Crypto Taxes

Calls for a crypto tax have drawn severe backlash in the country where crypto trading is ubiquitous. Now, the governing party is set to delay the crypto tax, according to The Korea Times. Due to diminishing support from young voters ahead of the upcoming elections in May, the government will ask regulators to delay the implementation by one year. So instead of on January 1, 2022, the tax will take effect in 2023. Indeed, there were signs that this decision…

The ruling Democratic Party of Korea (DPK) has resolved to delay imposing taxes on gains from cryptocurrency transactions. The DPK reached a verdict to reschedule the timing for another year than earlier planned. South Korean politician Hong Nam-ki affirms that the crypto tax code will start soon. The majority Democratic Party has been aiming to postpone it to 2023. This development comes ahead of the presidential election next year. It is targeting a voter base under 30 years who have invested heavily in the digital asset.…

ZenLedger is a tax software suite geared towards the DeFi and cryptocurrency communities. The protocol integrates various unique features. They enable users to save time and effort when filing their crypto holdings with tax authorities. The system is completely IRS compliant and integrates with other popular tax software. Why ZenLedger Could Help You ZenLedger serves an essential role in educating investors and providing users with crypto tax information and services. The network streamlines the process by introducing automatic forms and advanced…

In a recent report, the Indian government is slowly changing its stance on the cryptocurrency space. According to the report, Indian lawmakers are thinking of imposing taxes on all cryptocurrency-related activities. Consequently, the taxation is going to affect all crypto exchanges and trades in the country.  Moreover, the report shows how the decision focuses on the idea that crypto-based ventures are profitable. Thus, in line with this statement, the government of India intends to impose taxes on crypto-related activities. And only because they…

Government officials may be the key to supporting cryptocurrency mainstream adoption in the long term. This year's wild fluctuations in crypto prices have alarmed investors, Wall Street, and even regulators are weary. Yet, the cryptocurrency space is still young, and a lot is yet to explore. Government officials should chip in to drive mainstream adoption of cryptocurrencies. It could, after all, be the currency of the future.  Toning Down Crypto Regulation Cynthia Lummis, a government official, has stated some exciting…

Crypto industry advocates faced a significant setback on Aug 24 as the US House Rules Committee blocked attempts to reverse the controversial crypto tax provisions. The rules add to Biden's $1 trillion infrastructure plan despite facing pushback from some lobbyists. House Speaker Nancy Pelosi has now decided to take the bill to the floor for a vote by Sep 27. The committee doesn't want any compromising alterations to the stringent crypto tax rules. Crypto proponents oppose the passing of the…

It's no secret that cryptocurrencies have become a lucrative form of investment. As such, governments across the globe have updated their taxation policies to get a piece of the rapidly growing sector. But unfortunately, in most countries with implemented digital asset taxation, cryptocurrencies such as Bitcoin are treated as property for tax purposes and not as a digital currency. This means that capital gains and losses reporting rules that apply to other forms of properties, such as real estate, bonds,…

Digital currency trading is rapidly receiving significant attention from enthusiastic traders worldwide. Users regularly find unprecedented benefits that make cryptocurrency trading a practical investment strategy. A crypto trader dedicates their time to earn profits from alterations in the crypto market. Most work hard to learn trends within the markets to know the best time to buy or sell. Despite the risks underlying the art, some individuals take up crypto trading as a full-time job while others are part-time. The increased…

South Korea could be set to delay the implementation of a new crypto tax rule. Local reports say that the National Assembly has proposed postponing the deployment of the law till October 2022. 25% Crypto Income Tax The government had initially planned to begin the implementation of the cryptocurrency income tax rule by October 2021. The rule states that South Korean residents will be charged 20% income tax on cryptocurrency profits worth 2.5million won ($2000). The rule introduced by the…