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<ul class="summary-list"><li>The number of bitcoin millionaires more than doubled in the last year to 85,400, a new report shows.</li><li>Bitcoin has rallied soaring 45% this year amid the excitement over new bitcoin ETFs. </li></ul>As crypto rallies, the number of bitcoin millionaires has more than doubled in the last year.According to a new report from New World Wealth and Henley &amp; Partners, the number of bitcoin millionaires has risen to 85,400, a 111% increase in 12 months.Meanwhile, the number of crypto millionaires in general soared to 172,300, up from just 88,200 last year, the report said. The rapid increase in crypto millionaires comes as newly approved spot ETFs in the US have pushed bitcoin to new highs in 2024. It his an all-time high above $73,000 in March. It has since pared that gain but is still up by about 45% to around $64,000. The price of bitcoin us up 138% in the last 12 months. New bitcoin ETFs have garnered over $50 billion in assets since hitting the market in January after a yearslong struggle to get the funds approved by the Securities and Exchange Commission. "The cryptocurrency landscape of 2024 bears little resemblance to its predecessors," Dominic Volek, Henley &amp; Partners' head of private clients, said in a press release."Bitcoin's rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital," he added.Crypto's total market value is now at $2.3 trillion, up 89% from its $1.2 trillion valuation last year.Volek added that as investors are now preparing for potential Solana ETFs, the series of industry milestones has set the stage for broader crypto adoption, "one where digital assets increasingly cross-pollinate with traditional finance and global mobility."Among those finding extraordinary success in the industry in the last year are six new crypto billionaires, making for 28 crypto billionaires worldwide. The report says most of those new crypto billionaires owe their success to bitcoin."Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings," Andrew Amoils, New World Wealth's head of research said.The authors of the report say that with so many new crypto millionaires and billionaires, there's more focus on which countries have the most crypto-friendly policies."Henley &amp; Partners has seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options in 2024," the report says.Singapore and Hong Kong are particularly attractive options for their tax policies and regulatory frameworks relating to crypto, among other factors, the report says.

The number of bitcoin millionaires has soared 111% in the last year as the cryptocurrency rallies

At a campaign rally for former President Donald Trump in New York on Sunday, <a href="https://www.businessinsider.com/elon-musk" target="_blank">Elon Musk</a> said he'd save the United States $2 trillion through a <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">department of government efficiency</keyword>. Howard Lutnick, the CEO of the financial-services company <keyword id="20371653" type="General" weightage="20" keywordseo="Cantor-Fitzgerald" source="keywords" meta.keywordsubtype="org" meta.entityname="Cantor Fitzgerald" meta.hostid="261" meta.entityid="Cantor Fitzgerald">Cantor Fitzgerald</keyword>, introduced Musk at the event. As he took the stage, Lutnick asked the Tesla and SpaceX CEO, "How much do you think we can rip out of this wasted $6.5 trillion <keyword id="23762349" type="General" weightage="20" keywordseo="Harris-Biden-budget" source="keywords">Harris-Biden budget</keyword>?" "I think we can do at least $2 trillion," Musk replied. "I mean, at the end of the day, you're being taxed. You're being taxed. All government spending is taxation. So whether it's direct taxation or all government spending, it either becomes inflation or it's direct taxation." Musk added: "Your money is being wasted, and the <a href="https://www.businessinsider.com/trump-adopts-elon-musk-plan-cut-government-spending-efficiency-reform-2024-9" target="_blank">Department of Government Efficiency</a> is going to fix that. We're going to get the government off your back and out of your pocketbook." Trump has previously said he'd put Musk in charge of a department of government efficiency — or "DOGE," after the cryptocurrency — if he wins the election. Musk did not elaborate on policy changes or spending cuts he would implement if he were to join a second Trump administration. Musk and representatives for the Trump campaign did not immediately respond to a request for comment. The federal government's spending in the 2024 fiscal year was $6.75 trillion. Musk's suggested cuts would represent nearly a third of that sum. It's unclear where Musk's suggested cuts would come from. Both Trump and Vice President Kamala Harris have proposed various tax changes as part of their campaigns. Those proposed by Trump include ending taxes on tips and overtime, reducing the corporate tax rate, hiking tariffs on imports, and ending taxes on Social Security benefits. Harris has proposed tax credits for new parents and homeowners as well as an expansion to the Small Business Tax Deduction. When it comes to Social Security, the Committee for a Responsible Federal Budget has said that neither Trump nor Harris has proposed a plan that would fix Social Security's finances but that Trump's proposals would "dramatically worsen Social Security's finances." Trump's campaign <a href="https://www.businessinsider.com/trump-presidency-would-make-things-worse-for-social-security-nonprofit-2024-10" target="_blank">has disputed</a> the findings of the CRFB's report. The Wall Street Journal organized a <a href="https://www.wsj.com/politics/elections/economists-say-inflation-deficits-will-be-higher-under-trump-than-harris-0365588e" target="_blank">survey</a> of 50 economists from October 4 to October 8 and found that 65% said the deficit would get worse with the policies Trump has proposed. <h2 style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; background-color: rgb(255, 255, 255);">Musk's growing support for Trump</h2>Musk, the world's richest person, has become one of Trump's staunchest and most vocal backers in this election cycle. Musk <a href="https://www.businessinsider.com/elon-musk-donald-trump-feud-relationship-timeline-2022-7" target="_blank">endorsed Trump in July</a> after the former president survived an assassination attempt during a rally in Pennsylvania. The two have discussed Musk holding a seat in Trump's Cabinet if the former president were to be reelected. During a livestream on X in August, Musk said he would be "happy to help out" with a government-efficiency commission. In a September speech, Trump again mentioned the commission, saying he'd want Musk to oversee the project. Musk's financial power is translating into real moves on the campaign trail. As of Friday, Musk has spent just under $119 million on his pro-Trump political action committee, America PAC. He has been hitting the road in the key swing state of Pennsylvania and holding his own rallies in support of Trump. Musk has also said he's launching a daily $1 million giveaway to a swing-state voter who signs his petition affirming support for free speech and the right to bear arms. Some election-law experts previously told BI the giveaway plan might be illegal. With the election just over a week away, the race between Harris and Trump remains on a razor's edge. A national poll by <a href="https://www.nytimes.com/2024/10/25/us/politics/poll-harris-trump-times-siena.html" target="_blank">The New York Times and Siena College</a> released Friday found Trump and Harris to be neck and neck at 48% for the popular vote. October 28, 2024, 3:08 a.m. ET: This story has been updated with context on Musk's comments about the prospect of taking on a government role, details about Musk's political spending in the 2024 election cycle, and details on Trump's and Harris' respective economic proposals.

