tax

The Blockchain Association stated that it has sent a letter to the leadership of both the House and Senate, urging Congress to advance prudent, bipartisan digital asset tax legislation, and launched TaxClarityforAmerica.com for the public to understand the principles, view congressional progress, and contact legislators.The association noted that approximately 67 million Americans hold and use digital assets, but the current tax system is outdated, leading to uncertainty for taxpayers, excessive compliance burdens, and forcing innovation to move overseas.Its "Digital Asset Tax Principles" include: a meaningful small exemption; taxation of mining and staking rewards as newly created property upon disposal; reporting arrangements that protect taxpayer privacy; tax compliance based on economic substance rather than technical form; and wash sale rules that do not penalize everyday activities while preventing abuse.The association also stated that the House Ways and Means Committee had previously advanced legislation related to digital asset taxation, and Senator Steve Daines has also introduced a Senate version. Congress is in recess until after the elections on November 3, and there remains a legislative window during the short session.

According to a report by the Korean News Agency, Lee Won-ik, Chairman of the Financial Services Commission, stated during a comprehensive inspection at the National Assembly's Political Affairs Committee regarding the taxation of virtual assets to be implemented next year, "Various circumstances need to be fully considered." On the same day, People Power Party member Song Yeon-sik questioned whether to abolish or postpone the taxation, stating that the nature of digital assets and policy direction have not yet been determined, and that the "Basic Law on Digital Assets" should be prioritized. Lee Won-ik responded that the relevant legislation on digital assets is in the final negotiation stage and discussions will be promoted as soon as possible; regarding taxation, opinions from various parties are diverse, and collection of opinions is still ongoing.The taxation of virtual assets in South Korea was introduced in 2020 through amendments to the Income Tax Act, having been postponed three times previously. The government is currently advancing administrative procedures according to the timeline for implementation in January next year, but some in the industry and even within the ruling party believe that due to unclear standards and insufficient infrastructure, the timing for implementation is not yet mature.

Meta Platforms has signed an agreement with CEO Mark Zuckerberg, requiring him to continue residing in the jurisdiction where the company's headquarters is located for the next eight years. This move is in response to California's proposed wealth tax, which could result in a tax bill of billions of dollars for Zuckerberg.The agreement allows him to sell a portion of his Class C shares to provide liquidity to address the potential tax burden from California Proposition 40.

According to CoinPost, Japan's Minister of Land, Infrastructure, Transport and Tourism, Toshiaki Inoue, stated in the House of Representatives' Land, Infrastructure, Transport and Tourism Committee that he will study the introduction of stablecoins into the consumption tax exemption system for foreign tourists visiting Japan, and mentioned a "refund method" for tax refunds after departure confirmation, stating that he will promote responses from the user's perspective.According to the Japan Tourism Agency, the country's tax exemption system will change to a refund method starting from purchases made on November 1: Tourists will purchase goods at tax-included prices, and within 90 days from the date of purchase, upon departure confirmation by customs, they can then receive the consumption tax refund, which will be handled by the duty-free shop or an entrusted refund agency.

According to CoinDesk, France has narrowly passed a cryptocurrency tax amendment, proposing to impose a 31.4% capital gains tax on transactions exchanging crypto assets for stablecoins starting from January 2027.However, the amendment still needs to be approved by the French Senate and go through the budget coordination process before it can officially become law.

According to a report by the Korean News Agency, the South Korean Ministry of Finance and Economy has convened a seminar on virtual asset taxation with five exchange operators: Dunamu, Bithumb, DigitalX, Coinone, and Streami, as well as institutions like the Financial Services Commission, to discuss current taxation regulations, market environment, tax preparation work, and the possibility of delaying or abolishing the tax, but no clear decisions have been made regarding related measures.South Korea's virtual asset taxation policy was established in 2020, originally scheduled for implementation in 2022, but has since been postponed to 2023, 2025, and 2027. The National Tax Service of South Korea is currently preparing relevant details, but matters such as staking still need to be negotiated with the Ministry of Finance and Economy; if the details are announced next month, there will be only about two months left until the planned implementation date.

According to the official website of the State Taxation Administration, the Taxation Administration has issued a reminder for offshore trust taxpayers to declare and pay individual income tax on offshore trust income before the transition period ends on October 22. Those who complete the declaration and payment during the transition period will not incur late fees.According to the "Announcement on Matters Related to Individual Income Tax for Offshore Trusts" (Announcement No. 21 of 2026) issued by the Ministry of Finance and the State Taxation Administration on July 24, offshore trust taxpayers are required to declare and pay taxes on offshore trust income. The announcement provides taxpayers with a 90-day transition period, during which the tax authorities will offer tax guidance and tax filing services.

