Kyrgyzstan’s untapped hydroelectric capacity could make it a future mining powerhouse, but its progress has been slow. The government of Kyrgyzstan collected 78.6 million soms (almost $883,000) in taxes from cryptocurrency miners in the first 11 months of 2023, according to local press reports citing the Finance Ministry. That was a dramatic rise over last year’s revenue. Tax … [Read more...] about Tax revenue from cryptocurrency mining modest but growing in Kyrgyzstan
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Decentralized autonomous organizations: Tax considerations
A decentralized autonomous organizations (DAO) is an organization that is managed by a computer program powered by blockchain and run by a group of individuals who collectively vote to decide on organizational proposals. Typically, each member’s voting power is determined by their percentage interest in the DAO, which is calculated by dividing the digital assets contributed by … [Read more...] about Decentralized autonomous organizations: Tax considerations
3 things every NFT investor should know to avoid a tax nightmare
2021 will be remembered as the year of nonfungible tokens (NFTs). In a year where names like Beeple and Bored Ape Yacht Club dominated the headlines, it’s estimated that NFTs have generated more than $23 billion in trading volume.The rise of NFTs has ushered in a new generation of investors who spend time scouring platforms like Discord and OpenSea looking for the next 100x … [Read more...] about 3 things every NFT investor should know to avoid a tax nightmare
India to introduce 30% crypto tax, digital rupee CBDC by 2022-23
In a speech discussing the budget for 2022, Indian finance minister Nirmala Sitharaman announced the launch of a central bank digital currency (CBDC) by 2022-23 as means to boost the country’s economic growth. Sitharaman highlighted the need for digital inclusion across numerous business verticals while announcing the fund allocation set in the Union Budget. Speaking about the … [Read more...] about India to introduce 30% crypto tax, digital rupee CBDC by 2022-23
The Inside Story of How India’s Crypto Exchanges Were ‘Inspected’ by Tax Agencies
The TakeawayTax agencies have several other crypto exchanges on their radar but expect these “inspections” to serve as a deterrent that will make the industry voluntarily fall in line.Agencies have been examining crypto exchanges’ finances in India since August 2021, the investigation is still ongoing and currently focused on evaluating transactions to correctly assess tax … [Read more...] about The Inside Story of How India’s Crypto Exchanges Were ‘Inspected’ by Tax Agencies