Elon Musk took the stage at a Trump rally to talk about taxes and the 'Department of Government Efficiency'

<ul><li>You must disclose income from virtual digital assets (VDA)s such as <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, non fungible token (NFT)s and more in the ‘schedule VDA’ provided in the <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form. </li><li>Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. </li><li>The donation reference number (ARN), obtained from the form 10BE donation certificate must be included in the ITR to avail 80G deductions. </li></ul>With the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> filing deadline less than a month away, you need to ensure you are up-to-date on all the changes that are applicable this year. While modifications in tax and taxability of income from insurance policies (other than ULIPs) are among the most notable changes that have drawn a lot of attention, there are a couple of lesser known changes one should be aware of when filing one’s taxes. We take a look at these changes. The first is about disclosing income from virtual digital assets (VDAs) such as cryptocurrencies. “The taxpayer must disclose income from VDAs such as cryptocurrencies, NFTs, and so on in the "schedule VDA" provided in the ITR form,” says Aashish Sharma, co- founder and litigation head, Lex N Tax, a tax consultancy firm. Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. “Those who get VDA income are not eligible to file ITR-1 or ITR-4. Such income can instead be declared in ITR 2 or ITR 3. Further, income from VDAs can be taxed either under the head of business income or capital gains,” says Sharma. Budget 2022 had introduced new NFT (non fungible token) and VDA regulations. The transfer of such assets will be subject to an income tax rate of 30% plus a surcharge and a levy beginning April 1, 2022, as per recent regulations. “TDS will be deducted at 1% of the sale price beginning July 1, 2022. This tax will be deducted by the developer, intermediary, broker or donor. The taxpayers cannot set off losses or carry forward the losses within crypto or from different heads,” says Suneel Dasari, founder and chief executive officer at EZTax, a tax portal. <cmsannotation type="cmsannotation" annotationid="Provide details of donation reference number to avail 80G deductions" comment="subhead" text="Provide details of donation reference number to avail 80G deductions">Provide details of donation reference number to avail 80G deductions</cmsannotation> To avail a deduction under <keyword id="1667689" type="General" weightage="20" keywordseo="section-80g" source="Orion">Section 80G</keyword> for donations made to charitable institutions, non governmental organisations or research universities, it is crucial to possess the donation receipt, and the donation certificate in Form 10BE. Taxpayers must provide the necessary information regarding their donations in the relevant 'Schedule 80G' within the ITR form in order to claim the deduction. “All approved u/s 80G charitable institutions, NGOs, and research universities must submit Form 10BD for all donations received during the fiscal year. They must also provide form 10BE to the recipients,” says Dasari. Form 10BE, containing a unique registration number, will be issued to benefactors after form 10BD has been filed by the institution. It is essential to enter donation details accurately in the appropriate table while filing the ITR. There is a new column under Table D for disclosing the donation reference number (ARN) for donations made to eligible entities where a 50% deduction is allowed, subject to the qualifying limit. The ARN, obtained from the form 10BE donation certificate issued by the institutions who received the donation, must be included in the ITR. This has been implemented to match donor and donee records and reduce the prevalence of fraudulent donations claims.

