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3 Things Every NFT Investor Should Know to Avoid a Tax Nightmare

Breaking down what we know (and don’t know) about nonfungible tokens and their current (and possible) taxations. 2021 will be remembered as the year of nonfungible tokens (NFTs). In a year where names like Beeple and Bored Ape Yacht Club dominated the headlines, it’s estimated that NFTs have generated more than $23 billion in trading volume. The rise of NFTs has ushered in […]

Portugal Tax Authority: Bitcoin Trading and Payments Are Tax-Free

Portugal’s Tax Authority has clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country, Cointelegraph en Españolreported on Aug. 27. According to a report published on Aug. 26 by Portuguese business newspaper Jornal de Negócios, the Portuguese Tax and Customs Authority have confirmed that crypto transactions or payments are exempt from Value […]

Blockchain Adoption Is Not a Priority for Finance Executives, KPMG Poll Shows

Most tax and finance executives do not consider adopting blockchain technology, according to a recent survey conducted by Big Four auditing firm KPMG. The results of the poll were shared with Cointelegraph on Tuesday, April 9. A poll undertaken during a recent webcast, dubbed “Understanding Blockchain – It’s Not Just About Crypto,” was held in February 2019. KPMG asked around 450 tax […]

Ernst & Young Introduces Tax Tool for Reporting Cryptocurrencies

Big Four auditing and professional services firm Ernst & Young EY has launched a tool for accounting and preparing taxes on cryptocurrency holdings, according to a press release published on Mar. 4. As the CoinTelegraph announced, the new tool called EY Crypto-Asset Accounting and Tax (CAAT) is designed to improve accounting and tax calculations for […]

McAfee to Lead 2020 Presidential Campaign ‘in Exile’ After Alleged IRS Indictment

United States entrepreneur and serial cryptocurrency advocate John McAfee has fled the country to conduct his 2020 presidential campaign, he said in a video statement Jan. 22.  As the CoinTelegraph announced, McAfee claims he has been indicted by U.S. tax authorities and plans to run his campaign from a boat in international waters. The controversial crypto community figure, who plans to run for president of the […]

G20 Country Leaders Call for International Cryptocurrency Taxation

The G20 countries have called for the taxation of cryptocurrency, as well as its regulation to combat money laundering, Japanese news outlet Jiji.com reports Dec. 2. According to Jiji.com, the final text of a document jointly delivered by G20 leaders calls for “a taxation system for cross-border electronic payment services.” The article then specifies that under current laws, foreign companies that do […]

Spain’s Finance Ministry to Inspect 15,000 Crypto-holding Taxpayers to Prevent Tax Fraud

The Spanish Ministry of Finance (Hacienda) will oversee 15,000 taxpayers who have made transactions with cryptocurrencies in the last year, El País, the largest Spanish-language newspaper, reports Nov. 19. Under the auspices of Hacienda, Spain’s tax agency, the Agencia Estatal de Administración Tributaria (AEAT), underlined that it will monitor “the fiscal incidence of these new technologies, such as blockchain and, […]

IRS Advisors Call for More Tax Guidance on Crypto Transactions

An advisory committee to the U.S. Internal Revenue Service (IRS) believes the agency should provide clearer guidelines on how cryptocurrency transactions may be taxed. In a new report published on October 24, the Information Reporting Program Advisory Committee (IRPAC) highlighted cryptocurrencies’ rise in popularity, noting that “there has also been an equal rise in question as to […]

Spanish Government Approves Draft Law to Require Crypto Investors to Reveal Holdings

Cryptocurrency investors governed by Spain could face mandatory reporting of their holdings for tax purposes under a new draft law the government approved Friday, Oct. 19, local daily news network ABC reports. Unveiled at a press conference by the country’s finance minister María Jesús Montero, the measures seek to make holders of cryptoassets declare them regardless of whether they are in Spain […]