🔥 Israel was hoping to rake in billions of shekels from its voluntary tax disclosure program for crypto investors. 🔥
💥 However, after nearly a year of rollout, only 58 crypto traders signed up, declaring total assets of around 42 million USD, and the tax collected is just a tiny fraction of expectations.
🔍 The main reason is that participants have to disclose their identity, transaction history, and asset origins right from the get-go, while still facing strict scrutiny from banks.
🛡 With the global rollout of the crypto asset reporting framework (CARF) on the horizon, the pressure for tax compliance on crypto investors is expected to ramp up significantly.
💥 However, after nearly a year of rollout, only 58 crypto traders signed up, declaring total assets of around 42 million USD, and the tax collected is just a tiny fraction of expectations.
🔍 The main reason is that participants have to disclose their identity, transaction history, and asset origins right from the get-go, while still facing strict scrutiny from banks.
🛡 With the global rollout of the crypto asset reporting framework (CARF) on the horizon, the pressure for tax compliance on crypto investors is expected to ramp up significantly.