New Zealand plans to tax encrypted assets, and the taxation of encrypted assets may become a trend

特邀专栏作者

2020-09-29 23:00

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From the current point of view, the tax office does not seem to be able to keep pace with the development of encryption technology.

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From the current point of view, the tax office does not seem to be able to keep pace with the development of encryption technology.

Editor's Note: This article comes fromGolden Finance, reprinted by Odaily with authorization.

Editor's Note: This article comes from

Golden Finance

, reprinted by Odaily with authorization.

The New Zealand Inland Revenue Department (IRD) has once again set its sights on the cryptocurrency space.

The IRD has asked cryptocurrency firms in the country to share their customers' personal details and the value of their crypto assets in order to gain a better understanding of New Zealand's crypto environment and how best to help taxpayers meet their income tax obligations.

Crypto’s CEO Janine Grainger said the move was a “heartbreaking” violation of privacy and autonomy. Additionally, the IRD must expand its net tax base as crypto asset ownership in New Zealand continues to grow.

New Zealand's move comes as tax regulators around the world tighten their grip on the cryptocurrency market.

In September, the Criminal Investigations Division of the Internal Revenue Service (IRS) signed a $249,900 contract with blockchain analytics firm Blockchain Analytics and Tax Software to expand its cryptocurrency tracking tool.

Recently, Brazilian Senator Soraya Thronicke proposed a series of cryptocurrency business laws. If passed, it would bring long-sought legal clarity to Brazil's fully unregulated crypto market. Thronicke on Monday outlined the rules applicable to Brazilian “virtual asset” businesses, custodians and issuers, as well as consumer protection, cryptocurrency taxation, criminal enforcement and industry oversight.bitcoinThe South Korean government announced the "2020 Tax Law Amendment Bill" on July 22 this year. The Act revises the value-added tax, improves the personal comprehensive asset management account (ISA) system, strengthens the taxation of encrypted assets, and improves the tax system related to cigarettes, etc., which involves various aspects of national life.

On the corporate front, crypto tax software provider Blockpit announced that it has completed its merger with its German rival CryptoTax. Both Blockpit and CryptoTax are committed to providing cryptocurrency tax reporting tools and will now join forces to expand to global jurisdictions including the US, Canada, Australia and the UK in 2021. According to a Blockpit representative, Blockpit and CryptoTax currently operate in Germany, Austria and Switzerland, and also plan to expand their operations in Europe through a merger.

Unlike the regions mentioned above, in Israel, a bill recently introduced by its legislature made several changes to the taxation of Bitcoin. New legislation plans to amend current Bitcoin by recognizing BTC as a currency rather than an asset

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