E35 Crypto Tax Havens, IRS & Crypto LoopHoles, Hong Kong & Russia want YOUR ICOs!
Remember when you took tests in school, and you always had that one pain in the aorta question to compare and contrast. hated it. but it was an outstanding way to look at any issue. today, we compare and contrast crypto tax and regulation policies for three countries, china, actually hong kong, russia and the united states.
1. despite crackdown in trading, crypto and blockchain alive in china
cointelegraph; chinese are imposing conditions and limitations on cryptocurrencies by the people's bank of china.
but two of the largest chinese cryptocurrency ewxchanges, okex and huobi, moved immediately to hong kong, and resumed cryptotrading. this created greater oppourtunities for investors and entrepreneurs.
but china will allow blockchain for retail trade.
2. hong kong has no capital gains tax on cryptocurrency transactions.
3.russia drafts bill to legalize cryptocurrency trading on approved exchanges.
'we don't want to limit or regulate, but we will set some limits,' said russain deputy finance minster alexi moiseen. this is a change of heart given that vladamir putin was initially against all cryptos.
4. crypto tax breaks proposed by officials in russia
tax exemption on profits from crypto-related transaction have been proposed during a meeting at the ministry of economic development of russia.
5. crypto currency investors lose major tax break under u.s. tax code
irs has amended irc section 1031 a 1 regarding 'like kind' exchanges, excluding all cryptocurrency from a previous legal loophole and making all crypto trades a taxable event.
6. the sec just made it clearer that securities laws apply to most cryptocurrencies and exchanges trading them.
that included oversight of 'wallets' as well.
The SEC is going to increase regulation of cryptos, including "wallets."
IRS shut down a major crypto tax loophole, making all crypto trades a taxable event...
Russia is implementing tax exemptions on crypto related transactions...,
Russia is going to allow crypto trading with some oversight..
China cracks down on crypto trading and ICOs, but major Chinese retailer will use blockchain for transactions.....
Hong Kong had no capital gains tax on cryptocurrency...
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