Bitcoin fell below $36,000 for the first time since July last year, a drop of nearly 50% from its November 2021 high. The White House wants to be at the center of U.S. cryptocurrency policy, the report said. A Biden administration is likely to issue an executive order in February.
Since 2022, Bitcoin has only risen for 6 trading days, and the cumulative decline has reached 11.5%, setting the worst start to the year since 2012. Statistics show that Bitcoin ranks last in the performance of major asset classes in 2022. And in 2021, Bitcoin’s yield will be ranked first in positive numbers.
Crypto assets become a focus area of tax authorities in various countries
Over the past year, crypto assets have become a focus area for tax authorities in various countries. In early 2021, the U.S. Internal Revenue Service (IRS) added a mandatory question-and-answer question “Do you own and trade virtual currency” at the top of the first line of the main tax return. In May, the IRS was authorized by a U.S. federal court to collect all virtual currency-related information worth more than $20,000, including holder information and transaction information. On November 15, U.S. President Biden signed the “Infrastructure Investment and Jobs Act”, which clearly stipulates the reporting responsibilities of platform transactions and requires cryptocurrency intermediaries to report all transaction information to the IRS.
In September 2021, the European Commission announced that, as part of its Action Plan on Fair Simplification of Taxation, it would expand the automatic exchange of information between countries for cryptoassets and electronic currencies. On November 28, 2021, the United Kingdom included cryptocurrency exchanges under the Ministry of Finance’s technology tax, did not recognize its financial asset attributes, and imposed a digital service tax, which was imposed on social media and searches such as Facebook and Google in April 2020. Specially created by giants. In addition, in November 2021, the Japanese government also established a tax review subcommittee to promote the adjustment of cryptocurrency tax policies.