US Library of Congress Says Most Countries Lack Clear Tax Guidance on Crypto ...

The taxman still isn't wise to cryptocurrency earnings made through proof-of-stake. But that could change soon. Republican Rep. Tom Emmer has called for more precise tax guidelines regarding cryptocurrency earnings, after a report he commissioned from the Law Library of Congress showed a stark disparity between regulatory approaches taken by various tax authorities around the world.The 128-page study examines cryptocurrency tax laws in 31 nations, paying particular interest to their applications concerning coins and tokens earned through mining and staking. As the report notes, many....

The surge comes as America's largest library rolls out a crypto regulatory guide.

A lack of tax guidance on bitcoin is leading to confusion and misperceptions among US businesses and could even encourage tax avoidance, warned a Treasury-appointed spokesperson today. Nina Olson, the Taxpayer Advocate, put pressure on the IRS in her annual report to U. S. Congress. Olson is the head of the Taxpayer Advocate Service, an independent organization within the IRS that represents taxpayers. Olson singled out a lack of IRS guidance around bitcoin and other virtual currencies as a particular issue of concern in this year's report, listing it in the "most serious problems"....

Bobby Lee has a theory on why most countries aren't enacting new Bitcoin regulations. While there are currently many different countries around the world making their own recommendations when it comes to how Bitcoin should be regulated, the reality of the situation is that most central banks and regulators are looking to the United States for guidance on this matter. Although many Bitcoin entrepreneurs in the United States have denounced their country's stance on Bitcoin thus far, the truth of the matter is that New York City is still the financial center of the world. There has been a....

The US Internal Revenue Service finally announced its guidance for virtual currencies yesterday, explicitly referring to bitcoin (see the announcement here and notice here). The increased clarity - provided three weeks before the end of the US tax year - will come as a relief to many who were scared to get involved in bitcoin, commercially. But what does it mean for different members of the bitcoin community? US businesses wanting to get involved in bitcoin have been waiting for this for a while. As recently as January, US Taxpayer Advocate Nina Olson pressured the IRS in her annual report....