Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   937

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as news.Bitcoin.com reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   103

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.