Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: KryptoBull on January 19, 2024, 08:45:34 PM
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The cryptocurrency market is a dynamic and rapidly evolving landscape, offering immense potential for innovation, economic growth, and financial inclusion. As governments recognize the significance of this burgeoning sector, they are increasingly seeking to establish clear regulatory frameworks to foster responsible development and protect investors.
While regulatory clarity is crucial for the long-term viability of the crypto market, it is essential to strike a balance between fostering innovation and ensuring responsible taxation. While some governments have implemented relatively moderate tax rates on crypto gains, others have imposed significantly higher taxes, approaching 30-45% of investor profits[1] :'(
The debate surrounding crypto taxation is complex and multifaceted. Proponents of higher taxes argue that governments need to generate revenue to address national issues exacerbated by inflation. However, critics maintain that such high tax rates could stifle innovation and discourage participation in the crypto market, potentially hindering its growth and overall economic impact.
In my country, the regulatory status of cryptocurrencies remains somewhat ambiguous. While there is no explicit ban or encouragement, the government has not yet implemented a comprehensive legal framework or imposed taxes on crypto transactions. This presents both advantages and disadvantages. On the one hand, it allows individuals to fully utilize their crypto profits without immediate taxation. On the other hand, it creates a lack of clarity and potential risks for individuals and businesses operating in the crypto space ::)
I would like to hear from you regarding your experiences with crypto taxation and regulation.
- Has your country enacted a crypto tax and regulatory framework?
- If yes, what is the current tax rate?
- Are you satisfied with the current tax structure?
- Do you believe the tax rate is reasonable or too high?
References:
[1] Crypto Tax Free Countries 2024 (https://koinly.io/blog/crypto-tax-free-countries/)
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Has your country enacted a crypto tax and regulatory framework?
Yes, our government already applies the tax for crypto. They got the tax from each trading we do in our local exchanges. Our local exchanges support the tax applied by the government. I am not really sure about how much the tax we pay to our government for each trading activity, but I have paid it for sure.
Are you satisfied with the current tax structure?
So far, the tax seems quite reasonable. I don't mind to pay tax as long as it is reasonable. But if the tax seems too expensive, I think we must complain the the government.
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I would like to hear from you regarding your experiences with crypto taxation and regulation.
- Has your country enacted a crypto tax and regulatory framework?
- If yes, what is the current tax rate?
- Are you satisfied with the current tax structure?
- Do you believe the tax rate is reasonable or too high?
Actually, I'm sure not everyone expects this, but it seems that it is because we live under a country and that country has rules that are legal, however, clarity is sometimes quite necessary to make our position easier in the crypto world.
1. Crypto in my country is legal as a commodity asset but not legal if used as a means of payment. There are already certain bodies or government institutions that supervise or have authority over crypto businesses. and this provides some rules and regulations to all of us part of crypto. In this case, if we trade on a local exchange in our country, the tax that is paid to the government will automatically be deducted.
2. I'm not quite sure of the nominal amount, but it's only a certain percentage
3. As long as it doesn't go up and up continuously or as long as it's a politically rational number, it doesn't really matter, as long as it doesn't go up regularly, because after all, even though it's only a little present, if you multiply it by the transactions we make every time we trade, it's actually quite good.
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- Has your country enacted a crypto tax and regulatory framework?
- If yes, what is the current tax rate?
- Are you satisfied with the current tax structure?
- Do you believe the tax rate is reasonable or too high?
1. In Vietnam, we still do not have a legal framework for crypto.
2. Therefore, crypto income is not taxed.
3. I am a cautious investor, I do not fall into fraudulent projects, I have no need to sue anyone, so I am satisfied with the current situation because I do not need to pay a huge tax.
But ourr government is also monitoring, learning and planning to promulgate laws to manage this market. I believe Vietnam will also have a crypto law, I hope the tax will not be too high 😅
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Well, in my country, cryptocurrency does not have any serious attention from the government, and its citizens are just doing their thing and being faced with no taxation on their cryptocurrency investments and transactions. Meanwhile, my country has a high rate of cryptocurrency users, and I think everyone is happy that they are not being monitored and taxed by the government. Although even if cryptocurrency users were taxed by the government, I know it would definitely not be a very high amount.
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I would like to hear from you regarding your experiences with crypto taxation and regulation.
- Has your country enacted a crypto tax and regulatory framework?
- If yes, what is the current tax rate?
- Are you satisfied with the current tax structure?
- Do you believe the tax rate is reasonable or too high?
