IRS Releases Bitcoin Guidance (And It Isn't Good)
The IRS released a technical notice this week which definitively affirmed Bitcoin's taxability in the United States and clarified how transactions involving Bitcoin and other so-called virtual currencies should be reported by US taxpayers. Notice 2014-21 declared that bitcoins should be treated as property, not as currency, echoing guidance provided by....
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For some, the OCC's recent stablecoin guidance, while helpful, raises as many issues as it clarifies.
The NY State Department of Financial Services, notorious for its strictness, claims to be the first regulator in the country to impose requirements of the type. The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities. According to a DFS statement, it is the first regulator in the United States to impose such expectations on a stablecoin issuer.The requirements in the guidance concern redeemability, reserves and attestation. They state that a stablecoin must be fully backed by....
Out of 31 nations, only 5 have tax guidance addressing cryptocurrency rewards via staking, a study found.
The U.S. Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.”
U.S. Labor Department Sued Over Crypto Guidance
The U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh have been sued over the department’s Compliance Assistance Release No. 2022-01. The guidance, titled “401(k) Plan Investments in ‘Cryptocurrencies,'” was issued on March 10.
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Today was the day many Australians that dabble in bitcoin and other digital currencies were very much looking forward to. The country's tax authority - the Australian Tax Office - was due to release guidance on the use of bitcoin. But they haven't, and it looks like there's going to be a delay period of another month, according to iTnews. "It remains our priority to provide the community with the final guidance paper in time for people to complete their 2013-14 income tax returns," said a spokesperson for the tax office, but of course, tax payers are still very much in the dark. But....