gaining on duplicitous Dem Murphy: Devine” As President Biden’s reverse Midas touch ricochets around the nation, even in deep-blue New Jersey Democrats are nervous. All attention has been on Virginia’s gubernatorial race, but the Garden State could be a sneaky upset, as polls have narrowed dramatically since August in what already is a…
“# Puerto Rico sees resurgence of interest among crypto rich ” The United States territory of Puerto Rico is seeing a resurgence of interest among crypto investors attracted by the fact it doesn’t charge federal income tax and eligible investors can pay zero taxes on their crypto gains. Under local law Act 22, those who…