Rep. Jung Sung-kook of the People Power Party has submitted a bill to postpone the taxation of virtual asset investment income from January 1, 2027 to January 1, 2030, citing insufficient investor protection measures and tax framework preparation with less than five months until the current implementation date.
A bipartisan ethics proposal within the crypto market structure bill being pitched to President Donald Trump could create a significant tax benefit for the president by allowing him to defer taxes on his cryptocurrency holdings rather than requiring immediate divestment.
India's Central Board of Direct Taxes (CBDT) has revised its global tax reporting framework to include crypto-assets, central bank digital currencies (CBDCs), and digital money products, aligning with international Crypto-Asset Reporting Framework (CARF) standards. The new RCASP framework mandates annual reporting of crypto transactions by exchanges and financial institutions.
Nigeria's tax authority has released the country's first comprehensive framework for taxing virtual assets, requiring crypto exchanges to verify customers with Tax Identification Numbers and imposing penalties up to ₦10 million ($7,000) for non-compliance. The guidelines include corporate tax rates, stamp duties, and mandatory registration requirements for crypto businesses.
The IRS Criminal Investigation division issued a warning about fraudsters mailing official-looking letters directing crypto holders to a fake 'Digital Asset Compliance Portal' designed to steal digital assets and personal information.
CME Group CEO Terry Duffy highlighted potential tax implications stemming from an ongoing legal battle over whether perpetual futures contracts should be classified as swaps or futures, a distinction that could affect how the IRS taxes these popular crypto derivatives.
Crypto trade association The Digital Chamber filed a lawsuit on July 21, 2026, seeking to block Illinois' Digital Asset Tax Act, which imposes a 0.2% tax on digital asset transactions. The organization argues the law unconstitutionally discriminates against blockchain-based commerce by taxing transaction value rather than profits or gains.
Japan's National Diet passed FIEA amendments on July 15, 2026, formally reclassifying cryptocurrencies as financial instruments under securities law. A linked tax proposal would cut the maximum gains rate from 55% to a flat 20%, with implementation targeted for January 2028.
The Reserve Bank of India reasserted its call for a cryptocurrency policy 'leaning towards prohibition,' while the country's tax department warned that offshore trading and P2P transactions are difficult to track and enforce, according to internal government documents reviewed by Reuters.
Illinois Governor JB Pritzker signed a $55.9 billion state budget bill that includes a 0.2% 'privilege tax' on crypto transactions involving Illinois residents, drawing condemnation from industry groups as the 'most anti-crypto law in the US.'
Japan's parliament passed legislation bringing cryptocurrencies under the same regulatory framework as stocks, potentially opening a path to exchange-traded funds and lower capital gains taxes. The new rules are expected to come into effect in 2027.
A House committee hearing on six to seven GOP-backed cryptocurrency tax bills revealed sharp divisions between Republicans and Democrats over proposals to exempt staking and mining rewards from taxation and other digital asset tax reforms. Democrats questioned whether the legislation would unfairly favor crypto over traditional investments.
Senator Elizabeth Warren demanded records from the CFTC regarding staff departures and oversight of prediction markets and crypto firms, calling the agency 'steamrolled,' as the House Ways and Means Committee separately weighs multiple crypto tax relief bills including provisions for stablecoins.
House Republicans have released seven discussion drafts proposing sweeping reforms to digital asset taxation in the US, including exemptions for staking rewards and a $10,000 threshold. The bills are set to be discussed at a Tuesday Ways and Means Committee hearing.
Draft legislation circulating among stakeholders would create a de minimis tax exemption for dollar-pegged stablecoin transactions, but explicitly excludes Bitcoin and other cryptocurrencies, drawing criticism from Bitcoin advocates who argue the bill 'picks winners and losers.'
