The United Kingdom’s government has announced plans to increase regulation of crypto assets as part of its efforts to combat economic crime in the country. The policy paper released on March 30 by the U.K. Treasury and Home Office stated that the government plans to “robustly” regulate crypto to fight the illicit use of digital assets.

This move towards stricter regulation of cryptocurrencies is part of the government’s economic crime plan for the period from 2023 to 2026. The plan also includes pooling “the knowledge and abilities of law enforcement agencies” to review and strengthen how crypto assets involved in legal proceedings may be seized and stored.

The U.K. government acknowledges that cryptoassets provide a near-instant and low-cost way to transfer value across borders. While the vast majority of cryptoasset transfers are conducted for valid purposes, they are also an attractive technological enabler for criminal activity. Intelligence demonstrates growing criminal acquisition and abuse of cryptoassets linked to a wide range of predicate offences, alongside their widespread adoption by money launderers and International Controller Networks (ICN).

The paper also highlights the difficulty in determining the proportion of illicit crypto addresses and transactions due to a number of factors, including the pseudo-anonymous and transnational nature of cryptoassets and services, and the under-reporting of crimes involving cryptoassets.

According to the policy paper, the U.K. government expects criminals to shift their crypto transactions to “less regulated exchanges and services” in other jurisdictions. Therefore, the country’s Financial Conduct Authority (FCA), which is one of the bodies responsible for the enforcement of crypto asset regulation, will be working with its international counterparts to exchange information related to its response on the regulation and supervision of crypto.

The U.K. government also recognizes that the developments within the cryptoasset industry are fast and constantly evolving. Hence, continued collaboration with the country’s cryptoasset sector is vital to ensure that the regulatory and supervisory system takes a targeted and proportionate approach to economic crime risks, fostering safe and competitive growth.

This staged and proportionate approach to regulation recognizes that, while challenging, effective cryptoasset regulation benefits everyone, including consumers and firms. The government plans to set out ambitious plans to protect consumers and grow the economy by robustly regulating cryptoasset activities, providing confidence and clarity to consumers and businesses alike.

In conclusion, the U.K. government’s move towards stricter regulation of crypto assets is a step in the right direction towards combating economic crime. While the cryptoasset industry provides a near-instant and low-cost way to transfer value across borders, it is also an attractive technological enabler for criminal activity. Stricter regulation will help protect consumers and businesses while fostering safe and competitive growth in the industry.

#UK #Tax #BTC #bitcoin #azcoinnews

This article was republished from azcoinnews.com

H&R Block's Mark Chapman explains the tax implications of investing in cryptocurrency. Capital Gains Tax (CGT) applies to cryptocurrency investments, with different tax rules for investors and traders. CGT is calculated based on the gains from buying and selling cryptocurrency, with discounts available for long-term holdings.
#Binance #Write2Earn‏ #Tax #NFT

Great news for the crypto community! Japan is set to implement major tax reforms related to cryptocurrencies starting in 2024. Here's what you need to know:
#Tax Clarifications: The reforms aim to provide clear guidelines on how cryptocurrencies will be taxed. This includes details on capital gains, transactions, and income derived from crypto-related activities.Reduced Tax Burden: There are indications that the reforms may introduce measures to reduce the tax burden on crypto investors. This move could encourage broader participation in the crypto market and foster innovation.Increased Regulatory Clarity: Japan has been proactive in regulating the crypto space. The upcoming reforms are expected to bring further clarity to the regulatory framework, providing a more stable environment for both investors and businesses.Reporting Requirements: The reforms are likely to introduce more robust reporting requirements for individuals and businesses involved in cryptocurrency transactions. This will enhance transparency and compliance with tax regulations.Educational Initiatives: As part of the reforms, educational initiatives may be introduced to raise awareness about the tax implications of cryptocurrency transactions. This is crucial for ensuring that users are well-informed and can navigate the tax landscape effectively.
#sol #BinanceWish
#Cryptonew #Bitcoin
$BTC $ada $BCH