Initially, the former CBN Governor of my country restricted banks from cryptocurrency, but this didn't stop some youth to venture into crypto. While some of the citizens were scared and thought that crypto was illegal in the country, do they stay away from it. Those of us that was into crypto were using it and it was tax free because the CBN Governor has the say on crypto at that moment. Exchanges were operating and crypto users were enjoying a tax-free transaction. Recently, the new administration just announced crypto legal in the country, and they haven't gotten any crypto tax and regulatory framework yet, but I believe that as time passes by, the government might come up with one or just allow the citizens to enjoy using crypto without paying tax.
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Well, in my country, cryptocurrency does not have any serious attention from the government, and its citizens are just doing their thing and being faced with no taxation on their cryptocurrency investments and transactions. Meanwhile, my country has a high rate of cryptocurrency users, and I think everyone is happy that they are not being monitored and taxed by the government. Although even if cryptocurrency users were taxed by the government, I know it would definitely not be a very high amount.
Where is this? I'm surprised that your government thinks crypto isn't a serious matter. In my country, government thinks seriously, they even made a specific regulation about crypto. Sure, I am also not really sure about how much the taxes, I already explained above. However, our government allows the crypto investment and trading because we already pay taxes. It is difficult to legalize crypto if there is no taxes.
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In my country the regulations regarding crypto are clear and the amount of tax has also been determined and it is around 0.11% of the value of the transactions we make. And crypto is already considered a commodity asset and not a security asset. But to be honest, everything is much more comfortable when the government hasn't made regulations about this. It's just that I am happy with the regulations that have been made so that the security of crypto users in our country has become better. Because there is a government agency that monitors it.
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Has your country enacted a crypto tax and regulatory framework?
Tax treatment of profits and losses from crypto is still as vague as ever but there is a general clause in our tax code that citizens should follow in case there is no specific law.
The last time I checked, even our own Tax Agency are asking our legislators for clarity but nothing has been concrete so far.
Operators/Owners of crypto exchanges, however, already have policies they abide by.
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1. Crypto in my country is legal as a commodity asset but not legal if used as a means of payment. There are already certain bodies or government institutions that supervise or have authority over crypto businesses. and this provides some rules and regulations to all of us part of crypto. In this case, if we trade on a local exchange in our country, the tax that is paid to the government will automatically be deducted.
The same is true in Vietnam and many other countries: BTC and crypto are considered commodities, and they are not allowed to be used as a substitute for fiat. Governments do so to protect fiat and control of the economy in their hands.
In my country the regulations regarding crypto are clear and the amount of tax has also been determined and it is around 0.11% of the value of the transactions we make. And crypto is already considered a commodity asset and not a security asset. But to be honest, everything is much more comfortable when the government hasn't made regulations about this. It's just that I am happy with the regulations that have been made so that the security of crypto users in our country has become better. Because there is a government agency that monitors it.
0.11% is a comfortable tax rate for everyone, I think investors will have no problem paying only a small tax on their profits, while being protected from scammers in this market ;D
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Even the very thought that I should give the state at least some of my earned money from cryptocurrencies makes me furious. Because it's not normal and it's not fair. I spent so much time studying cryptocurrencies, I risked my own money, my deposit, so many times. And the state did not compensate me for these losses. So why should I share my income?
I believe that even 5% is an incredibly large amount to give to the tax authorities.
And when I hear that in some countries the tax reaches 30 percent, I feel very sorry for the cryptomaniacs there.
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In my country the regulations regarding crypto are clear and the amount of tax has also been determined and it is around 0.11% of the value of the transactions we make. And crypto is already considered a commodity asset and not a security asset. But to be honest, everything is much more comfortable when the government hasn't made regulations about this. It's just that I am happy with the regulations that have been made so that the security of crypto users in our country has become better. Because there is a government agency that monitors it.
0.11% is a comfortable tax rate for everyone, I think investors will have no problem paying only a small tax on their profits, while being protected from scammers in this market ;D
Yes, the tax rate is quite low when compared to crypto tax rates in other countries such as Japan, where the tax rate is more than 5% or even tens of percent of the total assets held. Correct me if I'm wrong. Because I read the information last year. And I don't know if there has been an update or not. But this has an impact on quiet trading on local Japanese CEXs. Because citizens will definitely prefer long-term investments if trade tariffs are very high. Even in my country it's the same. Even though it's relatively small. But if we trade continuously then the accumulation becomes very large. Because there are other additional costs from the local CEX itself, the deduction becomes greater. But I still like the regulations in my country.
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Even the very thought that I should give the state at least some of my earned money from cryptocurrencies makes me furious. Because it's not normal and it's not fair. I spent so much time studying cryptocurrencies, I risked my own money, my deposit, so many times. And the state did not compensate me for these losses. So why should I share my income?
I believe that even 5% is an incredibly large amount to give to the tax authorities.
