ChainCatcher news, according to Bloomberg, the Financial Services Agency (FSA) of Japan will begin reviewing the country's cryptocurrency regulatory rules in the coming months. An FSA official stated that this assessment will focus on whether the current Payment Services Act adequately regulates cryptocurrencies. This move could pave the way for reducing digital asset taxes and launching cryptocurrency investment funds in Japan.Currently, the Japanese cryptocurrency industry is seeking to lower the digital asset capital gains tax rate from the current maximum of 55% to 20%.

ChainCatcher news, according to Cointelegraph, Bitcoin holder and billionaire investor Christian Angermayer has left the UK for the Swiss cryptocurrency hub of Lugano due to the UK's plan to tax offshore wealth for high-net-worth residents.Reportedly, Christian stated in a declaration that he moved from London to Lugano this month. In Lugano, individuals and businesses can settle bills using Bitcoin or USDT. However, if residing in the UK, one would face an annual tax cost of £60,000 (approximately $80,000).

ChainCatcher news, according to Jin Shi reports, the debate between Democratic presidential candidate Harris and Republican candidate Trump has begun. Harris mentioned her economic agenda, claiming to be the only candidate on stage focused on "elevating the status of the American middle class and working people."Harris addressed one of her biggest electoral weaknesses, namely high prices and costs, which have heavily impacted American families and led voters to question President Biden's economic agenda. Harris pointed out her plans to expand the child tax credit, provide mortgage assistance to new homebuyers, and offer deductions for small businesses, while attacking Trump's proposed tariff policies.Trump countered, stating that he proposed tariffs but did not cause inflation. "Our economy is terrible because of inflation; our inflation is something few have seen."This debate may be the only face-to-face debate between Harris and Trump in this election cycle. At the beginning of the debate, traders did not rush to draw any conclusions, with S&P 500 futures and exchange rates showing little reaction. Bitcoin fell slightly, now losing the $57,000 per coin mark.

ChainCatcher news, according to Cryptoslate, Sergey Bezdelov, the director of the Russian Industrial Mining Association, revealed that Russia mined approximately 54,000 BTC last year, worth over $3 billion. These mining activities generated around 50 billion rubles (approximately $556 million) in tax revenue for the Russian government.Bezdelov believes that the recent legalization of cryptocurrency mining will increase investor interest and further boost tax revenue. In July of this year, the Russian State Duma passed a bill legalizing Bitcoin mining and allowing the use of cryptocurrency in international trade. This move establishes cryptocurrency mining as a legitimate economic activity, requiring legal entities to register or comply with specific energy consumption limits.

ChainCatcher news, the Australian Taxation Office (ATO) has stated that it will closely monitor those who realize their crypto gains before the end of the fiscal year on June 30 in the country. Koinly's General Manager Adam Saville-Brown said, "The ATO has been closely watching crypto in recent years, and this year is no exception."Koinly's Head of Tax Education Michelle Legge stated, "The ATO has modified its crypto data matching program, aiming to collect data from all crypto exchanges operating legally in Australia from 2014 to 2026. Whether you are using Binance, Bitcoin Base, CoinSpot, or other sites, the ATO can collect your data."The ATO expects this program to collect information on 1.2 million crypto investors each year, including names, addresses, emails, and even social media accounts and IP addresses. Adam noted that most Australian crypto users are aware of their tax reporting obligations, but the program "may catch a few remaining investors who have failed to comply."

ChainCatcher news, according to Newsis, the South Korean Ministry of Economy and Finance (MOEF) is reassessing the virtual asset taxation plan originally scheduled to be implemented starting January next year.This reassessment comes ahead of the announcement of a tax law amendment set to be published next month, contrasting sharply with the department's earlier stance this year, which insisted that the plan would proceed as scheduled without reassessment. Experts have expressed concerns about the current tax framework, arguing that it fails to effectively address the anonymity and decentralization characteristics of virtual assets.Notably, a recent study by the National Assembly Budget Office highlighted significant flaws in the current legislation, particularly the reliance on cryptocurrency exchanges to provide the transaction records required for taxation.

ChainCatcher news, according to CryptoSlate, the Brazilian Federal Revenue's special department will begin collecting information from foreign cryptocurrency exchanges to ensure compliance with local regulations.Deputy Secretary of Inspection Andrea Chaves stated that the tax department is concerned about the operations of these exchanges in Brazil and will collect taxable information. A regulation to summon foreign exchanges is expected to be released before the weekend.It is reported that the total amount of cryptocurrency declared in Brazil reached 133.6 billion reais (approximately 24.6 billion USD) in the first half of 2023, a 36.6% increase compared to the first half of 2022. Among this, 14.5 billion reais (approximately 2.7 billion USD) came from foreign exchanges.Data from Kaiko Research shows that from the beginning of 2024 to early May, the cryptocurrency trading volume involving the Brazilian real reached 6 billion USD, a year-on-year increase of 30%.

