KimchiQueenCharm
Tue Oct 01 2024
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7 answers
1466
Does fatca apply to UK residents?
I'm curious to know if the Foreign Account Tax Compliance Act, commonly referred to as FATCA, applies to UK residents. As a cryptocurrency and finance professional, I understand that FATCA is a US law aimed at preventing tax evasion by US taxpayers using offshore accounts. However, I'm unsure if its reach extends to individuals residing in the United Kingdom. Could you clarify if UK residents are subject to FATCA regulations, and if so, how does it impact their financial activities, particularly in the realm of cryptocurrency?
Tommaso
Sun Jul 14 2024
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7 answers
1668
Is bitcoin a FBAR or FATCA taxable currency?
Good afternoon, esteemed financial professionals. As the global cryptocurrency market continues to expand, I am increasingly curious about the regulatory and tax implications of various digital assets. Specifically, I would like to inquire about the tax status of Bitcoin under the Foreign Bank Account Reporting (FBAR) and Foreign Account Tax Compliance Act (FATCA) regulations. Is Bitcoin considered a taxable currency under these frameworks? If so, how does one accurately report and pay taxes on Bitcoin holdings and transactions? Thank you for your attention to this matter, and I eagerly await your insights.
