FinTax Crypto Compliance Policy Report for the Second Half of DecemberĀ
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This report summarizes tax, accounting, and compliance policy developments in the global cryptocurrency industry for the second half of December 2024.
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On the tax front, The IRS has classified DeFi front-ends as brokers for tax reporting. The US reiterated its position in a tax dispute case, arguing that rewards from staking activities do not constitute new property and opposing legal challenges to delayed tax collection. Japan proposed that the 2025 tax reform outline will clearly include "review of virtual currency tax adjustments."
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On the accounting front, The Financial Accounting Standards Board (FASB) has implemented its Fair Value accounting rule for crypto, effective Dec. 15, 2024.
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On the compliance front, The Russian government imposed a six-year ban on crypto mining in 10 regions. UK FCA Launches Discussion Paper for Its Crypto Regime. The National Bank of Cambodia (NBC) has permitted commercial banks and payment institutions to offer services involving Category 1 crypto assets. Turkey has introduced new anti-money laundering regulations for cryptocurrency.Ā
