TaxDAO Crypto Compliance Policy Report for the First Half of December
This report summarizes tax, accounting, and compliance policy developments in the global cryptocurrency industry for the first half of December 2024.
On the tax front, Russia recognizes digital currencies as foreign trade property, legalizes cryptocurrency mining, and pilots cross-border cryptocurrency trading. The Czech Republic exempts bitcoin held for more than three years from capital gains tax, while Ukraine has outlined plans to legalize cryptocurrencies by 2025, but cryptocurrencies do not enjoy tax exemptions. Additionally, South Korea's National Assembly has approved the postponement of the virtual asset tax until January 1, 2027.
On the accounting front, new rules introduced by the Financial Accounting Standards Board (FASB) last year, which will be implemented starting next fiscal year, require fair value accounting for certain cryptoassets starting in 2025.
On the compliance front, Taiwan, China implemented new anti-money laundering rules for cryptocurrency firms, and Australia's ASIC overhauled its custody standards to address emerging risks in digital assets. Argentina approved crypto ETFs, ending a six-year ban, and for the first time, the U.S. Department of Justice launched a criminal prosecution solely for crypto tax evasion, sentencing a man to two years in prison for failing to declare $3.7 million in Bitcoin proceeds.
