Are You Ready For Crypto Tax?

A Florida lawmaker, Republican Representative Matt Gaetz, has introduced a bill that would permit Bitcoin (BTC) as a payment method for federal taxes. Gaetz believes this move will foster innovation and efficiency, and bolster the U.S.'s technological leadership. Inspired by Bitcoin's impact in El Salvador, Gaetz envisions a future where digital currencies are integral to the financial system.

Although the bill is new and yet to be discussed in Congress, it could follow Colorado's example, which allows tax payments in cryptocurrency since late 2022.

In other legislative news, the Financial Innovation and Technology for the 21st Century Act (FIT 21) aims to regulate crypto oversight by splitting responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission. Additionally, bipartisan efforts are underway to permit banks to issue stablecoins pegged to the U.S. dollar.

Meanwhile, in Malaysia, the Inland Revenue Board (LHDN) has launched "Ops Token" to curb tax evasion in cryptocurrency transactions, in collaboration with police and CyberSecurity Malaysia. This operation, conducted in multiple locations, aims to enhance tax administration and reduce revenue leakage from cryptocurrency trading.

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