Nebraska adopts digital asset banking charter, tax case addresses crypto mining – tech
United States: Nebraska adopts digital asset banking charter, tax case addresses crypto mining
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The Nebraska state legislature recently passed a bill to create a state banking charter for digital asset depositories, which was enacted by the state governor on Wednesday this week. According to recent reports, new companies are able to obtain a state banking charter as custodians of digital assets, and existing state chartered banks are now allowed to open cryptocurrency banking divisions. . The reports further note that while digital asset custodians may engage in custody and payment services related to digital assets, they are unable to accept deposits or provide currency loans. fiduciary and must maintain 100% of their assets in reserve by law.
Tennessee couple are challenging IRS right to tax cryptocurrency mining or staking in court, arguing mining is an act of creation and therefore not taxable, multiple sources say . The couple, who are asking for a refund of taxes paid, say the IRS must instead wait until the cryptocurrency is sold or traded for a taxable event to occur.
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