Spotlight On: Digital Currency/Assets
Insight from our Asia-Pacific team
Bitcoin, Ethereum, Litecoin – these names have been dominating fintech news as of late, and for all the wrong reasons. As investors grapple with the volatility of these cryptocurrencies, tax authorities are attempting to provide some clarity and certainty regarding the taxation of these digital assets. It has become clear that the traditional tax treatment of capital assets cannot keep up with the increasing popularity of digital assets as an investment option and the growing public usage of cryptocurrency as a substitute for legal tender.
This has caused a spate of activity in the Asia-Pacific region in 2022. Read the full reports below.
- Malaysia - Issues Guidelines for Tax Treatment of Digital Currency Transactions
- Australia - Treasury Announces Cryptocurrencies Are Not Foreign Currencies Even If Legal Tender
- India - Introduces Tax on Digital Assets in Union Budget 2022
Our Tax News Service keeps you up to date with the latest international taxation news, both in real time and via a daily email. If you would like more information on this service, please contact sales at sales@ibfd.org.