Two new tax rules you should be aware of when filing your taxes

<ul class="summary-list"><li>"Bitcoin Jesus" Roger Ver was arrested in Spain on charges of tax evasion this week. </li><li>The DOJ says Ver dodged $48 million in taxes owed to the IRS. </li></ul>Veteran crypto trader Roger Ver, also known as "bitcoin Jesus," was arrested in Spain and charged by the US Department of Justice with evading $48 million in taxes. According to a <a href="https://www.justice.gov/usao-cdca/pr/early-bitcoin-investor-known-bitcoin-jesus-indicted-allegedly-committing-tax-fraud-and" target="_blank" rel="noopener">press release</a> from the Justice Department on Tuesday, Ver was arrested in Spain last weekend on criminal charges, with authorities set to seek extradition for his trial in the US.Ver faces three charges of mail fraud, two charges of tax evasion, and three charges of subscribing to a false tax return. These allegations are said to have resulted in a minimum loss of $48 million in taxes due to the IRS. The DOJ says that when Ver renounced his US citizenship and became a citizen of St. Kitts and Nevis on February 4, 2014, he and his US-based companies — MemoryDealers and Agilestar — collectively owned approximately 131,000 bitcoins that valued at $871 each, with the companies allegedly holding about 73,000 of them.However, the DOJ said Ver didn't comply with the US law to file taxes and report the market value of worldwide assets and pay an "exit tax" on capital gains. "Bitcoin Jesus" also allegedly gave false information to a law firm and appraiser, which resulted in undervaluing his assets by not disclosing the true number of bitcoins he and his companies owned, including an underestimation of his personal holdings.The Justice Department claims that Ver's two companies retained about 7,000 bitcoins by June 2017, and Ver purportedly sold tens of thousands of them for around $240 million in cash. Additionally, he was legally obliged to report and pay taxes on distributions, despite not being a US citizen at that time.Ver, who was an early cryptocurrency evangelist, has been avidly promoting bitcoin for years, earning him the "Bitcoin Jesus" moniker. Also this week, <a href="https://www.businessinsider.com/former-binance-ceo-sentenced-to-four-months-in-prison-2024-4">Binance's former boss Changpeng Zhao</a> was sentenced to four months over the exchange's violation of anti-money laundering rules. His sentencing comes a little over a month after former <a href="https://www.businessinsider.com/sam-bankman-fried-sentenced-prison-ftx-alameda-research-2024-3#:~:text=Sam%20Bankman%2DFried%20has%20been,still%20tried%20to%20shift%20blame.">FTX boss Sam Bankman-Fried</a> was sentenced to 25 years for defrauding customers.

Crypto investor 'bitcoin Jesus' arrested and charged by the Justice Department with $48 million tax evasion

Here’s what investors need to know about the cryptocurrency tax

<ul><li>Government is planning to bring changes to income tax laws to bring cryptocurrencies under the tax net in Budget 2022.</li><li>Also, it is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament.</li><li>This comes amid a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies.</li></ul>The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the budget next year, a top official said. Revenue secretary <keyword id="947916" type="General" weightage="20" keywordseo="tarun-bajaj" source="Orion">Tarun Bajaj</keyword> said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of goods and services tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "We will take a call. I understand that already people are paying taxes on it. Now that it has really grown a lot, we will see whether we can actually bring in some changes in law position or not. But that would be a budget activity. We are already nearing the budget, we have to look at that point of time," Bajaj told PTI in an interview. Asked if a provision of TCS (tax collected at source) could be introduced for crypto trading, the secretary said "if we come up with a new law then we will see what is to be done". "But yes, if you make money you have to pay taxes... We have already got some taxes, some have treated it as an asset and paid capital gains tax on it," he said. Asked whether people involved in cryptocurrency trading would be categorized as facilitator, brokerage and trading platform and how the taxation would be done under GST, Bajaj said "there would already be such things available in other services also. So whatever GST rate they are taxed at, that will be applicable on them." "They have to get themselves registered. The GST law is very clear. If there is an activity, if there is a broker who is helping people and charging brokerage fee, GST would get charged," he said. Separately, the government is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims. Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times. Currently, there is no regulation or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, last week, held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Earlier this week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated. The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. RBI governor Shaktikanta Das too earlier this month had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks. The Supreme Court in early March 2020, had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank had instituted an internal panel to suggest a model of the central bank's digital currency. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has many concerns. Private digital currencies/virtual currencies/crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. It can be noted that on March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a>

