Thailand’s Committee on Monetary Affairs, Finance, Financial Institutions and Financial Market conducted a virtual meeting to discuss various aspects of crypto taxation. The ruling party MP Watanya Wongopasi posted a summary of the discussion on her Facebook page and urged the Excise department to do their due diligence before imposing any tax on the crypto trading market. In the meeting, Paiboon Nalinthrangkurn, the chairman of the Federation of Thai Capital Market Organisations noted that a tax on stock trading and digital asset trading could decrease market liquidity by 40%. He also warned that heavy taxation would deter foreign and small …

Binance is looking to re-establish crypto exchange services and possibly open a new branch in Thailand after signing an agreement with Gulf Energy Development PCL. Gulf Energy Development PCL is a Thai holding company run by billionaire Sarath Ratanavadi that focuses on the energy sector. Gulf Energy reportedly made the agreement with the world’s largest crypto exchange based on the strong assumption that Thailand’s digital economy infrastructure will see “rapid growth” in the next few years. The cooperative efforts between Gulf Energy, Binance, and the Thai government will be focused on exploring Binance’s options in the Thai market, which may …

Indian crypto exchange WazirX has reportedly paid over $6.62 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment. Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the seller and the buyer. Officers of CGST Mumbai East comm'te …

The Australian government is seriously consider the rollout of central bank digital currency (CBDC) and has backed numerous forward-looking regulatory crypto-proposals as part of a new “payments and crypto reform plan.” Treasurer Josh Frydenberg says the reforms "will firmly place Australia among a handful of lead countries in the world." The reform plan is said to be the biggest shake-up of the Australian payments system since the 1990s, with part of the crypto-related groundwork set by the innovative proposals put forward by an Australian Senate Committee in September. According to the Australian Financial Review, the government is in favor of …

On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism regarding the state of the criticism sector at the "Russian Calling" investment forum in Moscow. According to local news outlet lenta.ru, the president made the following remarks, as translated by Cointelegraph: "It is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks." Putin called for the greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing significant adoption of digital currencies. …

In what could be a big win for the local crypto industry, South Korean lawmakers are close to delaying taxation on digital assets for another year. Representatives from the Tax Subcommittee in the National Assembly, South Korea’s legislative body, reached a bipartisan agreement on Nov. 29 by approving an amendment that could postpone the crypto tax by one year. If the amendment passes in a parliamentary session on Dec. 2, taxation will begin on January 1, 2023, not 2022 as previously planned. Democratic Party lawmakers who have been pushing for this delay decried flaws in the information gathering procedures that …

The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors try their best. Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations: “In a sector that is growing rapidly with new investors, we can’t rely on taxpayers knowing they need to keep records of their investment income and capital gains and disclose it on their tax returns.” “Our main concern is …

Ether's (ETH) 330% year-to-date gain has been largely fueled by the growth of decentralized finance and the explosion of non-fungible tokens. Proof of this comes from OpenSea, the largest NFT marketplace, surpassing the impressive mark of $10 billion in accumulated trading volume. However, traders worry that the 15% correction that followed the $4,870 all-time high on Nov. 10 could indicate that a larger bearish movement is in place. The rupture of the 55-day ascending channel reinforces this thesis and Friday's $550 million Ether options expiry will likely favor bears. Ethereum's $86 billion total value locked in smart contract contracts, represents …

Lawmakers from both sides of the aisle are fighting back against changes to tax reporting rules for crypto brokers and transactions over $10,000 in the newly passed Infrastructure Bill. Ten U.S. Democratic Congresspeople led by Rep. Darren Soto from Florida called for revisions to the definition of a broker in the infrastructure bill that was passed into law on Nov. 15. The group issued an open letter, signed by Soto along with Representatives Ro Khanna, Stacey E. Plaskatt, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasy, Jake Auchincloss, Al Lawson, and Charlie Crist calling for updates to section 6045(c)(1) in …

The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill, which if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens. The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage. However, the bill mandated stringent reporting requirements for the crypto community, mandating that digital asset transactions worth more than $10,000 are reported to the IRS. As Cointelegraph reported, the bill was first approved by the Senate on Aug. 10 with a 69-30 vote, which was …

Legal experts have warned that a section of the Infrastructure Bill, which is due for a vote today, amends a part of the tax code and makes a failure by businesses and individuals to report digital asset transactions a criminal offense. University of Virginia School of Law lecturer Abraham Sutherland said it is a separate provision to the controversial “broker” provision that attracted all the attention when the bill was in the Senate: “It’s bad for all users of digital assets, but it’s especially bad for decentralized finance. The statute would not ban DeFi outright. Instead, it imposes reporting requirements …

The United States territory of Puerto Rico is seeing a resurgence of interest among crypto investors attracted by the fact it doesn’t charge federal income tax and eligible investors can pay zero taxes on their crypto gains. Under local law Act 22, those who live in Puerto Rico for at least half of the year are exempt from taxes on interest, dividends and capital gains — meaning they can keep most or all of the profits from crypto or other investments without having to renounce U.S. residency. The popularity of the territory as crypto tax haven was highlighted when news …