India Probes Betting Sites for Cryptocurrency Tax Evasion
Indian authorities are ramping up efforts to curb tax evasion through cryptocurrencies and offshore entities by gambling and gaming apps. These initiatives involve investigating networks of fake businesses that allegedly use cryptocurrency to move profits out of the country. One major focus is Parimatch, a Cyprus-based organization suspected of orchestrating a sizable network. Reports indicate […]
JBA Calls for Crypto Taxation Review
The Japan Blockchain Association has called for a review of the crypto taxation system proposed by the government. The JBA has proposed three key improvements to encourage the development of the cryptocurrency business and increase public accessibility. The group suggests doing away with year-end unrealized gains taxation on tokens produced by third parties as the […]
Thodex Crypto Exchange Founder Goes to Jail in Turkey
The founder and former CEO of Thodex Crypto Exchange, Faruk Fatih Özer, was sentenced to seven months and fifteen days in prison for neglecting to submit tax documents requested during the trial. Once one of the largest cryptocurrency exchanges in Turkey, Thodex abruptly wound down, and Özer fled to Albania. Özer was deported back to […]
OECD Unveils Framework for Tax Reporting for Crypto Sector
The Organization for Economic Cooperation and Development (OECD) has introduced a new tax structure for cryptocurrencies. During a two-day ministerial-level meeting held by the OECD Council on June 7 and 8, the participants presented the Crypto-Asset Reporting Framework (CARF). The purpose of the Crypto-Asset Reporting Framework is to combat tax evasion and enhance transparency in […]
Kenya Proposes New Bill for Crypto, NFT Transaction Tax
The Kenyan government is reportedly considering new tax measures affecting cryptocurrency transactions, online advertisement, and NFT transfers. On May 4, The Finance Bill 2023 was brought to the Kenyan parliament with a proposal to enact a tax on “income obtained from the exchange or transfer of digital assets,” with a particular provision for non-fungible tokens […]