The #Russian government report estimates that, if the country introduces regulations for the #crypto market and imposes a #tax on transactions that involve crypto assets, it could generate as much as RUB 1tn ($13.3bn) in revenue for the state budget.

Overwhelming to get started on your #crypto taxes?

Now paying #taxes becomes even easier with crypto tax #tools that automatically calculate your crypto taxes (as per your country/region tax rules) and give you final #tax reports (IRS Forms) to be filled at the end of FY.

Here are the Top 8 Crypto Tax Tools

BREAKING: Spanish Citizens Must Declare Overseas #Crypto with New #Tax Form #cryptonewstoday

🔵New Tax Form Requirement: The Spanish Tax Administration has introduced a tax form mandating Spanish citizens to disclose their overseas-held crypto-assets.

🔵Threshold for Declaration: Individuals are required to declare crypto-assets on the form if their balance sheet in overseas cryptocurrency platforms exceeds $55,000.

🔵Specific to Overseas Platforms: The focus of the tax form is on crypto-assets held on cryptocurrency platforms located outside of Spain.

🔵Compliance for Spanish Citizens: Spanish citizens with significant crypto holdings on international platforms need to comply with this new reporting requirement to fulfill their tax obligations.
READ MORE: https://sede.agenciatributaria.gob.es/Sede/procedimientoini/GI55.shtml

In the #crypto world, identifying favorable #tax environments is crucial. The top twenty low-tax index highlights unexpected international choices, including UAE, Bahamas, Bermuda, Cayman Islands, & Seychelles.

🔵Monaco stands out with no direct taxation but requires residency for the wealthiest investors. Panama, ranked seventh, offers zero capital gains tax on crypto.

🔵 El Salvador, the first to embrace Bitcoin, integrates it into its economy, presenting distinctive investment opportunities. Malta (‘Crypto-Island’), Gibraltar, & Liechtenstein are also good options. Germany surprises with zero tax on crypto gains held for at least twelve months.

🔵Switzerland imposes no direct tax on crypto gains & it is also home to a large number of leading blockchain & crypto-related companies.

🔵Low-tax countries in the top twenty: Romania & Bulgaria (10%), Hungary & Greece (15%) on crypto income. The index considers various factors like investor type, domicile, business nature, and tax guidance.

#Cryptotax

Russia's Ministry of Finance proposes allowing #cryptocurrency miners to export mined assets, aligning with gas export model.

Legislation outlines sales mechanisms, #tax estimates, and aims to bring miners within legal boundaries by 2024.
https://coinpedia.org/news/russias-ministry-of-finance-pioneers-legislation-for-cryptocurrency-exports/

Seyffart highlights #tax benefits, minimal ( Net Asset Value) NAV-market differential, and strategic capital gains management advantages.

Seyffart contrasts tax inefficiencies in cash transactions, SEC reservations, but industry push for in-kind. #Crypto
https://coinpedia.org/news/navigating-tax-implications-in-bitcoin-etfs-bloomberg-analysts-take-on-in-kind-vs-cash-transactions/

Top #Crypto News in Last Week

1️⃣#BlackRock CEO Larry Fink said #EthereumETF possible despite SEC potentially labeling #Ethereum as security.

2️⃣London Stock Exchange accepted #Bitcoin and #Ethereum #ETN listings from April 8, 2024, approved by FCA. Trading began May 28, 2024.

3️⃣ #SEC requested $2 billion fine on #Ripple Labs. Ripple denies accusations, calls SEC's statements false.

4️⃣ #SBF sentenced to 25 years in prison, ordered to forfeit over $11 billion by judge.

5️⃣ US Attorney’s Office sued #KuCoin founders for unlicensed money transmission, Bank Secrecy Act violations, and #AML failures.

6️⃣ #Binance executive Tigran Gambaryan sued Nigerian government for violating his human rights, amid #tax evasion charges.

7️⃣ Court ruled against #Coinbase in SEC case, citing unregistered securities offering, impacting digital asset trading.

#CryptoNews #Crypto