Russian State Duma is planning on changing the taxation threshold for cryptocurrency transactions to cover more taxpayers dealing with digital assets. As the interest in the assets from investors grows, the government wants to make sure the crypto holders will not avoid taxation.
Amidst global digitization, the cryptocurrency industry is constantly growing. Some countries remain alerted to the industry, while others create favourable conditions to take advantage of it to boost their economy.
South Korea is known for its friendly stance on innovations including cryptocurrency. The country has even announced plans for releasing their own CDBC dubbed the digital won. However, they also show support to businesses dealing with other digital currencies.
Privacy coins have been the lasting concern of the governments and financial authorities. Their enhanced anonymity features allow to use the coins for illegal purposes such as tax evasion, money-laundering, terrorism financing, drug trading, cryptojacking, etc.
The Ministry of Finance of Russia has recently represented an update for the regulation of cryptocurrencies. Their new proposal includes an obligation for all Russian cryptocurrency holders to declare transactions on cryptocurrency and reporting on holding cryptocurrency wallets.
As privacy coins such as Monero are widely used for illegal purposes, financial regulators and watchdogs seek ways to de-anonymize them. Now, the United States Internal Revenue Service (IRS), is going to pay for cracking Monero (XMR).
Japanese Deputy Prime Minister and Finance Minister Tarō Asō said he disagrees with the plan to lower the cryptocurrency tax to the same level as stocks. At the meeting of the Finance Committee of the House of Representatives, he stated that there was no intention to lower the cryptocurrency tax rate to 20%.