2024 has been a landmark year with Bitcoin reaching an all-time high (ATH), attracting increased scrutiny from tax regulators worldwide. Equipped with advanced technology and substantial budgets, regulators are now more educated and prepared than ever before.
From Dubai, Singapore, Hong Kong and Malta having tax incentives with no capital gain tax to the increase in tax regulatory pressure in Australia and US, this Global Crypto Tax Report covers ten jurisdictions and includes expert articles addressing key concerns for Web3 CFOs. This report provides key insights for navigating the evolving landscape of crypto taxation.
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Content
Jurisdiction Broad Overview 10
Number of Jurisdictions complying to FATF has increased by 20% annually 11
Who is VASP Travel Rule Affecting? 12
Australia’s Uncertain Crypto Tax Landscape 19
Tax Treatment of Cryptocurrencies in Australia 20
Staking Rewards and Airdrops 21
Transactions with Gift Cards or Debit Cards 22
Prizes, Gambling Winnings, and Donations 22
Loss or Theft of Crypto Assets 23
Cost Basis Methods for Crypto Taxation 24
What is a digital payment token in Dubai? 29
What are the crypto tax rates in Dubai? 32
How is crypto taxed in Dubai? 33
When is the deadline for crypto tax in Dubai? 34
Should Web3 Businesses register for VARA License? 34
How about withholding tax and stamp duty? 35
What is a digital payment token in Estonia? 37
Web3 for Businesses and Individuals. 38
What are the crypto tax rates in Estonia? 38
How is crypto taxed in Estonia? 39
When is the deadline for crypto taxes in Estonia? 39
Should Web3 Businesses register for VAT in Estonia? 40
What are the types of crypto licensing in Estonia? 40
What is a digital payment token in Hong Kong? 43
What is the regulatory framework in Hong Kong? 44
What are the crypto tax rates in Hong Kong? 44
How is crypto taxed in Hong Kong? 45
When is the deadline for crypto tax in Hong Kong? 46
What are the Tax Incentives in Hong Kong? 46
How about withholding tax and stamp duty? 46
What is a digital payment token in Malta? 48
What are the crypto tax rates in Malta? 49
How is crypto taxed in Malta? 50
When is the deadline for crypto taxes in Malta? 51
Should Web3 Businesses register for GST in Malta? 51
1. How about withholding tax and stamp duty? 51
Tax Treatment of Crypto Assets 54
Loss or theft of crypto assets 57
What is a digital payment token in Poland? 60
How is crypto taxed in Poland? 60
What are the crypto tax rates in Poland? 61
When is the deadline for crypto taxes in Poland? 61
Should Web3 Businesses register for VAT in Poland? 61
Should the business file tax return if no cryptocurrency was disposed of? 61
What is a digital payment token in Singapore? 64
What are the crypto tax rates in Singapore? 65
How is crypto taxed in Singapore? 67
When is the deadline for crypto tax in Singapore? 69
Should Web3 Businesses register for GST in Singapore? 69
How about withholding tax and stamp duty? 70
What is a digital payment token in the UK? 72
What is the definition of cryptocurrency in the UK? 73
What are the crypto tax rates in the UK? 74
How is crypto taxed in the UK? 74
Is there a Tax-Free Allowance? 77
When is the deadline for crypto tax in the UK? 77
How about withholding tax and stamp duty? 78
US Regulatory Framework for Cryptocurrency 81
Taxable Crypto Events in the US 83
Specific Tax Considerations for US Taxpayers 86
Broker Regulations and Form 1099-DA 89
Predicting the Future of Crypto Tax Enforcement: 91
Crypto Tax Mistakes To Avoid 94
Knowledge sharing from Industry Experts 96
Elven Research – Insights into crypto assets accounting and fair value measurement 96
1. Overview of crypto assets accounting policy 97
2. Fair Value Measurement analysis 97
3. Elven (Professional Crypto Accounting Software) 98
Regulation of Stablecoins: Navigating the Future of Digital Finance 101
Recent Government Actions and Proposals 101
Legal Implications for Issuers and Users 102
Case Studies of Major Stablecoin Projects and Regulatory Challenges 103
Future of Stablecoin Regulation 103
Req Finance: Crypto Payments and Invoicing Made Easy 105
Background: Addressing the web3 financial challenges 105
Benefits: improve your financial operations 106
DeFi Insurance versus Traditional Insurance For Crypto 108
The traditional insurance model 108
The advantages of traditional insurance 109
The Benefits of DeFi insurance 109
Insuring digital assets: DeFi insurance versus traditional insurance 110
DeFi insurance for digital asset companies 111
Cost Basis Methods for Crypto Taxation 112
Introduction to Crypto Cost Basis Methods – FIFO, LIFO, WAC, HIFO 116
Comparing Cost Basis Methods in a Bull Market v/s Bear Market 119
How to Choose the Right Cost Basis Method 120
Unlock Seamless Accounting for Web3 Businesses with Automa8e 121
General Information about Automa8e 121
One response to “Web3 Accountant Global Crypto Tax Report 2024”
Congrats on the report. It is a piece of information that is a bible to Web3CFOs