Some US lawmakers want Bitcoin miners to be exempted from proposed crypto taxes
Certain members of Congress want assurances that Bitcoin miners and crypto software developers will not be subject to the newly proposed tax rules. Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space.As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress. According to the proposed amendments, tighter rules on crypto reporting requirements could provide....
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Members of the parliament in Kazakhstan have proposed the establishment of a state register for cryptocurrency farms operating in the country. Alarmed by the growing consumption of energy in the sector, the lawmakers also want to charge miners a higher price for the electricity they use.
Mazhilis Members Want Miners in Kazakhstan to Register With Government, Pay More for Power
A group of deputies from the Mazhilis, the lower house of Kazakhstan’s bicameral legislature, have voiced concerns over the growing electricity demand. The parliamentarians believe the surge is due....
Cryptocurrency miners in Kazakhstan are to be required to convert up to three quarters of their income on locally registered exchanges, according to a new bill that’s advancing in the nation’s legislature. Lawmakers also want to make sure crypto companies pay their taxes and fees. Parliament of Kazakhstan Votes on Bill Regulating Activities of Crypto Miners and Exchanges A draft law designed to create a regulatory framework for both the production and circulation of digital assets in Kazakhstan has been approved on first reading in the Mazhilis. The bill and other supporting documents were....
Senator Rob Portman said lawmakers were "still pulling in information" on crypto to formulate the bill, implying he announced it to the public prematurely. A Republican lawmaker from Ohio is preparing legislation that would reportedly be aimed at preventing U.S. citizens from evading taxes on their crypto earnings.In an interview with CNBC’s Squawk Box today, Senator Rob Portman said he hoped to introduce a bill with bipartisan support after the next congressional recess which would address the problem of many crypto users in the U.S. not paying taxes. The senator said lawmakers “don’t....
The central Asian country’s government has proposed three price increases to electricity and taxes specifically targeting crypto miners. The Kazakh government is considering a three-pronged proposal designed to make crypto miners pay much more for operating in the country, which could make Kazakhstan less attractive to the industry.On Feb. 4, Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed a price increase from $0.0023 per Kwh to $0.01 (around a 335% increase) specifically for crypto miners. He also proposed a tax on each individual graphics card (GPU) and each....
According to Zachary Kelman, Republicans and moderate Democrats may know the tax reporting requirements for crypto firms are impossible, but want to have a provision to fund some of the projects without raising taxes. Zachary Kelman, the general counsel for Cointelegraph, said that the political fight over the tax implications for crypto in the infrastructure bill is nothing new, as it’s likely about how lawmakers plan to pay for everything.In an interview with Cointelegraph's Jackson DuMont, Kelman claimed that Senators pushing the crypto language in the infrastructure bill — which....