February 19, 2020 Gemcoin Founder Admits to Fraud in $147 Million Scheme The mastermind behind the $147 million Gemcoin cryptocurrency scam, has admitted to wire fraud and tax evasion. Steve Chen, the mastermind behind the $147 million Gemcoin cryptocurrency scheme, has admitted to wire fraud and tax evasion in a plea agreement.The…
February 18, 2020 IRS Invites Cryptocurrency Advocates to March Summit Cryptocurrency companies and advocates will meet in DC to discuss how the IRS can “balance taxpayer service with regulatory enforcement.” With the 2019 tax season upon us, the IRS is leaving nothing off the table.…
February 14, 2020 Russia Leads Multinational Stablecoin Initiative Russia is taking the lead in issuing a multinational stablecoin backed by commodities with the Eurasian Economic Union, or EAEU, and BRICS countries. Russian President Vladimir Putin is the most influential person in the blockchain industry, according to Changpeng Zhao, the CEO of major cryptocurrency exchange Binance, which added five trading pairs: Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and XRP at the beginning of December, as well as adding Tether (USDT) later the same month against the Russian ruble.Putin…
February 14, 2020 Blockfolio and TokenTax Join Forces to Make Taxes Easier Blockfolio users can now import their existing crypto portfolios into TokenTax’s automated software. The deadline for filing 2019 taxes in the United States is quickly approaching.…
February 13, 2020 IRS Does Not Consider Fortnite Money as Virtual Currency After All Video game currencies have been stricken off an official IRS guidance as examples of virtual currencies, as the agency ups its scrutiny of crypto transactions. The Internal Revenue Service (IRS) removed wording on its website that put game currencies as examples of a convertible virtual currency.…
January 29, 2020 Iconic Swiss Ski Town Now Allows People to Pay Their Taxes in Bitcoin (BTC) Zermatt, a Swiss ski town that lies below the pyramid-shaped Matterhorn peak, is now allowing its 5,800 residents to pay taxes in Bitcoin.…
January 29, 2020 City of Zermatt Switzerland Now Accepts Tax Payments in Bitcoin The Swiss municipality of Zermatt has rolled out a Bitcoin tax payment option in partnership with Bitcoin Suisse. The municipality of Zermatt, Switzerland — home to the iconic Matterhorn — is now the second location in Switzerland where taxpayers are officially allowed to pay their taxes in Bitcoin (BTC).In…
January 21, 2020 Britain’s Tax Agency Offering Contract for Tech to Combat Crypto Tax Evasion Britain’s tax agency is inviting contract applications for a tech tool to help combat crypto tax evasion. Britain’s tax agency is inviting contractors to provide a tech tool to help Britain’s tax agency combat crypto cybercriminals. What…
January 17, 2020 New Hampshire’s Second Bill to Accept Bitcoin as Tax Payment Fails The U.S. state of New Hampshire fails to pass its second bill to accept crypto for tax payments due to the high volatility of Bitcoin. Lawmakers in the New Hampshire state legislature have killed a bill that would have allowed state agencies to accept cryptocurrencies as payment for taxes. On…
January 16, 2020 Bill to Exempt Small Crypto Transactions From Taxes Returns to US Congress US Congress sees another bill to free crypto spenders from a duty to report capital gains on crypto used in personal transactions. A bill seeking to exempt personal cryptocurrency transactions from taxation for capital gains has been reintroduced in the Congress of the United States. What…
January 16, 2020 Bithumb Cryptocurrency Exchange Goes to Court Over $69M Tax Bill Bithumb has taken the South Korean National Tax Service to court over a multi-million dollar tax levy. Major South Korean cryptocurrency exchange Bithumb has decided to litigate a near $69 million (80 billion won) tax bill levied by the National Tax Service (NTS).According…
January 10, 2020 Authors of New York’s P2P ‘Public Venmo’ Bill Hope for Greater Decentralization New York lawmakers proposed a bill on a P2P savings and payment platform called the “New York Inclusive Value Ledger.” New York lawmakers proposed a bill on a peer-to-peer (P2P) savings and payment platform called the “New York Inclusive Value Ledger.”Introduced…
