Kenya considers tax on crypto, NFT transfers and online influencers

Kenya’s lawmakers are considering the introduction of a 3% tax on cryptocurrency and nonfungible token (NFT) transfers and a 15% tax on monetized online content, according to a newly introduced bill. Introduced to the Kenyan parliament on May 4, The Finance Bill, 2023 would enact a digital asset tax on “income derived from the transfer or exchange of digital assets” which also included specific language for NFTs. The bill will undergo five rounds of readings, committees and reports by the National Assembly, if passed, it will then be passed to…

Bitcoin (BTC) and Ether (ETH) Could Face Risks From Potential Short Squeeze in Dollar Index; Crypto Options Trader QCP Capital

However, the good times may stop rolling if the heavily shorted U.S. dollar, which has recently found a “double bottom” price floor against major fiat currencies, sees a short squeeze – a rally powered by an unwinding of bearish bets, as per Singapore-based options trading firm QCP Capital. Author: Omkar Godbole Source link

Mastercard launches Mastercard Crypto Credential to boost trust in blockchain The Block

Mastercard has introduced Mastercard Crypto Credential, a set of common standards and infrastructure that will help verify interactions among consumers and businesses using blockchain networks. Mastercard Crypto Credential aims to provide a foundation for financial institutions, governments, brands, and crypto players, ensuring that those interested in interacting across web3 environments are meeting defined standards for the types of activities they’d like to pursue. Raj Dhamodharan, executive VP, Blockchain and Digital Currencies at Mastercard, said: “Setting up and scaling trusted ecosystems to enable commerce is not new to Mastercard. “We’ve done…

Tax law researchers propose IRS framework for deducting crypto losses

Researchers at Indiana University and the University of Maine recently published a study examining the current state of cryptocurrency tax law in the United States. The research concludes with recommendations for the Internal Revenue Service (IRS) that, if adopted, would prevent taxpayers from weighing crypto losses against other capital gains. The paper, dubbed simply “Crypto Losses,” seeks to define the various forms of loss that can be accrued by businesses and individuals invested in cryptocurrency and proposes a “new tax framework.” Current IRS guidelines concerning cryptocurrency are somewhat nebulous. For…