Digital Currency and Blockchain Weekly Round-Up – August 9th, 2019

Digital Currency and Blockchain Weekly Round-Up – August 9th, 2019

International data protection and privacy enforcement authorities seek clarity on Facebook’s Libra

Representatives from a number of data protection and privacy enforcement authorities from around the world have issued a joint statement on global privacy expectations of the Libra network. The letter is addressed to Facebook and 28 other companies behind the Libra project and asks them to provide details of how they plan to process customers’ personal data in line with data protection laws.

US lawmaker reintroduces crypto tax bill to end double taxation

A bill that aims to amend the treatment of cryptocurrencies by the Internal Revenue Service has been referred to the U.S. House of Representatives Ways & Means Committee, CoinDesk reported. On July 25, North Carolina’s Rep. Ted Budd (R) on July 25 reintroduced the bill, titled the “Virtual Value Tax Fix Act of 2019.” By amending1986’s Internal Revenue Code, the bill, if passed, would essentially end the double taxation on cryptocurrency transactions.

British tax authority to crack down tax crypto tax evaders, demands clients’ data from major exchanges

British tax authority HM Revenue & Customs (HMRC) is asking cryptocurrency exchanges to provide the name and transaction histories of their customers, as the office attempts to recover unpaid taxes. “HMRC is looking to work with exchanges when it comes to finding information on people who have been buying and selling crypto. I think they will only go back a couple of years, two or three years,” CoinDesk quoted one of the industry sources.

Brazil imposes new tax reporting requirements for cryptocurrency transactions

Brazilian cryptocurrency traders are now required to declare their dealings to tax authorities, according to the newly published guideline by the Department of Federal Revenue…

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