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Cryptocurrency Tax Guidance Leaves Big Holes Worldwide, PwC Says

Oct. 1, 2020, 1:00 PM

Cryptocurrency investors face a tricky and fast-changing tax landscape worldwide with sparse guidance in many areas, according to a new report from PwC.

Specific tax guidance “is an essential building block” to help institutionalize digital currencies, PwC Global Crypto Leader Henri Arslanian said. But there are some areas that are lacking, like in decentralized finance or DeFi, and potential pitfalls. Crypto assets are usually viewed as a type of property, which can lead to a tax charge on disposal. That’s “a major impediment to mass adoption of many crypto assets as a means of payment,” PwC said, unless technology solutions ...