ChainCatcher news, according to market news, the Internal Revenue Service (IRS) of the United States has announced that the enforcement date for cryptocurrency tax reporting rules will be postponed to December 31, 2025. This move aims to give cryptocurrency brokers more time to address legal and regulatory challenges and improve relevant accounting methods.

According to ChainCatcher, as reported by Bitcoin.com, the IRS has issued a temporary relief measure that is expected to benefit CeFi exchange users in 2025. This relief addresses concerns raised by the final version of Section 6045 regarding custodial broker regulations, which will take effect on January 1, 2025, requiring the use of a first-in, first-out (FIFO) accounting method for digital assets, unless preferred methods such as highest-in, first-out (HIFO) or Spec ID are chosen.Shehan Chandrasekera, the tax strategy lead at Cointracker, explained the issue, emphasizing that "as of January 1, 2025, almost all CeFi brokers are not prepared to support Spec ID." This lack of preparedness will force many cryptocurrency holders to default to FIFO accounting, potentially resulting in a higher tax burden during asset sales. He described, "In a bull market environment, this could be disastrous for many taxpayers, as you would inadvertently sell the earliest purchased assets first (often with the lowest cost basis), while unknowingly maximizing your capital gains."The IRS's temporary relief allows taxpayers to continue using their own records or tax software to identify the specific units being sold. The relief period only applies to CeFi transactions from January 1, 2025, to December 31, 2025. After this date, taxpayers will need to formally choose an accounting method with their brokers. Chandrasekera also emphasized the importance of synchronizing tax software with broker setups.

ChainCatcher news, according to The Block, major global markets are strengthening tax regulations on cryptocurrencies. According to the latest policy, the U.S. IRS classifies crypto assets as digital assets and adopts a taxation method similar to that of stocks and bonds. Specifically, simply buying and holding is not taxed, but actions that "realize gains," such as selling, exchanging between cryptocurrencies, and using cryptocurrencies for shopping, are subject to capital gains tax; mining income, staking rewards, and wages received in cryptocurrency are taxed as income.The UK's HM Revenue and Customs (HMRC) imposes a capital gains tax of up to 24% on cryptocurrency transactions, with a basic rate taxpayer applicable to a 10% rate and a tax-free allowance of the first £3,000. Additionally, mining income and salaries paid in cryptocurrency are subject to income tax, and employers must pay national insurance on salaries paid in cryptocurrency.The EU has not yet unified tax standards, and there are significant policy differences among member states. Germany exempts cryptocurrencies held for more than a year from tax, while selling within a year incurs a maximum income tax of 45%, plus a 5.5% solidarity surcharge. Spain imposes a unified tax rate of 19%-28% on crypto gains. Portugal's tax rate ranges from 14.5%-53%, with a standard capital gains tax rate of 28%.

ChainCatcher news, according to Coinpost, the Web3 working group of the Liberal Democratic Party's Digital Society Promotion Headquarters, led by Representative Akihisa Shiozaki, reported that the LDP's Policy Research Council officially approved the "Emergency Proposal on Transforming Cryptocurrency Assets into Beneficial National Economic Assets" on the 19th.The report pointed out that under the current tax system, income generated from cryptocurrency transactions is generally classified as miscellaneous income and is subject to comprehensive taxation at a maximum rate of 55% (combined income tax and resident tax), which is harsher than in other countries. The report also mentioned that the taxation of cryptocurrency assets is stricter than in other countries.In light of the above points, and whether cryptocurrency assets should be considered financial assets for public investment, the following should be considered:Change the treatment of gains and losses from cryptocurrency transactions to implement a "separate declaration taxation" system at a 20% tax rate.Allow losses from cryptocurrency income to be carried forward for deduction (to be used within the next 3 years).Apply the "separate declaration taxation" system to cryptocurrency derivatives trading as well.

ChainCatcher News, the U.S. Department of Justice announced that a man from Austin, Texas, was sentenced to two years in prison for falsely reporting the capital gains from the sale of $3.7 million in Bitcoin on his tax return. According to court documents and statements, Frank Richard Ahlgren III submitted false tax returns between 2017 and 2019, underreporting or failing to report $4 million in Bitcoin sales transactions, from which he made substantial profits. Regulatory provisions require all taxpayers to report any sales profits as well as gains or losses from the sale of cryptocurrencies like Bitcoin on their tax returns.Lucy Tan, acting special agent in charge of the IRS Criminal Investigation Houston office, stated, "This case marks the first criminal tax prosecution solely related to cryptocurrency." In addition to imprisonment, the man is also required to pay $1,095,031 in restitution to the United States.

ChainCatcher news, according to Aggr News, the South Korean National Assembly has approved the postponement of cryptocurrency tax collection.

ChainCatcher news, according to Cryptonews, the South Korean National Assembly has reached an agreement to delay the implementation of the crypto tax until 2027, marking the third postponement since the tax was first proposed in 2020. The largest opposition party, the Democratic Party (DP), stated that it will vote in favor of the government's delay plan at the National Assembly plenary session on December 2.

ChainCatcher News, Hong Kong plans to exempt private equity funds, hedge funds, and ultra-high-net-worth investment vehicles from taxes on cryptocurrency, private credit investments, and other asset returns.This week, the Hong Kong government stated in a 20-page proposal that taxation is "one of the main considerations" for asset management companies when deciding on the location of their business, and the Hong Kong government aims to create a "favorable environment" for them.According to the proposal, the Hong Kong government hopes to expand the scope of tax-exempt investments to include private credit, overseas real estate, and carbon emission allowances. The government is conducting a six-week consultation on the plan.

