Venezuelan Parliament Hit Local Firms With 20% Crypto Transaction Tax
After the Venezuelan parliament approved a law aimed at reducing inflationary pressure on the struggling fiat bolivar, certain crypto and foreign currency transactions would be taxed at up to 20%. Venezuela To Tax Crypto Transactions At 20% The Venezuelan government has authorized a new tax that will affect cryptocurrency and foreign currency transactions and payments. […]
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Given the current exchange rate to and from Venezuelan bolivar, Bitcoin makes a lot more sense than the national currency. The financial turmoil in Venezuela is affecting a lot of local businesses. But internationals service providers are also growing more concerned about what is going on there. Destinia, a well-known travel agency, has confirmed they prioritize Bitcoin payments for Venezuelan flights. With little confidence in the bolivar and the growing demand for Bitcoin, this could be a turning moment for the company. This decision by Destinia is quite surprising, although not entirely....
In a recent report, the European Parliament looks at cryptocurrencies with a mixture of openness to innovation and uncertainty in how to tackle it. The EU Parliament regards cryptocurrencies in its current form mostly as a means to increasing efficiency and lowering transaction costs. Similar to the Bitcoin approach of many banks, the underlying Blockchain technology is seen as a means to fulfil the goals of the European Union, like lowering transnational transaction costs. Similar to approach of banks. The report says: “The main opportunities of VCs and DLT in the field of payments relate....
An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto.
Indian Parliament Member Wants to Tax Crypto Income More Than 30%
India’s Finance Bill 2022 containing the proposed 30% tax on crypto income is now being considered in Rajya Sabha, the upper house of India’s parliament.
Parliament member Sushil Kumar Modi....
Bitcoin adoption has been on the rise in Venezuela in recent years amid hyperinflation and the national currency crisis. The Venezuelan government has approved a new tax bill aiming to collect up to 20% in taxes from cryptocurrency transactions, according to local reports.Venezuela’s National Assembly held the second discussion session on Thursday for a new draft bill targeting taxes on “large financial transactions” in cryptocurrencies like Bitcoin (BTC).The Venezuelan government reportedly approved the draft bill last Thursday, requiring local firms and individuals to pay up to 20% for....
Sunacrip, the Venezuelan cryptocurrency watchdog, has recently published a new set of AML/KYC requirements for VASPs (Virtual Asset Service Providers) that establishes new and updated rules about the kind of information these providers must require and share with the Venezuelan government, raising alarms in the cryptocurrency community about what the government could do with this data. Venezuelan Crypto Watchdog Sunacrip Strengthens KYC/AML Requirements for VASPs Last week, the Superintendence of Crypto Assets and Linked Activities of Venezuela (Sunacrip), quietly published a new set of....