Global #crypto tax

The U.S. Internal Revenue Service (IRS) has introduced a new draft of Form 1099-DA, aiming to streamline the reporting process for digital asset transactions. This revision marks a significant shift from earlier drafts, addressing privacy concerns and simplifying tax compliance for investors in the growing digital asset market.

Indonesia's cryptocurrency sector is experiencing a notable growth trajectory, significantly impacting the country’s tax revenue from digital economic activities. This uptick in revenue comes amid a broader surge in cryptocurrency transactions as more individuals turn to digital assets to hedge against market volatility.

South Korea's plans to introduce a tax on cryptocurrency gains have encountered another delay, with the potential implementation date pushed back to as late as 2028. The government is set to announce the final decision and estimated date later this month.

South Korea's plans to tax cryptocurrency earnings have been postponed again, with the new target date set for January 2025. This marks the second delay for the policy, initially planned for implementation in January 2022.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS​) have released the final regulations regarding tax reporting requirements for digital assets, such as cryptocurrencies.

The US Treasury Department has recently finalized a new set of tax rules for cryptocurrencies, aligning them more closely with existing tax reporting requirements for traditional financial instruments like stocks and bonds.