Lawmakers in the Arizona State Senate are considering a bill aimed at having voters decide whether virtual currency is exempt from property taxation. In legislation introduced to the first session of the Arizona State Senate in 2023, Senators Wendy Rogers, Sonny Borrelli, and Justine Wadsack proposed having Arizona residents decide on amending the state’s constitution in regards to property taxes. Should the measure pass the legislature, voters could choose whether virtual currency — specifically not “a representation of the United States dollar” — be tax exempt in the state in November 2024. Under Arizona’s constitution, all federal, state, county and …

The average crypto investor probably isn’t planning on dying of old age anytime soon, but that doesn’t mean they shouldn’t have a plan in place to pass on their crypto in the event they meet an unlikely demise, lawyers warn. Speaking to Cointelegraph, Dubai-based crypto lawyer Irina Heaver believes that “billions” worth of Bitcoin (BTC) has been lost due to a lack of proper death-related planning by hodlers. She noted that many families have been unable to access their loved one’s crypto assets due to private keys being taken to the grave, and emphasized the importance of discussing crypto assets …

Terraform Labs (TFL), the firm behind the defunct algorithmic stablecoin TerraUST (USTC), and its co-founder Do Kwon is back in the limelight again for allegedly running a smear campaign and issuing threats against one of their own community members. It all started in the month of May with the genesis airdrop that was planned after the original ecosystem imploded in the wake of its stablecoin depeg. TFL, in a Twitter thread, claimed that Jimmy Le, a community member entrusted with Terra community funds, has refused to return funds gained during the genesis airdrop. The thread noted that the newly minted …

European Central Bank (ECB) executive board member Fabio Panetta has been a vocal supporter of central bank digital currency (CBDC) and cryptocurrency sceptic, and he presented his latest argument for CBDC on Jan. 5. Writing on the official ECB blog, he said that, by developing CBDCs, central banks “will safeguard the trust on which private forms of money ultimately depend.” Panetta began his argument with a harsh appraisal of cryptocurrency in 2022. “Last year marked the unravelling of the crypto market as investors moved from the fear of missing out to the fear of not getting out,” he said. That …

Business intelligence firm MicroStrategy made headlines ahead of New Year's Eve as the sale of a portion of its Bitcoin (BTC) holdings drew the attention of industry experts and critics. A regulatory filing with the United States Securities and Exchange Commission (SEC) on Dec. 28 detailed the first time the firm sold some of its BTC since its high-profile adoption of the preeminent cryptocurrency as its primary treasury asset. MicroStrategy made waves in the industry in 2021 as it began amassing significant holdings of BTC, with founder Michael Saylor touting the asset as a superior store of value to fiat …

Days before the year's end, Italy's Senate approved its budget for 2023 on Dec. 29, 2022, which included an increase in taxation for crypto investors — a 26% tax on capital gains on crypto assets trading over 2,000 euros (approximately $2,131 USD at time of publication .) The approved legislation defined crypto assets as "a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology." Previously, crypto assets were treated as foreign currencies in the country, with lower taxes. As reported by Cointelegraph, the bill also established that taxpayers will …

More and more people are discovering Bitcoin (BTC) and other cryptocurrencies, which is good for the adoption of digital money on the blockchain. Interest in Bitcoin is also growing in Australia and companies are responding positively. For example, there are various ways to buy Bitcoin in Australia. Trading Bitcoin is more than just buying and selling. So, what is the best place to buy Bitcoin and what is the most secure way to store a Bitcoin investment? Discover in this article different ways to buy Bitcoin in Australia, how to trade Bitcoin and the ways to store cryptocurrencies. Various ways …

Former FTX CEO Sam Bankman-Fried landed in the United States on Dec. 21. And, at least till the end of his court cases, he will live with his parents in Palo Alto, California. A bail was granted to SBF on the conditions of a $250 million bond, home detention, location monitoring and the surrender of his passport. His parents secured his bail with the equity in their house. Some Twitter users found this development either amusing or suspicious. One of the key witnesses in the ongoing FTX investigation, former Alameda Research CEO Caroline Ellison, would have to pay a thousand …

While 2022 has been a year to forget for most crypto investors, the daunting task of filing crypto tax returns before the end of December remains. Many investors worry about unrealized losses on their crypto portfolio, while a failure to report crypto assets and transactions on tax returns could land North American investors into hot water with the IRS. To aid in filing your crypto taxes, cryptocurrency portfolio tracking and tax platform Accointing by Glassnode offers an easy solution to instantly import and review all crypto transactions and fill your crypto taxes in just a couple of clicks. What is …

FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s fate continues to unravel. What kinds of losses can FTX investors claim on their taxes? Earlier this fall, it appeared that assets lost in the FTX collapse would be considered a capital loss under the United States tax code for the tax year 2022. This …

The Japanese government is set to ease tax requirements for local crypto firms, as it pushes to stimulate growth in the domestic finance and tech sectors. At present, Japanese firms that issue crypto are required to pay a set 30% corporate tax rate on their holdings, even if they haven’t realized a profit through a sale. As such, a number of domestically founded crypto/blockchain firms and talent have reportedly chosen to set up shop elsewhere over the past few years. Japan’s ruling party, the Liberal Democratic Party’s (LDP) tax committee held a meeting on Dec. 15 and approved a proposal …

What are the pros and cons of accepting Bitcoin payments? Accepting Bitcoin payments is advantageous due to lower fees than credit and debit cards, expansion of customer base and real-time bank balances. However, risks like volatility and cybercrime may undermine these benefits. Cryptocurrency payments help save excessive credit and debit card processing fees as they are decentralized and do not need intermediaries to verify the transaction. Moreover, merchants do not incur overseas currency exchange changes if payments are made in BTC or other cryptocurrencies. High transaction speed is another benefit of accepting Bitcoin payments, allowing businesses to receive payments in …