Prolly nothing... https://news.bitcoin.com/dubais-ret...ls-and-13-hotels-in-partnership-with-binance/ Dubai's Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels in Partnership With Binance Leading shopping mall operator Majid Al Futtaim has partnered with Binance to accept cryptocurrencies at its malls and other properties. “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” said the CEO of Binance. Majid Al Futtaim Dives Into Crytpo With Binance Majid Al Futtaim, a leading operator of shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Africa, and Asia, announced its strategic partnership with global crypto exchange Binance last week. The two companies will cooperate on a number of crypto and blockchain projects. Firstly, Binance Pay will be integrated to allow millions of customers to pay with cryptocurrencies “at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations,” the announcement notes. Binance Pay currently supports more than 40 cryptocurrencies, according to Binance’s website. Changpeng Zhao (CZ), CEO and co-founder of Binance, tweeted last week: 29 shopping malls, 13 hotels, and four mixed-use communities now accepts crypto through Binance Pay. Adoption continues. According to the company’s investor presentation published in February, Majid Al Futtaim operates in 17 countries. The group’s properties include 29 shopping malls in five countries across the Middle East and North Africa, including Mall of the Emirates, Mall of Egypt, Mall of Oman, and Mall of Saudi. In 2021, its malls had 175 million visitors. The company also operates 423 Carrefour stores in 16 countries across the Middle East and has exclusive franchise rights in over 30 countries across the Middle East, North Africa, and the Commonwealth of Independent States (CIS) regions. Furthermore, the group also operates 13 hotels (11 in the UAE and two in Bahrain) and 607 cinema screens. “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” Zhao continued. “Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.” Other projects the two companies will collaborate on include listing non-fungible tokens (NFTs) on Binance’s marketplace and creating a digital wallet infrastructure to hold cryptocurrencies from multiple platforms.
I have a feeling one day into the future....the Governments and world over....will have to bail out everyone after some incident happens with crypto. That will make the dot com bust, housing bust, coronavirus crash, and 1929 crash look like Child's Play.
The problem, is the US won't recognize BTC as currency, so instead it is treated as a security and for every stupid thing you buy, you have to re-adjust your average cost basis for tax filing. Another reason why crypto fans are moving to Germany.
it doesn't matter where in the world they move to. As long as they remain US citizens, they still owe the tax.
"No taxes under $200 transactions!" https://ambcrypto.com/united-states...nsactions-reintroduced-as-use-cases-increase/ United States: Bill to reduce crypto tax on transactions reintroduced as use cases increase February 4, 2022 By Anjali Jain As the asset class has gone considerably mainstream over the past few years, countries worldwide are struggling with the formation of a clear crypto tax regime, especially as the dynamics and use cases of the industry continue to evolve. No taxes under $200 transactions! The U.S. Treasury for instance, while having clear tax guidelines that list out cryptocurrencies as property rather than currencies, has also irked investors and lawmakers due to the strict reporting requirements. A bipartisan group of U.S. House Representatives is trying to change that by bringing back a bill that would exempt consumers from paying taxes on crypto payments of less than $200. Interestingly, the Virtual Currency Tax Fairness Act of 2022, a successor of the one introduced in 2020, was announced on 3 February by Representatives Suzan DelBene, David Schweikert, Darren Soto, and Tom Emmer. Seeking an amendment of the Internal Revenue Code of 1986, the bill aims to exclude gains from certain personal transactions of virtual currency. In a statement regarding the same, Representative Suzan DelBene said, “Antiquated regulations around virtual currency do not take into account its potential for use in our daily lives, instead of treating it more like a stock or ETF.” She added, “Virtual currency has evolved rapidly in the past few years with more opportunities to use it in our everyday lives,” DelBene said in the announcement. “The U.S. must stay on top of these changes and ensure that our tax code evolves with our use of virtual currency.” An earlier version of the bill was proposed in 2017 by Representative David Schweiker that sought to secure an exemption from taxation for cryptocurrency transactions worth less than $600. It was reintroduced by both in 2020 after the threshold for transactions was lowered to a more realistic $200. Both the iteration did not receive a vote to be passed. Boon for payments Cryptocurrencies in the U.S. are currently taxed under capital gains guidelines, which require citizens to pay taxes on the income generated from selling, exchanging, or transferring their tokens. This also includes any transactions made through cryptocurrencies regardless of the value, since digital assets are not yet categorized as currencies. The capital gains tax is currently set at around 20% under U.S. law, and the inclusion of crypto under this gambit makes it harder for their use case as a payments system to flourish. However, these lawmakers believe lowering the threshold to exclude small transactions could significantly remove this hurdle. While the U.S. grapples with its existing crypto tax regime, countries with a less mature market are now beginning to formulate their own frameworks. For instance, in the parliamentary budget for the next fiscal, India has introduced a whopping 30% capital gains tax on cryptocurrencies. This has annoyed many from the industry who feel this could deter future investors from experimenting with the space. On the other hand, Thailand has scrapped the planned 15% withholding tax it was going to charge on crypto investments due to high pressure from the industry. Instead, the country’s revenue department has now decided to bring the asset class under the capital gains gambit.
https://www.softwaretestinghelp.com/best-crypto-tax-software/ I used one of these online Tax services and it's worth every penny It can look at a wallet address and calculate based on time of transactions and sales your cost basis and tax obligations for easy reporting I wouldn't worry too much about it, it's not that bad from my experience. The real tax hits will come from selling larger chunks of crypto portfolio not from small transactions such as coffee or Gucci or Balenciaga stuff
Dubai just seems like a country that really has it's act together. No wonder why it's one of the richest countries in the world, and a beautiful country at that.
No, I have no idea, the individual merchants would have it, though, you can try reaching out to them Also, the major crypto payment processors may have some info, you can reach out to Bitpay, CoinPayments and Strike Why you want to know, deaddog?