2018-7-5 21:22 |
The latest example comes from Israel, where a local exchange with over 50,000 clients has been convinced to report its bigger traders to the national tax authority.
Also Read: Decentral Launches Its New Crypto Wallet Jaxx Liberty in Beta
Bits of Gold to Report to Tax Authority
Tel Aviv based cryptocurrency exchange Bits of Gold has agreed to report on its ‘heavy’ users to the Israel Tax Authority, according to media reports from the country.
The company will pass on information to the tax authority on anyone who traders a total of $50,000 or more over a twelve-month period.
Moreover, the Israel Tax Authority does not have the legal right to compel companies to report on their clients without their agreement and court precedents back this up, according to local newspaper Calcalist.
And this is just the latest initiative by the Israel Tax Authority in the crypto field.