IRS Seeks Congressional Authority to Obtain Data on Cryptocurrency Transactions
The U.S. Internal Revenue Service (IRS) says it needs congressional authority in order to obtain the information needed to regulate cryptocurrency. “We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical,” IRS Commissioner Charles Rettig said. IRS Says It Needs More Authority to Collect Crypto Data IRS Commissioner Charles Rettig said Tuesday during a Senate Finance Committee hearing that the IRS needs more authority to do its job in regulating cryptocurrency. He said: I think we need congressional....
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The European Securities and Markets Authority (ESMA) is gearing up to implement stricter oversight in regards to crypto-related transactions. The agency is now looking to hire suppliers of trading data, as monitoring major participants in the market falls under its responsibilities.
ESMA Launches Public Procurement for Providers of Crypto Trading Data
The securities watchdog of the European Union, ESMA, is preparing to increase scrutiny on transactions involving cryptocurrencies, a public tender has indicated. On Tuesday, the authority launched a procurement procedure for....
The Iranian National Tax Administration (INTA) has put forward a proposal to tax digital asset exchanges operating in the country. The authority calls for the legalization of their activities, fearing restrictions could negatively affect tax collection. Tax Agency Wants to Obtain User Data From Authorized Exchanges Seeing an opportunity to use exchange transactions as a basis for taxation, the INTA has urged regulators in Tehran to legalize crypto trading platforms. In an excerpt from its draft proposal quoted by Iranian media, the tax authority insists: Legalizing crypto exchanges is....
The DIAN, the Colombian tax authority, has announced it is taking special measures to tighten controls on taxpayers currently using cryptocurrencies to transact. With these actions, the organization seeks to detect any taxpayers that have used crypto assets and failed to report these activities, or reported them erroneously. This action seeks to thwart cryptocurrency-related tax evasion in the country.
Colombian Tax Authority Targets Tax Evaders
The Colombian tax authority, called the DIAN, has announced that its next target is cryptocurrency-utilizing tax evaders. According to a....
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Coinbase is handing over customer data to the British tax authority, Her Majesty’s Revenue & Customs (HMRC). The measure affects customers with a U.K. address who received more than £5,000 ($6,450) worth of cryptocurrency during the 2019/20 tax year. On Oct. 2, Coinbase sent an email to its U.K. users advising them that it will share their account information with the HMRC. The exchange said the tax agency originally asked for records relating to all UK customers dating back to 2017, but it later worked out a plan that resulted in “a revised notice with reduced....