The Proposal To Regulate Digital Asset Transactions Should Be Struck
The recent addition to the infrastructure bill is an affront to the progression of the Bitcoin industry in the United States.The following article was previously published by Tax Notes, and has been republished here with permission.An overlooked provision in the Senate-approved infrastructure bill1 would dramatically expand the government’s surveillance of Americans’ economic activity and diminish America’s role in developing an important new technology. The amendment to section 6050I of the tax code should be struck when the bill is taken up in the House. If it’s too late for that, it....
Related News
A commissioner with the U.S. Securities and Exchange Commission (SEC) has voiced concerns regarding a new proposal that could give the securities regulator new powers to regulate cryptocurrency platforms and decentralized finance (defi) protocols.
New SEC Proposal Could Hurt the Crypto Industry, Commissioner Peirce Cautions
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce has warned that a recent proposal could be devastating for the crypto industry, Bloomberg reported Tuesday. Peirce is a pro-bitcoin commissioner, who is also known in the crypto....
The EU has recently been very active in attempting to regulate digital currencies, including bitcoin. Last week, Bitcoin.com reported on the European Parliament’s proposal to amend the EU’s fourth Anti-Money Laundering Directive (AMLD), tackling digital currency anonymity. Now, a different proposal submitted by Parliament members is targeting specific....
An official from the Swedish Tax Agency has revealed it is drafting rules for bitcoin users and programmers that would treat bitcoins as assets. In an interview with Bloomberg released 22nd January, Swedish tax official Olof Wallin spoke about the proposal, stating why he believes bitcoin fails to meet Sweden's definition of a currency: "Currencies are traditionally tied to a central bank or geographic area," Wallin stated. Because of this distinction, Wallin said Sweden is likely to regulate bitcoin "like art or antiques". Under the proposal, bitcoin would fall under the same asset class....
The Ghanaian government’s proposal to introduce a 1.75% levy on digital transactions was recently rejected by a minority of lawmakers who insist the new tax derails efforts to help increase the number of adults that are financially included.
The Digital Transactions Tax
A minority of lawmakers in the Ghana legislature recently rejected a government proposal to introduce a 1.75% levy on digital transactions including mobile-money payments. The lawmakers argued such a levy would slow down the country’s plan to increase the proportion of financially included adults....
Authorities in Russia are preparing a number of changes to existing laws in order to adopt rules for the country’s market for non-fungible tokens, or NFTs. A working group has discussed the matter and proposed solutions to legally define and regulate transactions with the digital collectibles. Economy Ministry Takes Initiative to Regulate NFTs in Russia The Ministry of Economic Development in Moscow is planning to put forward several amendments to the Civil Code and the law “On Digital Financial Assets,” to regulate the NFT market in the Russian Federation. The news....