South Korea's proposed cryptocurrency tax framework imposes a combined 22% tax on annual crypto income exceeding a 2.5 million won basic deduction, comprising a 20% national tax and a 2% local tax.

Overview Debates Related claims Topics Sources

The Internal Revenue Service's current voluntary disclosure program primarily targets taxpayers whose willful failure to comply with tax laws exposes them to potential criminal prosecution

Section 502 of the proposed Digital Asset Tax Certainty Act would establish a statutory voluntary disclosure program tailored for crypto taxpayers who made unintentional reporting errors

The Internal Revenue Service aims to resolve tax disclosure cases within 120 days after taxpayers submit the required completion documents under the IRS's revamped voluntary disclosure program

Internal Revenue Service Criminal Investigation Chief Jarod Koopman announced plans to introduce a revised version of the IRS's voluntary disclosure program covering digital assets before December 2026

The United States House Ways and Means Committee approved the Digital Asset Tax Certainty Act in September 2026

The Internal Revenue Service decided to handle digital asset disclosures through its general voluntary disclosure program rather than creating a separate channel for cryptocurrency

The Internal Revenue Service's existing voluntary disclosure resolution process can take a year or longer for applicants to complete

Polymarket US seeks declaratory relief stating Ohio's gambling laws are unconstitutional and preempted, alongside preliminary and permanent injunctions against Ohio officials

Polymarket US argues under the Dormant Commerce Clause that Ohio's licensing rules unconstitutionally favor in-state physical footprints and restrict market operations to Ohio residents

Prediction market operators rely on single CFTC registration to maintain nationwide liquidity, but risk facing individual state licensing regimes and local legal costs if states successfully enforce local gambling laws

If Ohio successfully enforces its cease-and-desist orders, state gaming regulators nationwide could replicate the Sixth Circuit's legal template to target prediction market platforms

The Financial Conduct Authority opened applications for a new UK cryptocurrency regulatory regime on September 30, 2026, ahead of rules coming into force on October 25, 2027.

The UK's incoming cryptocurrency regulatory framework does not require retail banks to process payments to cryptocurrency exchanges or grant business bank accounts to authorized firms.

Ripple filed a 20-page comment letter on October 20, 2026 supporting the U.S. Securities and Exchange Commission's proposed Regulation Crypto Assets

The SEC's proposed Regulation Crypto Assets from August 2026 includes registration exemptions allowing crypto projects to raise $5 million over four years or $75 million annually

In its October 20, 2026 comment letter, Ripple requested clarification from the SEC regarding secondary-market transactions under proposed Rule 500

Ripple Chief Legal Officer Stuart Alderoty stated on October 20, 2026 that the SEC possesses clear legal authority to adopt the proposed Regulation Crypto Assets unveiled in August 2026

Ripple supported the SEC's proposed Regulation Crypto Assets approach allowing an investment contract to end once an issuer completes or permanently stops promised essential managerial activities

Ripple asked the SEC to avoid introducing additional legal tests based on whether a cryptocurrency is associated with a company or an independent network

Ripple urged the SEC to reject decentralization as a separate legal test, stating metrics like governance participation, node distribution, software contributions, and economic control cannot reliably determine ongoing contractual obligations