United States of America: Introduced Virtual Currency Tax Fairness Act

On 26 July 2022, the Virtual Currency Tax Fairness Act creating tax exemptions for small personal crypto-assets transactions was introduced in the United States Senate. In particular, the Act would introduce a tax exemption for gains derived from the sale or exchange of cryptocurrencies and everyday transactions amounting to a maximum of USD 50. Furthermore, the Act includes an aggregation rule that would classify the sale or exchange of the cryptocurrencies from the same transaction as one exchange of value.