Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
PayPal has announced plans to roll out cryptocurrency support beyond the United States. United Kingdom residents will soon be able to use the payments platforms to buy and sell cryptocurrency with additional support services planned to launch.
As reported by journalist Carl Quintanilla, PayPal will be expanding its services to the United Kingdom in the cryptocurrency market within the next few months, The payments giant also intends to offer cryptocurrency services for users holding Venmo wallets before the second quarter of this year according to Quintanilla. In addition to crypto support, PayPal will rollout other non-crypto services across the globe as part of a greater international campaign to offer user’s more choice in payment methods.
* PAYPAL WILL ADD CRYPTO TO VENMO WALLETS IN FIRST HALF $PYPL (h/t @JohnSpall247) pic.twitter.com/ETsgKqXC6V
— Carl Quintanilla (@carlquintanilla) February 11, 2021
PayPal CEO on cryptocurrency
The CEO of PayPal Dan Schulman also noted that PayPal would be providing additional transacting and custodial features to Venmo as well as international markets during the course of 2021. It was not confirmed which market would be the first in the international rollout, but plans have been made, according to the CEO, for the end of the year.
Schulman did confirm that the company would be looking to invest in cryptocurrency and blockchain as well as other digital assets at an extensive level within the next few months. This comes following the successful launch of the platform’s initial cryptocurrency services in the US in November. Not only has the platform’s cryptocurrency services shown positive performance, but the industry and crypto market as a whole has been seeing tremendous growth. Over the past few months, Bitcoin and crypto trading has hit record after record of both trading value and volumes across the market. Just within the past week, Bitcoin surged again to hit a record value of over $48,700 USD.