Government plans to tax cryptocurrency gains in Budget 2022

<ul class="summary-list"><li>The Indian government will roll out a digital currency over the coming year, the finance minister said. </li><li>India previously suggested banning <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, but now plans to regulate and <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword> it, the minister said.</li><li>India is a major digital trading hub, with an estimated 15 to 20 million crypto investors.</li></ul>India appears to be warming up to cryptocurrencies, with an announcement by the finance minister on Tuesday of plans for a digital currency rolled out by the central bank, along with a framework to regulate and tax crypto assets.Finance minister Nirmala Sitharaman, as part of her annual budget speech, said the central bank would aim to roll out a digital rupee in the coming fiscal year. This marks a major U-turn for the government, which had signaled it <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11?utm_medium=ingest&amp;utm_source=markets&amp;r=US&amp;IR=T">could ban cryptocurrencies</a> outright, until the upper house of parliament <a href="https://markets.businessinsider.com/news/currencies/crypto-ban-india-regulate-bill-fines-sebi-cryptocurrency-digital-asset-2021-12">clarified</a> that digital assets should be kept on exchanges and monitored correctly by a market regulator."The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system," Sitharaman said.According to its budget plans, the government will impose a 30% tax on income from cryptocurrencies and other digital assets, as well as apply a 1% tax deduction at source on payments related to purchasing such assets.Central bank digital currencies (CBDCs) offer a centralized, official alternative to pure cryptocurrencies. Major central banks, such as the Federal Reserve, the Bank of England and the European Central Bank are all looking into developing their own digital currencies.But it is the emerging economies where progress is actually happening. China already has a <a href="https://markets.businessinsider.com/news/currencies/china-digital-yuan-years-ahead-in-development-cbdc-cryptocurrencies-chainalysis-2021-8">digital yuan</a> in circulation through various pilot programs, putting it several years ahead of G7 central banks in this respect. The effect of India creating an official digital currency, along with a framework for crypto trading and investment could be significant. The <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">2021 Global Crypto Market Adoption Index</a> from <keyword id="11902141" type="UNKNOWN" weightage="60" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> <a href="https://markets.businessinsider.com/news/currencies/asia-global-cryptocurrency-adoption-retail-investors-india-pakistan-vietnam-2021-8">showed</a> Asia is leading the way in global crypto adoption and India is second only to Vietnam. It is estimated that there are between 15 and 20 million <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> investors in the country.Cryptocurrency <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were up slightly on Tuesday, gaining some respite from the almost-unbroken pressure during January, when investors booked profits on some of 2021's big winners. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> posted gains of 4% and 9% over the past 24 hours respectively, according to CoinMarketCap. Read more: <a href="https://www.businessinsider.com/bitcoin-price-bear-market-bull-run-experts-reveal-things-watch-2022-1?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">'Hodlers' last stand': Crypto experts at a major exchange say bitcoin and ethereum can still avoid a bear market. Here are the 4 key things they say you need to watch to figure out what's next</a>

India will launch a digital rupee in the next year and plans a 30% tax on crypto-related income, according to the finance minister