According to Cointelegraph, Section 502 of the Digital Asset Tax Clarification Act (H.R. 10357) currently advancing in the U.S. Congress stipulates that the Secretary of the Treasury must establish a voluntary disclosure program for digital assets within 12 months after the act takes effect.Eligible taxpayers can correct past digital asset tax violations by submitting amended returns and paying back taxes, interest, and penalties under the program. The act was passed by the House Ways and Means Committee on September 16 with a vote of 38 to 5, but it has not yet officially become law and still needs to be passed by the House, the Senate, and signed by the President.Andrew Gordon, Executive Director of the Digital Asset Taxation Action Organization, stated that this is a significant change that will help many ordinary taxpayers, yet it has received little attention. He pointed out that U.S. investors are facing the first filing season under the new 1099-DA broker reporting rules, which give the IRS greater visibility into crypto transactions but do not address the years prior to the rules taking effect. Sharon Yip, founder of Crypto Tax Advisors, also noted that filing errors among ordinary crypto investors are very common, and the existing procedures lack standardized processes, making it impossible to provide predictable penalty treatment for unintentional violators.According to Section 502, taxpayers generally must submit amended returns within 24 months after the program is established, and the act sets two penalty standards. Taxpayers who provide proof that their violations are neither fraudulent nor intentional can apply a 0% penalty on the portion of back taxes up to $25,000 if they file within the first 12 months after the program starts, while amounts exceeding that will incur a 5% penalty.Those who do not provide such proof will face penalties of 25% and 40%, and the tax rates will increase if the initial window is missed. The act also provides specific civil penalty waivers, allowing unproven taxpayers to be exempt from criminal referral within the scope of the disclosed information. A report by CoinTracker in 2026 showed that only 49% of crypto users correctly understand that selling crypto assets is a taxable event.

On Friday, the French National Assembly passed Amendment I-3898 with 38 votes in favor, 37 against, and 25 abstentions, proposing to tax certain cryptocurrency exchanges for stablecoin transactions. If the relevant provisions are approved, they are expected to take effect from 2027. This measure will change the way capital gains tax on cryptocurrencies is calculated, meaning that when investors exchange Bitcoin or other cryptocurrencies for stablecoins, the related gains may trigger taxation even if they have not been converted into fiat currency.The French National Assembly is scheduled to vote on the first part of the "2027 Finance Bill" on Tuesday. A proposal to carry forward realized cryptocurrency losses for 10 years was rejected by the assembly on Friday with 18 votes in favor, 75 against, and 3 abstentions. French lawmakers are also reviewing two cryptocurrency tax proposals: I-CF1822 aims to expand the exit tax to unrealized gains, applicable to taxpayers whose total cryptocurrency portfolio value exceeds 800,000 euros and who move their residence out of France; I-2701 proposes to require the declaration of holdings from self-custody wallets, with a threshold of total value exceeding 100,000 euros for the relevant tax year. Both proposals are still under review as of Monday.

Latvia may allow residents to pay personal taxes with cryptocurrency by 2027, aiming to attract crypto businesses and investors. Prime Minister's strategic planning and new economy advisor Didzis Dejus told CoinDesk at the UN:BLOCK Fintech conference in Riga that he believes this arrangement will be realized next year. The country's Ministry of Finance has agreed to the plan, which still needs to complete technical integration with payment service providers.The plan builds on a proposal announced in May 2025, when Latvia proposed accepting cryptocurrency for tax payments and promoting the tokenization of assets such as real estate. Dejus stated that Latvia is not afraid to be the fastest-moving country and hopes to attract more crypto businesses beyond licensing. He did not disclose specific payment service providers or specify which cryptocurrencies could be used for tax payments.Meanwhile, the Latvian parliament passed legislation on October 15, changing the taxation of withdrawals from crypto investment accounts to apply to amounts exceeding the deposited amount, rather than taxing each transaction. The law introduces a one-time reporting mechanism, allowing holders to settle past tax obligations by declaring 10% of the asset's market value by the end of 2026, with the reporting period from April 1 to May 31, 2027, and taxes due by July 23. Dejus stated that this measure will help those who purchased cryptocurrencies years ago but lack cost records. The timing of the tax payment plan may depend on the next government, as the United List led by Prime Minister Andris Kulbergs won the parliamentary elections on October 3 and is expected to be nominated again, but still needs coalition partners.