And when I hear that in some countries the tax reaches 30 percent, I feel very sorry for the cryptomaniacs there.
We always pay Value Added Tax to government. I do not object because tax is the right and obligation of the people to build the country, it's just that 30% is too high. I would be satisfied if this tax was calculated the same as VAT or less because crypto is a new industry and needs to be supported and encouraged so that the country does not fall behind in technology. The greed of governments has become greater than the wolves of Wall Street.
Yes, the tax rate is quite low when compared to crypto tax rates in other countries such as Japan, where the tax rate is more than 5% or even tens of percent of the total assets held. Correct me if I'm wrong. Because I read the information last year. And I don't know if there has been an update or not. But this has an impact on quiet trading on local Japanese CEXs. Because citizens will definitely prefer long-term investments if trade tariffs are very high. Even in my country it's the same. Even though it's relatively small. But if we trade continuously then the accumulation becomes very large. Because there are other additional costs from the local CEX itself, the deduction becomes greater. But I still like the regulations in my country.
I think taxes should only be levied when we exit a position and sell crypto to fiat and then withdraw fiat to our bank account. Taxing every profitable transaction is excessive greed. Users paid transaction fees and the exchange had to share a portion of their profits with the government. The government got a lot of money from this crypto market :-\
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Well, in my country, cryptocurrency does not have any serious attention from the government, and its citizens are just doing their thing and being faced with no taxation on their cryptocurrency investments and transactions. Meanwhile, my country has a high rate of cryptocurrency users, and I think everyone is happy that they are not being monitored and taxed by the government. Although even if cryptocurrency users were taxed by the government, I know it would definitely not be a very high amount.
I think the government are just calm for now. Remember that last year, the Nigerian governments allow banks to enable bitcoin transaction and now people has been liberated from the harsh policy of the central bank. Come to think of it again, the government are not as stupid as we think, they k ow there is investment heavy one for that matter that is going on in crypto space and if they allow people, it will help them trace transactions since they noticed that investors used P2P which can't be trace for bank transactions because people don't put description in their transaction.
I think one day, the government will follow crypto investment and ask people to start paying tax on their investment, it is even among the reason why they allowed banks to let people do crypto transactions so they can always get their own cut form investments and people that buy and sell crypto like the normal traders.
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i don't expect legal clarity for crypto. in my country i'm not sure if there is a law about it but what my fellow crypto users know is that SEC never declared crypto as illegal but they SEC was planing to block exchanges operating illegally. i don't know how they could do this when there isn't even a legal law for crypto.
even in the US where they SEC already approved Bitcoin ETF, there isn't still crypto regulation that clearly says something real.
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i don't expect legal clarity for crypto. in my country i'm not sure if there is a law about it but what my fellow crypto users know is that SEC never declared crypto as illegal but they SEC was planing to block exchanges operating illegally. i don't know how they could do this when there isn't even a legal law for crypto.
If SEC never stated it illegal, it means it is no problem to invest or trading in crypto. We only breaks the laws/regulation if we do something illegal. If we don't do illegal matters, we don't break the laws/regulation.
Not sure what the intention of SEC, they manage the exchanges probably to ensure the safety of everyone involved in the exchanges. SEC seems to give sanctions to the exchanges which breaks the laws/regulation only.
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I would like to hear from you regarding your experiences with crypto taxation and regulation.
- Has your country enacted a crypto tax and regulatory framework?
- If yes, what is the current tax rate?
- Are you satisfied with the current tax structure?
- Do you believe the tax rate is reasonable or too high?
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Answering questions !
Country - Ukraine.
Until today - no full-fledged legislation ! But - at the level of the government is preparing a set of laws (preparation began in about 2018, then adapted to Western experience), which :
- will determine the status of cryptocurrencies. And it (cryptocurrency) will not be a monetary surrogate.
- determines the tax obligations regarding the income received from the sale of cryptocurrency.
Here I will clarify - given the volatility and the lack of centralized and "licensed" resources where cryptocurrency is sold, which can give detailed information about the transactions of the owner of cryptocurrencies, the fiscal service, the idea looks like this - as soon as you sell (or rather convert cryptocurrency into local currency) - you pay tax on turnover.
But ! I am in favor of paying taxes - because it is the right thing to do ! And the idea, which is the basis of the legislation, suits me in terms of %. For the first 5 years - the rate is 5% (and there are also preferential options), then - increases. There are different rates for private holders and for companies.
I have previously sold and withdrawn significant sums to bank cards, for example to buy a new apartment, and I had no tax liabilities
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In Indonesia, cryptocurrency is recognized as a valid and legal asset, but trading is regulated by the Commodity Futures Trading Supervisory Agency (Bappebti) as part of the Ministry of Trade.
