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Who pays and who enjoys: cryptocurrencies under taxation

Have you ever found yourself constantly questioning what cryptocurrency is in terms of taxes, and still not getting? The tax code does not get it clearly either. 

When you hold crypto coins, each move of yours triggers taxes. For tax purposes, transfers are treated as sales. Well, unless you can find some other way of transferring cryptocurrency tax-free. The fact that the Internal Revenue Service (IRS) marks crypto as property might prompt you to study the concept of ownership.

But, is crypto really yours, if you are holding it for someone else? In other words, if you are holding the crypto for the benefit of someone else, who has to pay the taxes? read more

Wyoming promises to become the most crypto-friendly state in the US

Wyoming, being in the very North of the country, isn’t quite like Silicon Valley neither the rich East Coast. Yet, the government aims to partially replace ranchos with crypto companies and provide all conditions for their flourish. 

The state’s governor signed sweeping legislation that turns Wyoming to a particularly friendly to cryptocurrency place. The new law enshrines utility tokens as an asset class exempting cryptocurrency from state property taxes.

Iran Goes Crypto

The tension between Iran and the US rose since president Donald Trump quit the Iran nuclear deal. Iranian rial rapidly collapsed from 57,500/$1 to 85,000. Due to the threat of bigger sanctions, residents began to transfer their savings to crypto assets in order to take money out of the country or simply save them, and from now this tendency will only spread. Iranians have already spent $2.5 bln on crypto. 

Russia cracks down on digital assets

Russia is doing its best to ignore or simply tear down innovations. In January this year, the State Duma made public a draft law concerning digital financial assets and basically put paid on them. The document contains noticeable white spots making the new law vague and ambiguous. Here are the fundamental points it affects: read more