It can be difficult to keep up with all the tax changes in crypto. Make it easier on yourself. Find all the most important updates from around the world, between April to May, in the blog below.
Simultaneously with adopting the landmark MiCA framework for digital assets, the EU extended the scope of mandatory tax-related information exchange to include digital assets. Over in the US, a proposed crypto mining tax was dropped from the final version of the debt ceiling agreement.
In June, the Markets in Cryptoassets framework, which regulates cryptoasset issuers and service providers was published in the official journal in the EU. The rules will apply from 2025. The memo established that, during protocol upgrades, taxpayers do not realize gain or loss under IRC section 1001, which is related to computing and recognizing gain or loss from property sales or dispositions. Additionally, taxpayers do not have an item included in gross income under IRC section 61, which encompasses all income from any source, including property dealings.
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