CJ - Cryptocurrency Enthusiast
The United States is likewise putting greater work into ensuring that the Internal Revenue Service (IRS) could appropriately collect Bitcoin tax as the crypto community expands and as trading cryptocurrency volumes hit new highs.
According to U.S. attorney Damian Williams, deputy assistant attorney general David Hubbert, and IRS commissioner Charles Rettig, U.S. judge Paul Gardephe authorized the IRS to issue a "John Doe summons," which is what the IRS does when it investigates unnamed taxpayers.
The New York-based M.Y. Safra Bank is required by the summons to provide information on taxpayers who may have neglected to record and pay taxes on their cryptocurrency investment transactions. The IRS is reportedly paying close attention to users of the cryptocurrency exchange SFOX, according to the statement. The IRS thinks there is a serious lack of compliance among taxpayers when it comes to crypto assets, even though crypto users are obligated to disclose gains and losses.
According to Williams, the government would utilize every tool at its disposal to find tax evaders and make sure that everyone pays their taxes. He asserts that tax obligations brought on by Bitcoin transactions are not excluded and must be truthfully disclosed by taxpayers on their filings. Rettig, however, asserted that the John Doe summons' acceptance supports their attempts to ensure that taxpayers who are involved in trading cryptocurrency "pay their due part."
The countries with the worst cryptocurrency taxation policies are listed in recent research by the crypto analytics firm Coincub. Due to its 33% capital gains tax and 50% income tax withholding, Belgium was ranked first. Followed by Japan, Philippines, Iceland, and Israel. On Sept. 6, the Australian government held a consultation with the general public regarding a new regulation that exempts cryptocurrencies from being classified as foreign currency for tax reasons. The administration gave the general public 25 days to comment on the proposal. The Goods and Services Tax Act will modernize the definition of digital currency if it is approved.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards