Bitcoin Drops Nearly 5% – Colombia Tightens Crypto Regulations

Bitcoin price moved in negative territory again today (February 3), plunging 4.88% and hovering at $36,849.7.

DIAN, the Colombian tax authority, has announced that it is taking special measures to tighten controls on taxpayers who use cryptocurrencies in transactions.

The organization seeks to monitor crypto taxpayers who fail to report or misreport their activities. This is seen as an attempt to avoid or evade taxes related to cryptocurrencies in the country.

In a PR statement released Jan. 28, the institution said it is taking steps to tighten its controls on taxpayers who use cryptocurrencies.

The measure aims to provide more clarity on the movement of cryptocurrency users and traders in the country. DIAN said:

“DIAN seeks to create tax controls for ignored or improper taxpayers who, in income tax and supplementary taxes, do not record the income earned from crypto operations or record it incorrectly.”

DIAN further explained that this is part of the Colombian state’s measures to combat money laundering and terrorist financing.

The Spot Market is Open

Thursday, February 3, 2022

Crypto
Updated at
USD
Price

Change

%Change
13.00 BTC37,009.86-654.33-1.74
13.00 ETH2,654.51-32.00-1.19
13.00 LTC108.24-2.27-2.05
13.00 BNB367.40-4.90-1.32
13.00 XRP0.61-0.01-1.22
13.00 ADA1.04-0.01-0.57
13.00 DOT18.47-1.12-5.72
13.00DOGE0.140.00-1.07
13.00 UNI10.46-0.27-2.52
13.00 LINK15.71-0.71-4.32

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