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, American citizen Josh Jarrett, with the support of Coin Center, has filed a lawsuit against the IRS regarding the tax policy on cryptocurrency staking rewards.Block rewards are new cryptocurrency tokens earned by validators for adding blocks to the blockchain. The IRS currently treats these rewards as taxable income upon receipt, which Jarrett and Coin Center argue is unfair. The lawsuit states that block rewards should be considered new property and not taxed as income, with taxation only occurring when sold or exchanged for cash.According to Jarrett, this principle applies equally to other forms of new property, such as crops or minerals, which are only taxed upon sale. The lawsuit claims that taxing staking rewards before they are sold leads to over-taxation and imposes additional and unnecessary regulatory burdens on crypto node operators.This lawsuit marks Jarrett's second attempt to sue the IRS on this issue, aiming to push for a revision of the current policy. The lawsuit also points out that the IRS's stance on taxing staking rewards may hinder innovation and development in the cryptocurrency industry.

ChainCatcher news, the National Tax Agency of Japan has released a general handling document regarding NFT taxation. The guidelines not only list cases of income tax levied on NFTs but also provide examples of cases involving consumption tax. Due to the frequent acquisition and use of in-game tokens, which are difficult to assess, a unified calculation will be conducted at the end of the year.The guidelines state that if an individual creates an NFT and sells it to a third party (first distribution), or if the purchaser of the NFT resells it to another person (second distribution), the profit is considered "income tax" and is subject to taxation. Additionally, when selling the purchased NFT to others as part of secondary circulation, if the sale is conducted through a Japanese operator, consumption tax will be levied on that operator.Rewards obtained through blockchain games are generally classified as "miscellaneous income," which is subject to income tax. However, in-game tokens received as rewards that can only be used within the game are not considered taxable income. Furthermore, the previously unclear situation of "NFTs being stolen or disappearing due to unauthorized access" has also been clarified in terms of tax law principles. However, the FAQ only provides general handling responses, and specific issues will be treated specifically, so it is necessary to confirm the detailed calculation methods for declarations with experts and the National Tax Agency. (source link)