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Bitcoin Daily: S. Korea Eyes Crypto Capital Gains Tax; Crypto Lawyers See Rise In Demand

PYMNTS

South Korean crypto users might soon see 20 percent taxes on their currency, according to Cointelgraph. Proposed amendments to existing bills want to classify cryptocurrencies as goods rather than currencies. Lawmakers’ discussions established that the virtual assets can be construed as electronic certificates of economic value.

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Crypto Fails To Impress For Corporate Tax Payments

PYMNTS

When the state of Ohio partnered with cryptocurrency company BitPay last year, it meant the state would become the first in the U.S. to allow businesses to pay their corporate taxes in bitcoin. Ohio’s effort signaled a renewed push for corporate adoption of cryptocurrency.

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Becoming a “Bahama Mama” Crypto-Style: A Closer Look at The Digital Asset Landscape in The Bahamas

Perficient

Highlights From Federal Bank Regulators’ Joint Statement on Cryptocurrency Assets – Perficient Blogs. In 2022, FTX broke ground on its new headquarters in Nassau, the country’s capital. In April 2022, Nassau, the capital of the Bahamas, hosted the invitation-only Crypto Bahamas Conference. Crypto Conference.

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Bitcoin Daily: UK Tax Agency Defines Crypto As Commodities; Crypto Exchange Bittrex Sued For SIM Card Bitcoin Theft

PYMNTS

s tax authority has released cryptocurrency tax guidance for businesses, revealing that crypto assets will still be defined as commodities. That means that companies that participate in trading exchange tokens must make tax payments.

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Bitcoin Daily: Korean Commission Suggests Allowing FIs To Offer Crypto; China’s OneConnect Platform Supports New Blockchain Financing Product

PYMNTS

In other crypto news , cryptocurrency tax automation software TaxBit has raised $5 million in funding. Investors in the venture include TTV Capital, Dragonfly Capital Partners, Collaborative Fund, Winklevoss Capital, Valar Ventures, Global Founders Capital, Table Management, Album VC and more. . ”

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Bitcoin Daily: H&M Pilots Blockchain Tech, Australian Tax Scammers Turn To Bitcoin

PYMNTS

While the brand did not tell the outlet where it was using the implementation, it did say that was using the solution to securely track product data. A spokesperson told TNW , “Arket has done a small Proof of Concept (POC) through a pilot testing with VeChain to use blockchain technology to secure product data traceability in the value chain.”

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Bitcoin And The Bitter Tax Bite

PYMNTS

By now you know South Korea is a prime mover for cryptocurrencies — be it up or down. And lest you think changes in tax policy sow confusion only in the United States, think again. he continued, there’s almost no reason to use cryptocurrencies across an actual use case. Which cryptocurrencies will dominate?

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