ChainCatcher news, according to Yonhap News Agency, the Strategic and Financial Committee of the South Korean National Assembly has canceled the scheduled plenary meeting. The main reason is that the ruling People Power Party advocates postponing the taxation of cryptocurrency for two years, while the opposition Democratic Party of Korea supports implementing it as originally planned.According to the plan, South Korea will impose a 22% tax rate on cryptocurrency trading gains exceeding 2.5 million won. The Democratic Party of Korea proposed raising the tax exemption threshold from 2.5 million won to 50 million won, while the People Power Party believes that the current tax infrastructure is not yet完善, and that opportunities for asset appreciation should be provided for young people.The cancellation of this meeting also affects the previously agreed proposal for the abolition of the financial investment income tax by the two parties. According to regulations, if the relevant bill is not passed by the Standing Committee before November 30, but is related to the budget proposal, it can still be submitted for consideration at this meeting.

ChainCatcher news, the Seoul News reported that the ruling party in South Korea intends to push forward with the plan to tax cryptocurrency gains starting in early 2025, rather than approving further delays.Initially, a 20% tax on cryptocurrency gains (plus local taxes for a total of 22%) was set to take effect on January 1, 2022. Due to strong opposition from investors and industry experts, the plan has been postponed twice to January 1, 2025. According to local media reports, despite discussions and proposals for further delays, with some suggesting implementation starting in 2028, the Democratic Party of Korea (DPK) remains committed to implementing the tax plan on time.However, the party is modifying the plan, raising the tax exemption limit for cryptocurrency gains below 2.5 million won ($1,795) to 50 million won ($35,919). The Democratic Party plans to pass the amendment in the National Assembly's tax subcommittee on November 25 and in the full session of the National Assembly on November 26.

ChainCatcher news, the Planning and Finance Committee of the Korean National Assembly held a subcommittee meeting to discuss issues related to the postponement of cryptocurrency asset taxation, but ultimately decided to table the proposal. This decision was made to prioritize the review of other proposals, and the tabled proposals will be compiled for further discussion.The topics discussed in the meeting included: postponement of cryptocurrency asset taxation, calculation of acquisition prices, scope of tax data submission, and adjustments to the basic deduction amount, but no conclusions were reached. Currently, there is a significant divergence between the ruling party and the opposition regarding the postponement of cryptocurrency asset taxation. If the plan proceeds as scheduled, the relevant proposals are expected to resume discussions next week.

ChainCatcher news, according to Forbes, the Legislative Activity Committee of the Russian government is advancing a cryptocurrency tax bill on November 11, 2024. The bill defines cryptocurrency as property and establishes different tax requirements for individual and corporate miners. Under the new regulations, businesses must register with the Federal Tax Service to legally conduct mining operations, while individuals with monthly electricity consumption below 6000 kilowatt-hours are exempt from registration.The new framework adopts a two-stage taxation model: the first stage taxes when cryptocurrency is received, with the tax base calculated based on the closing price of major exchanges; the second stage taxes upon sale, with additional taxes applied if the sale price exceeds the initial taxable value. Starting in 2024, individual traders and miners with annual income exceeding 2.4 million rubles will be taxed at a progressive rate of 13% to 22%, while the corporate tax rate will increase to 25% in 2025.According to the Industrial Mining Association, these tax measures could bring in 50 billion rubles (approximately 521 million USD) in annual revenue for the budget.

ChainCatcher news, South Korean Democratic Party spokesperson Noh Jong-myun stated that the ruling party's plan to postpone the virtual asset taxation plan for two years is "unacceptable." (News1)According to previous reports, South Korean political parties recently reached an agreement to cancel the planned financial investment income tax, and the cryptocurrency capital gains tax originally scheduled for implementation in 2025 is now more likely to be postponed until 2027.In July, the South Korean government proposed a tax law amendment that includes the postponement of the cryptocurrency capital gains tax, but due to the Democratic Party's opposition to other tax reduction policies of the government, the passage of this amendment has remained uncertain.

ChainCatcher news, according to the Korea Economic Daily, in light of the recent agreement reached by various political parties in South Korea to cancel the planned financial investment income tax, the cryptocurrency capital gains tax originally scheduled to be implemented in 2025 is now more likely to be postponed until 2027. A Democratic Party official stated that it is now deemed necessary to delay the cryptocurrency capital gains tax to maintain fairness.The South Korean government proposed a tax law amendment in July that includes the postponement of the cryptocurrency capital gains tax, but there has been uncertainty regarding the passage of the amendment due to the Democratic Party's opposition to other tax reduction policies proposed by the government. Democratic Party member Min Byoung-dug emphasized that before legally taxing the income from the virtual asset industry, legal recognition of the industry must first be established, thus he supports the current decision to postpone taxation on virtual assets.

ChainCatcher news, according to Coindesk, the Netherlands has started consultations on the cryptocurrency tax reporting bill and hopes to gather stakeholder opinions before submitting the cryptocurrency tax reporting bill to the House of Representatives in the first half of 2025. The purpose of the bill is to increase transparency and prevent tax evasion and avoidance. It is reported that the consultations will end on November 21.