taxes

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07 Apr 23

Over 99% of crypto investors don’t report taxes, report indicates

As the cryptocurrency market continues to grow, tax authorities worldwide face mounting challenges in ensuring compliance. A recent study by Divly, a crypto-tax platform, reveals that a mere 0.53% of cryptocurrency investors globally declared their crypto activities to local tax authorities in 2022. STUDY: Divly, a tax preparation service in Sweden, conducted a survey which […]

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24 Mar 23

El Salvador to remove taxes on technological advancements

El Salvador President, Nayib Bukele, said he intends to eliminate all taxes on technological advances, including income, property, capital gains taxes, and import duties. He added that he would send legislation to Congress the following week. Aiding innovation undoubtedly offers up various avenues. Suppression from centralized entities, on the other hand, will stifle this growth. […]

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09 Mar 23

Biden Budget Plan proposes taxes to reduce crypto wash trades

U.S. President Joe Biden’s proposed budget will be released on March 9, including a stipulation for tax loss loopholes on crypto transactions. The budget blueprint will include a provision to reduce wash sales. Currently, crypto investors can trade any cryptocurrency at a loss, claim the losses on taxes, and buy the same token at the […]