Bitcoin Taxes

The city of Miami is one of the very few cities in the world that are actively exploring ways to utilize Bitcoin. The city's Mayor, Francis Suarez, has shown immense interest in the cryptocurrency and believes in its potential. Miami Uploads Bitcoin White Paper On Wednesday, Miami uploaded a copy of the Bitcoin Whitepaper to its municipal website, a move that is currently becoming popular among several bitcoin-friendly companies and governments worldwide. The city's official blog post reads, "The City…

Cryptocurrency owners in Russia may soon be left with the option to declare their crypto holdings to the taxman or face up to three years in jail if caught, according to new reports from local media.  The Russian Ministry of Finance has drafted an amended proposal to ensure all crypto holders in the country report the value of their digital assets for tax purposes.  New Crypto Tax Rules The previous rule requires Russian citizens with small portfolios of at least…

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. However, other countries allow their citizens to trade 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 wish…