As the announcement of the Union budget for 2024 in India approaches, the local #Web3 community is striving to achieve changes in tax regulations concerning cryptocurrencies.
Despite the Indian web3 community's continuous calls for changes over the last two years, the Indian government has yet to agree to revamp the cryptocurrency tax. Many in the industry argue that the current laws hinder the development of cryptocurrencies in the country and lead to a brain drain to more #crypto-friendly countries.
Loud Call for Revision of Indian Cryptocurrency #Tax Law
Indian Finance Minister Nirmala Sitharaman plans to present the budget for the fiscal year 2025 on February 1. In this context, the Indian crypto community is intensively promoting the 'ReduceCryptoTax' slogan on social media.
The cryptocurrency sector in India, through social media, presents three main demands to the government: more flexible tax rates, reducing the tax deducted at source (TDS) from 1% to 0.01% for crypto transactions, and the ability to carry forward losses similarly to the stock market.
Pushpendra Singh, co-founder of SmartViewAi in India, commented that the Indian system of taxing cryptocurrencies is "the worst in the world." Referring to the hashtag "ReduceCryptoTax," Singh pointed out the combination of 1% TDS and 30% cryptocurrency tax, the absence of the ability to offset losses, and the lack of banking support.
Sathvik Vishwanath, CEO and co-founder of Unocoin, described the Indian tax regime for cryptocurrencies as "unfair." He advocated for a change in tax laws concerning cryptocurrencies in the country, emphasizing the problems of the current regulations. He said, "Unfair taxation not only hinders our #cryptocurrency industry, but also slows down the process of rectification and global competitiveness. Changing tax laws will help us achieve success faster!"
Further Demands of the Indian Web3 Community
Keyur Rohit, a crypto influencer and YouTuber, states that the expected changes in Indian cryptocurrency law include creating a clear legal framework and tax regulations. The sector also hopes for a revision of the definition of virtual digital assets (VDA), which would include exceptions for tokenized assets with demonstrable value.
Additionally, there is discussion about supporting innovation and research in digital assets, which could bring opportunities for tokenization of real assets valued at 10 trillion dollars. Rohit also mentioned that 2024 will be a pivotal year for the #blockchain industry in India, as the integration of AI and other advanced technologies is expected.
Other demands include supporting Web3 startups through special economic zones and advocating for tax incentives and "sandboxes" to promote growth. The request to reduce TDS remains a constant point of discussion.

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

In response to the growing popularity of cryptocurrencies in South #Korea the People Power Party, which holds significant political influence in the country, is proposing another two-year delay in the implementation of #cryptocurrency taxation. This proposal directly fulfills promises made to citizens before the upcoming elections and is aimed at supporting innovation and investment in the digital currency space.
Intent to Expand the Horizons of #Tax Policy
According to recent reports, the People Power Party is actively emphasizing the need for a tax policy that protects the assets and economic well-being of South Korean citizens. Given the lack of a stable regulatory framework and specific regulations for the cryptocurrency market, the party sees the necessity of delaying tax implementation to allow sufficient time for the development and implementation of effective regulatory tools.
Upcoming Regulations and Their Impact on the Market
The government plans to introduce new regulations that will cover areas such as cryptocurrency custody and the token listing process. These steps are considered key to integrating the cryptocurrency sector into South Korea's official financial system, thereby further legitimizing and developing it.
Discussion on Reform and Harmonization of Cryptocurrency Taxes
Current debates at the government level indicate an effort to reform cryptocurrency taxation, with the goal of eliminating taxes on various types of financial investments and aligning tax rates with those applicable to stocks and other traditional financial instruments. This move aims to ensure a fairer tax classification of cryptocurrencies and support their wider acceptance.
Increased Transparency and Ethical Standards
In an effort to increase transparency and prevent conflicts of interest, South Korea has introduced rules requiring public officials to provably disclose their cryptocurrency holdings. These measures are also intended to support the adherence to ethical standards in public administration.
International Dialogue on Regulating the Cryptocurrency Sector
Lee Bok-hyun, a representative of financial oversight in South Korea, plans to lead discussions with Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), aiming to deepen cooperation and coordination in regulating the cryptocurrency industry, including a specific focus on spot bitcoin ETFs.

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The Indian government has collected over $19 million in tax revenue for the fiscal year 2023, according to recent reports. This comes after the Union Budget 2022-2023 proposed a 1% TDS (tax deducted at source) on cryptocurrency transactions, in addition to the existing 30% tax on income from such transactions.

The 30% tax law came into effect in India on April 1 under section 194S of the Income Tax Act of 1961, while the TDS tax was implemented in July 2022.

As of March 20, the total direct tax collection by the government was 157.9 crore Indian rupees (~$19.2 million).

At a recent event, India’s Minister of Information Technology, Rajeev Chandrasekhar, declared that the country does not want to stifle innovation. However, he emphasized the need to protect national security and intelligence objectives while ensuring convenience in business and everyday life.

Chandrasekhar also highlighted the Indian government’s unique position regarding all internet-related issues, including web3 and blockchain. He stated that the government is highly encouraging innovation.

India’s central bank has often emphasized the potential financial stability risks that cryptocurrencies could pose, even as it proposed banning them as an asset class.

Overall, the Indian government’s tax collection from cryptocurrency transactions demonstrates its growing focus on the regulation of digital assets, as well as its recognition of their importance in the modern financial world.

#India #Tax #bitcoin #BTC #azcoinnews

This article was republished from azcoinnews.com