ChainCatcher news, according to CryptoSlate, a creditor group led by Sunil Kavuri opposes the reorganization plan proposed by the FTX bankruptcy administrators. According to documents submitted to the court on June 5, the creditors pointed out that the plan did not pass the best interest test and contained terms that were not in the creditors' interests, while also ignoring property rights issues.The creditors stated that cash payments would result in customers needing to pay taxes on the cash received. They suggested using physical payments to avoid tax issues. The creditors further stated that FTX must update the disclosure statement regarding the settlement with the Internal Revenue Service (IRS). Under the settlement plan, the IRS will receive $200 million in priority claims within 60 days of approval. An additional $685 million in subordinated priority claims will be paid after customers receive full compensation.It is reported that on May 7, the FTX bankruptcy administrator announced the reorganization plan, under which creditors would receive full cash repayment. According to the plan, creditors with claims under $50,000 would be eligible for 118% compensation within 60 days of court approval. Other non-government creditors would also receive full compensation and up to 9% interest compensation.

ChainCatcher message, according to a supplementary document of the 2024 budget, Canada is expected to adopt the International Crypto Asset Reporting Framework (CARF) for taxation before 2026. CARF will impose new reporting requirements on Crypto Asset Service Providers (CASP), such as cryptocurrency exchanges, crypto asset brokers and dealers, and crypto asset ATM operators, whether they are individuals or business entities.

ChainCatcher news, according to CoinDesk, the Australian Taxation Office (ATO) has requested personal data and transaction details for up to 1.2 million accounts from cryptocurrency trading platforms.It is reported that the Australian Taxation Office stated that its latest data collection agreement will require designated cryptocurrency trading platforms to provide traders' names, addresses, birth dates, and transaction details to assist in auditing whether they have fulfilled their obligations to pay capital gains tax.The Australian Taxation Office stated that this data will help identify traders who have not reported their cryptocurrency-related activities, including transactions when selling crypto assets as currency or using them to pay for goods and services.

ChainCatcher news, the Argentine Chamber of Deputies has passed a cryptocurrency tax regulation bill aimed at advancing a series of important government reforms. The bill introduces the possibility of regularizing previously undeclared cryptocurrency assets, up to a maximum of $100,000, without paying government-imposed fees. However, if the value of the cryptocurrency assets exceeds this limit, the government will apply a preferential tax rate based on the taxpayer's declaration date.

ChainCatcher news, according to Bitcoin.com, the Spanish Treasury is seeking to control and supervise cryptocurrency assets owned by taxpayers. The agency has proposed reforms to the current tax law, allowing the national tax authority Agencia Tributaria to seize cryptocurrencies held by taxpayers when enforcing tax debts. This proposal, submitted to the European Union (EU) in 2021, may soon be implemented, as local sources explain that the government is rapidly taking action to create the necessary conditions for the reform's implementation.The Spanish government has issued a royal decree declaring electronic money entities as tax collection agencies, meaning these entities must take embargo actions on customers' digital currencies and crypto assets when requested by the government, whereas previously only traditional banks and credit institutions were required to fulfill this duty.

ChainCatcher news, according to CoinDesk, Indian Finance Minister Nirmala Sitharaman announced the budget in Parliament on Thursday. Expectations for changes to the harsh taxes imposed on cryptocurrency trading (including a 30% tax on profits and a 1% TDS on all transactions) are low. With elections set to take place in India over the next two months, expectations for the budget in the financial sector are also low. Sitharaman announced that there would be no changes in direct and indirect taxes.It is reported that in an election year, the Ministry of Finance usually does not submit a full budget but instead presents a provisional budget to fund its expenditures in the short term. A comprehensive budget is typically expected to be submitted in July, after the election results are announced. Polls indicate that Prime Minister Modi and his Bharatiya Janata Party are likely to return to power.

ChainCatcher news, the Argentine government, under the leadership of Javier Milei, has decided to forgo the tax opportunity on cryptocurrencies in the comprehensive bill submitted to Congress. The bill allows taxpayers to declare some previously undeclared asset ownership, including cryptocurrencies. Interior Minister Guillermo Francos stated that the decision to withdraw these proposals was due to the lack of consensus in Congress on this part of the bill. "The proposal aims to create freedom for economic development. It must be implemented as soon as possible. The tax part is smaller and can be processed later."

ChainCatcher news, according to CoinDesk, the Indonesian Ministry of Finance stated that the total tax revenue from cryptocurrencies in 2023 was $31.7 million, a 62% decrease compared to the tax revenue during the partial collection period when the tax system was introduced in May 2022. Cryptocurrency transactions in Indonesia are subject to double taxation: a 0.1% income tax and a 0.11% value-added tax. Additionally, local cryptocurrency exchanges must pay approximately 0.04% in taxes to the national cryptocurrency exchange.

ChainCatcher news, the Shanghai Tax Bureau's official WeChat account has deleted an article mentioning that "individuals must pay personal income tax for buying and selling virtual currencies online," for unknown reasons. The article was published a few days ago but was widely circulated on the morning of January 7.The deleted article pointed out that according to the "Reply on the Issue of Personal Income Tax Collection for Income Obtained from Buying and Selling Virtual Currencies Online" (Guo Shui Han [2008] No. 818), individuals who purchase virtual currencies from players online and sell them at a markup are subject to personal income tax, which should be calculated and paid under the "income from property transfer" category.Calix, the founder of TaxDAO and former tax director of Bitmain, pointed out that when the Guo Shui Han [2008] No. 818 document was issued, it was applied to game currencies, but in practice, it has now been expanded to include "virtual currencies" such as Bitcoin. However, there are currently no specific regulations regarding the tax issues related to the transfer income of Bitcoin and other virtual currencies.