Definition ∞ Tax Modernization involves updating tax laws, regulations, and administrative practices to better accommodate new economic activities and technological advancements. For digital assets, this means adapting existing tax codes to address cryptocurrencies, non-fungible tokens, and decentralized finance transactions. The goal is to provide clarity and fairness in taxation.
Context ∞ Crypto news frequently covers ongoing efforts toward tax modernization as governments worldwide seek to clarify the tax treatment of digital assets. This is a critical area for both individual investors and businesses, as ambiguous regulations can hinder adoption and create compliance challenges. Legislative proposals and updated guidance from tax authorities are regularly reported.
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