According to Reuters, earlier this month, the U.S. Department of Justice announced a deferred prosecution agreement with "Bitcoin Jesus" Roger Ver, under which his fraud and tax evasion charges will be dismissed in exchange for a payment of up to $49.9 million in fines.Roger Ver, one of the earliest Bitcoin evangelists, bought a large amount of Bitcoin in 2011 for less than $3 million. In February 2014, to avoid high tax burdens, he acquired citizenship in the Caribbean nation of Saint Kitts and Nevis and renounced his U.S. citizenship the following month. At that time, he and his companies held at least 131,000 Bitcoins, valued at over $70 million based on the price at that time. He believed that by changing his nationality, he could put an end to the high tax burden in the U.S.However, the U.S.'s stringent "exit tax" completely thwarted his plans. According to U.S. tax law, eligible expatriates must treat their global assets as if they were "sold the day before expatriation" and pay capital gains tax. Although Ver reported and paid $1.03 million in taxes, he not only failed to report his personal holdings of Bitcoin but also severely undervalued his company's assets. Ten years later, the IRS confirmed his fraudulent tax evasion (which is not subject to the statute of limitations), ultimately forcing him to pay back up to $49.9 million in taxes, fines, and interest, which is 48 times the amount he reported paying in taxes that year.

According to The Defiant, the French National Assembly passed an amendment during the review of the 2027 budget proposal with 38 votes in favor and 37 votes against, aiming to eliminate the tax deferral treatment enjoyed when converting certain crypto assets into a single fiat-pegged stablecoin starting from January 1, 2027.A total of 100 members participated in the voting, with 75 votes counted as valid.

According to a report by the Korean News Agency, the South Korean government will convene representatives from the five major virtual asset exchanges—Upbit, Bithumb, Coinone, Digital X, and GOPAX—along with DAXA executives on October 20 to gather industry opinions regarding the virtual asset tax originally scheduled to be implemented in January 2027.The current proposal aims to impose a 22% income tax and local income tax on virtual asset transfers and lending income after deducting a basic tax exemption of 2.5 million Korean won. This tax policy has been postponed three times since it was proposed in 2020, and the government is still advancing preparations according to the original schedule. The National Tax Service of Korea is expected to release a related announcement in November.In addition, South Korea's financial regulatory authorities are accelerating the advancement of the government draft for the "Basic Law on Digital Assets," which is expected to be completed by the end of this month and initiate related consultation procedures.

Bitcoin News posted on the X platform that France is considering imposing a 31.4% capital gains tax on certain Bitcoin-to-stablecoin transactions, levying an exit tax on crypto assets valued over 800,000 euros, and requiring the declaration of self-custodied wallet assets valued at no less than 100,000 euros.Related proposals also include allowing the carryover of crypto asset losses for 10 years, but none of these have yet become law; the French National Assembly has rejected the revenue portion of the 2027 budget, and the related measures still need to be resubmitted for review.

Cryptocurrency media Watcher Guru reported that Australia has proposed legislation requiring the reporting of cryptocurrency transactions and the initiation of international tax information sharing.According to the bill, cryptocurrency platforms will be required to report transactions involving Australian residents to tax authorities starting from July 2027.

Bitcoin News posted on platform X that the Finance Committee of the French National Assembly has approved a proposal to impose a tax of up to 31.4% on the exchange of Bitcoin for stablecoins, applicable even if not exchanged for fiat currency; residents carrying over 800,000 euros in cryptocurrency assets abroad may face an exit tax on unrealized cryptocurrency gains.The related amendment was withdrawn after the committee rejected part of the budget revenue and still needs to be reintroduced during the full debate in the National Assembly. The proposal has not yet become law, and if approved, the new regulations will take effect on January 1, 2027.

The Blockchain Association, the Crypto Innovation Committee, in conjunction with the Illinois state government, the Digital Chamber of Commerce, and the Illinois Blockchain Association, submitted a joint motion to the Sangamon County Circuit Court, requesting the court to expedite the hearing of two lawsuits against the state's Digital Asset Tax Act. The state government has agreed to issue an injunction to suspend the effectiveness and enforcement of the Digital Asset Tax Act until July 1, 2027.In order to make a ruling on the legality of the tax law as soon as possible, the parties have proposed a timeline for expedited summary judgment submissions: the first round of motions is scheduled to be submitted on November 4, 2026, and all relevant submissions will be completed by January 22, 2027. The parties request the court to hold a hearing between February 8 and February 19, 2027, and request the court to make a ruling by March 1, 2027, to which the state government has no objection. This timeline is subject to court approval.