QUICK BREAKDOWN: Spain introduces stricter rules on DeFi, making routine activities taxable under Spain crypto taxes. The move brings regulatory clarity but raises concerns about its long-term regulatory impact on innovation and competitiveness. Retail and institutional investors face higher compliance costs, potential double taxation, and shifting strategies. Spain’s approach contrasts ...
Indonesia is one of Southeast Asia’s most active cryptocurrency markets, with millions of traders and steadily rising transaction volumes. The country’s youthful, tech-savvy population, combined with growing interest in digital assets as an investment and payment option, has fueled this surge. By 2024, Indonesia ranked among the top nations globally ...
Hong Kong is strengthening its status as a leading offshore financial hub by introducing tax exemptions for private equity funds, hedge funds, and high-net-worth investors. These exemptions extend to profits derived from cryptocurrencies, private credit, and various alternative assets. According to the Financial Times, Hong Kong’s government has detailed in ...
Japan's Prime Minister Shigeru Ishiba has pledged to incorporate tax cut proposals from the opposition Democratic Party for the People (DPP) into the government's upcoming economic stimulus package. This initiative includes measures targeting gasoline and cryptocurrency taxes, as reported by Bloomberg on November 20. Ishiba secured approval for the stimulus ...
Authorities in Paju, a city in South Korea's Gyeonggi Province, are ramping up efforts to collect unpaid taxes by targeting residents who use cryptocurrency to evade payment. Local officials have issued warnings to 17 individuals with outstanding tax debts amounting to 124 million Korean won (approximately $88,600). According to ...
The residents of the U.S. city of Detroit will soon be able to pay taxes and other city fees using cryptocurrency, as the city’s Treasury Department plans to introduce crypto payment options by mid-2025. On November 7, the Department released a statement announcing a new initiative aimed at aligning with ...
Israel's State Comptroller and Ombudsman, Matanyahu Englman, has flagged significant issues in the country's cryptocurrency tax collection, warning that these shortcomings should be addressed before imposing broader tax increases on the public. Englman, whose role is to review and audit the policies and operations of the Israeli government, reportedly published ...
South Korea's right-wing political party, People Power Party, has introduced a proposal to delay the taxation of cryptocurrency gains by three years. If approved, the tax on crypto gains, initially set to begin in 2025, would be postponed until 2028. The bill, proposed on July 12, 2024, and available on ...
On October 17, 2023, the European Union Council approved a crucial revision to the Directive on Administrative Cooperation (DAC) with the goal of simplifying tax reporting for cryptocurrency transactions. This latest update, referred to as "DAC8," marks the eighth revision, with each previous directive addressing distinct aspects of financial oversight. ...
