A quick look at what’s been going on in North America…

The US Congress is considering a new bill on virtual currency tax fairness. The Virtual Currency Tax Fairness Act of 2020 was introduced in January.

Under current guidance, taxpayers who sell virtual currency must recognise any capital gain or loss on the sale, subject to any limitations on the deductibility of capital losses. Taxpayers can also recognise gains due to fluctuations in exchange rates between virtual currencies and fiat currencies. The new act would offer some relief from this tax treatment by excluding from taxable gross inco...