<ul class="summary-list"><li><keyword id="11935753" type="UNKNOWN" weightage="60" keywordseo="argentina" source="Orion">Argentina</keyword> updated its "check <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword>" rules on Wednesday to clarify that <keyword id="6422582" type="UNKNOWN" weightage="60" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword> are not exempt.</li><li>That means <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> sales and purchases are subject to the tax of up to 0.6% on banking debits and credits.</li></ul>Argentina is now taxing cryptocurrency sales and purchases, after its government updated existing rules to clarify that crypto exchanges are not exempt from collection.A "<a href="https://knowledge.wharton.upenn.edu/article/argentinas-check-tax-a-past-solution-masking-current-problems/">check tax</a>" of up to 0.6% on credits and debits is placed on banking transactions — such as cash deposits, wire transfers and checks themselves — in Argentina. But transactions involving digital currencies were not considered to fall under the rules.That changed Wednesday, when the government spelled out how the tax collection measure affects payment service providers."The exemptions provided for in this decree and in other regulations of a similar nature will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation and/or any other operation on crypto assets, <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, digital currencies, or similar instruments, in the terms defined by the applicable regulations," it <a href="https://www.boletinoficial.gob.ar/detalleAviso/primera/252994/20211117">said in a decree</a> updating the measure.The clarification, which came into force immediately, means crypto exchanges and similar businesses with Argentine bank accounts are now expected to comply with the tax rules. The measure is likely to hit local brokers harder than those based abroad.Governments around the world are looking at the crypto industry as a potential source of tax income, as the adoption and popularity of digital assets surges.In the US, an infrastructure bill <a href="https://www.businessinsider.com/biden-signs-infrastructure-law-social-spending-plan-struggles-2021-11">signed into law</a> on Monday brought in new rules for crypto brokers, which now have to report transactions over $10,000 to the tax authorities. Taxes on digital assets could raise as much as $28 billion in funds, The New York Times reported.In Argentina, the government's tax decision is likely to drive up the price of cryptocurrencies for those buying in pesos, a senior executive at an Argentine exchange <a href="https://www.coindesk.com/policy/2021/11/17/argentina-to-tax-crypto-exchanges/">told CoinDesk</a>.It also could open the door for more action on digital assets from regulators, as digital cash booms in the country. In August, the president of Argentina's central bank, Miguel Pesce, raised risks around price volatility and consumer protections as factors officials were closely monitoring."We are concerned about the development of cryptocurrencies," he said at a virtual meeting, according to a report in <a href="https://www.clarin.com/economia/miguel-pesce-insiste-vemos-preocupacion-desarrollo-criptomonedas-_0_uLBTFPJcv.html">local news outlet Clarin</a>.

Argentina brings a tax hammer down on crypto transactions and exchanges in a rule update

<ul class="summary-list"><li>Dozens of <keyword id="5294933" type="UNKNOWN" weightage="60" keywordseo="cardano" source="Orion">cardano</keyword> users are being investigated for not paying tax on their investments, according to a report by Nikkei.</li><li>Kanto Shinetsu National Taxation Bureau has been investigating the 1.4 billion yen of tax missing, the report said.</li><li>Reporting tax on digital currency investments has been a priority for Japanese authorities since 2018.</li></ul>Dozens of cardano network users have been investigated by authorities in Japan for tax evasion, according to a report by media outlet Nikkei on <a href="https://www.nikkei.com/article/DGXZQOUC265U10W1A820C2000000/?unlock=1">Sunday</a>. The Kanto Shinetsu National Taxation Bureau in Japan has been investigating 1.4 billion yen ($12 million) worth of missing tax. Ada investors based in the Japanese cities of Saitama, Tochigi, Gunma, Niigata, and Nagano among others were subject to investigation. Japanese tax authorities have made reporting liabilities from digital currency investments a priority since 2018, the report said. The Tokyo National Taxation Bureau has also undertaken large-scale tax examinations, Nikkei added. The Kanto Shinetsu National Taxation Bureau was not immediately available to comment when contacted by Insider. Tax and regulatory authorities around the world have increased their scrutiny of crypto-assets as they have gained momentum and more mainstream adoption. Cardano, and its ada token, has seen a huge influx of investment, thanks in part to a recent <a href="https://markets.businessinsider.com/news/currencies/cardano-alonzo-upgrade-ada-purple-smart-contracts-defi-nft-2021-9">upgrade</a> that enabled the blockchain to host smart contractsAda is the 4th biggest coin by market <a href="https://coinmarketcap.com/">capitalization</a> after bitcoin and ether. Ada is one of the top performing <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> of 2021, having gained over 1,000% so far this year, according to Binance data. It was last down 4.6% on the day to trade around $2.174 by 11:30 a.m. ET.

You Searched For "cryptocurrency tax" and got 9 results

The number of bitcoin millionaires has soared 111% in the last year as the cryptocurrency rallies

Kelly Cloonan

Elon Musk took the stage at a Trump rally to talk about taxes and the 'Department of Government Efficiency'

Katherine Tangalakis-Lippert

Two new tax rules you should be aware of when filing your taxes

Anagh Pal

Crypto investor 'bitcoin Jesus' arrested and charged by the Justice Department with $48 million tax evasion

Yuheng Zhan

Here’s what investors need to know about the cryptocurrency tax

Business Insider India

Government plans to tax cryptocurrency gains in Budget 2022

PTI

India will launch a digital rupee in the next year and plans a 30% tax on crypto-related income, according to the finance minister

Adam Morgan McCarthy

Argentina brings a tax hammer down on crypto transactions and exchanges in a rule update

Karen Friar

Dozens of cardano users are being investigated for tax evasion in Japan: report

Camomile Shumba

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