Revenue

As cryptocurrencies and blockchain technology gain root in the world, governments are becoming more involved in the industry through taxation.

US Tax body Internal Revenue Services (IRS) is demanding that American Citizens who hold cryptocurrency deposits in their wallets be taxed. The tax agency sent warning letters to more than 10,000 cryptocurrency holders over failure to pay appropriate taxes or falsifying taxable income.

The CRA - Canada Revenues Agency (Customs and Revenue Agency), a federal authority which administers tax laws, started investigating the impending unknown revenues of QuadrigaCX, a defunct cryptocurrency exchange. On Monday Sept. 16, the Globe and Mail published a report saying that the Trustee on the QuadrigaCX insolvency case has managed to produce the tax returns files for previous earnings of the firm.

The Internal Revenue Service (IRS), the United States (US) authority accountable for collecting taxes and overseeing the Internal Revenue Code, posted a sweet video on its official social media platforms about the recently issued CP2000 notices which are of interest to many blockchain users and Bitcoin traders. This is not an audit though it works the same, however, it looks like the IRS notice could cause worry for BTC and digital asset traders.

The US federal government revenue service, the Internal Revenue Service (IRS), has started the exercise of emailing around 10,000 letters to different Bitcoin and cryptoasset holders that have maybe failed to pay or report taxes and income on digital asset transactions. They are trying to warn them to act in accordance with the federal tax laws, The WSJ reports.

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Cryptocurrency operations have caught the eye of the Canadian Revenue Agency (CRA), Canada’s primary tax-collecting institution. It has been concerned about risks associated with cryptocurrencies and lawful regulation of taxes in the digital asset field.

The State Revenue Service of Latvia calls for the use of Blockchain technology to control tax flow and combat the shadow economy. As one of the possible solution, Blockchain-based systems can be used in the cash registers reform.

The large international operators are vying for the fertile digital tourism market, but Italy has yet to create a significant strategy to heighten cryptos and create projects that contribute to the national tourism industry by providing more revenue and competition. The 3 key opportunities for development must not be missed.