Latest Crypto Tax News: June 20, 2024

Hello?dear reader,

You are welcome to another edition of "Crypto (Tax) Weekly" where we update you on all the latest news in the world of crypto (tax), regulations and compliance.

The most important updates that happened in the past two weeks, delivered right into your mailbox. ??

?? TOP NEWS?

→ Malaysia cracks down on crypto tax evaders with Ops Token

Malaysia’s Inland Revenue Board (IRB) conducted a special operation dubbed “Ops Token” to reduce tax revenue leakage from crypto trading. Local media outlet The Malaysian Reserve reported that 38 personnel from the Royal Malaysia Police and CyberSecurity Malaysia (CSM) raided 10 different locations within Klang Valley.

→ Brazil’s tax dept to summon info from foreign crypto exchanges

Brazil’s tax authority is reportedly planning to seek information from foreign cryptocurrency exchanges to find out how they operate in the country and whether its citizens are complying with the country’s new tax laws or not.

→ Turkey targets crypto with new 0.03% transaction tax

Turkey is preparing to introduce new taxes, including a 0.03% transaction tax on cryptocurrency trading, as part of a significant fiscal overhaul.?The move aims to address the country’s budget deficit caused by 2023’s earthquakes and proposes a shift in approach to financial transaction regulation.

OTHER NEWS

→ Ethereum gets huge win as SEC closes investigation into securities sale allegations

The SEC has closed its investigation into Ethereum 2.0, determining that sales of ETH are not securities transactions. The decision comes after a letter from Consensys on June 7, seeking clarity following the May approvals of ETH ETFs, which were based on ETH being classified as a commodity.?

REGISTER FOR OUR NEXT WEBINAR!

As we anticipate MiCA taking effect at the beginning of 2025, our next webinar will focus on Luxembourg as a crypto jurisdiction and a possible alternative. Join us on Zoom to learn why it is an attractive location for Web3 projects and digital nomads.

In this webinar, you will:

1. Understand why Luxembourg is a major financial center and a tech-friendly jurisdiction in Europe.
2. Learn how Luxembourg’s regulatory and tax environment is favorable for Web3 entrepreneurs and digital nomads.
3. Identify key issues and challenges to monitor before setting up in Luxembourg.

Seats are limited, so register to join us now!

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Sincerely,

The O2K team.