Tax

MEPs with the majority of 574 votes to 13 votes, with 60 abstentions on Thursday, the European parliament has reached an agreement to impose closer regulation of cryptocurrencies.

Welcome back to the Coin Idol TV News channel. Digest on April 9 features the following topics from the world of Blockchain and cryptocurrency: South Africa to tax any activity related to cryptocurrencies, such as bitcoin, Wall Street getting into cryptocurrency makes BTC price go up.

The South African Revenue Service (SARS) announced in a statement on Friday, April 6, the new tax treatment of digital currencies, obligating citizens to declare any income from trading as well as mining. Disobedience will cost interest and penalties.

The cryptocurrency market has fallen below $250 billion in market share today.

Liechtenstein Prime Minister Adrian Hasler has proposed in his speech at a Finance Forum last month to adopt “The Blockchain Act” in order to not only regulate the tax, spending, and issuance of digital currency but also to create advantageous conditions for new fintech businesses.

That Ministry of Communications and Mass Media of the Russian Federation has put the idea of establishing a cryptocurrency exchange in the country out for consideration. The draft law will enable the government to declare and tax income of those who performed a cryptocurrency exchange.

On Monday, February 19, the Israel Tax Authority released a professional circular describing the country’s tax policy on cryptocurrency trading, especially Bitcoin. The government institution explained that any cryptocurrency should be regarded as an asset, rather than currency.

Edmon Marukyan, an Armenian lawyer and member of the National Assembly, plans to pass a law that legalizes cryptocurrency mining in the region. Miners will obtain the privilege of tax exemptions and other stimuli. If the legislative proposal is passed, it will enable business enterprises to mine cryptocurrency on the financial market without any restrictions.

Two Bitcoin ATMs had been working in Lithuanian shopping center GO9, but the State Tax Inspectorate of Lithuania (Valstybinė mokesčių inspekcija - VMI)  asked the owner company to shut them down. The authorities explained that the ATM can’t work on the financial market until they have appropriate certifications.