The government issued regulations allowing cryptocurrency trading and detailing the requirements and procedures.
Crypto exchanges operating in Indonesia are also required to obtain permission from the government so that currently there are still cryptocurrency exchanges that have legal entities.
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USA has deliberately made the laws confusing and very very very hard to follow.
I try really hard to obey my countries laws but they are very hard.
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Answering questions !
Country - Ukraine.
Until today - no full-fledged legislation ! But - at the level of the government is preparing a set of laws (preparation began in about 2018, then adapted to Western experience), which :
- will determine the status of cryptocurrencies. And it (cryptocurrency) will not be a monetary surrogate.
- determines the tax obligations regarding the income received from the sale of cryptocurrency.
Here I will clarify - given the volatility and the lack of centralized and "licensed" resources where cryptocurrency is sold, which can give detailed information about the transactions of the owner of cryptocurrencies, the fiscal service, the idea looks like this - as soon as you sell (or rather convert cryptocurrency into local currency) - you pay tax on turnover.
But ! I am in favor of paying taxes - because it is the right thing to do ! And the idea, which is the basis of the legislation, suits me in terms of %. For the first 5 years - the rate is 5% (and there are also preferential options), then - increases. There are different rates for private holders and for companies.
I have previously sold and withdrawn significant sums to bank cards, for example to buy a new apartment, and I had no tax liabilities
I hope that after Ukraine accepts crypto and has a clear legal framework, your country will become a crypto center in Europe and attract businesses and tourists like what El Salvador has achieved. Economic growth by crypto will help you recover from the war more quickly!
In Indonesia, cryptocurrency is recognized as a valid and legal asset, but trading is regulated by the Commodity Futures Trading Supervisory Agency (Bappebti) as part of the Ministry of Trade.
The government issued regulations allowing cryptocurrency trading and detailing the requirements and procedures.
Crypto exchanges operating in Indonesia are also required to obtain permission from the government so that currently there are still cryptocurrency exchanges that have legal entities.
Please share the crypto tax in your country? For you, is it too high?
As far as I know, Indonesia manages and collects transaction fees from the largest exchanges, meaning the government also operates exchange services, which is interesting!
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As far as I know, Indonesia manages and collects transaction fees from the largest exchanges, meaning the government also operates exchange services, which is interesting!
I'm not sure you can call them operating it directly, it would be better to call exchanges willingly tax their users and send that money to them regularly in my opinion. I don't think it is too high, just around 0.1% per transaction to 0.2% per transaction depending on what exchanges you trade your crypto in. If it is registered on their list then it will be cheaper, as an incentive for people to use registered exchanges and probably make it easier to follow their money for KYC purposes. There is an opposition to the rule though, they want the government to lower it even further to that more people will be incentivized to trade, although it is unlikely to happen.
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- Has your country enacted a crypto tax and regulatory framework?
- If yes, what is the current tax rate?
- Are you satisfied with the current tax structure?
- Do you believe the tax rate is reasonable or too high?
1. Yes there is a crypto tax and regulatory frmaework here in my country.
2. It was stated here that:
The primary form of taxation applied to cryptocurrency transactions is the capital gains tax (CGT), which can reach up to 15 per cent, though the specific rate may vary based on the type of transaction.
Source: https://coinmarketcap.com/community/articles/6566efe785f6e53dc3df764c/
3. Well to be honest whether satisfied or not we have no other choice. 😅 But for me I'm good with it.
4. I don't really mind it for now when it comes to taxation but fellow local crypto enthusiasts said that it is way too high.
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Answering questions !
Country - Ukraine.
Until today - no full-fledged legislation ! But - at the level of the government is preparing a set of laws (preparation began in about 2018, then adapted to Western experience), which :
- will determine the status of cryptocurrencies. And it (cryptocurrency) will not be a monetary surrogate.
- determines the tax obligations regarding the income received from the sale of cryptocurrency.
Here I will clarify - given the volatility and the lack of centralized and "licensed" resources where cryptocurrency is sold, which can give detailed information about the transactions of the owner of cryptocurrencies, the fiscal service, the idea looks like this - as soon as you sell (or rather convert cryptocurrency into local currency) - you pay tax on turnover.
But ! I am in favor of paying taxes - because it is the right thing to do ! And the idea, which is the basis of the legislation, suits me in terms of %. For the first 5 years - the rate is 5% (and there are also preferential options), then - increases. There are different rates for private holders and for companies.
I have previously sold and withdrawn significant sums to bank cards, for example to buy a new apartment, and I had no tax liabilities
I hope that after Ukraine accepts crypto and has a clear legal framework, your country will become a crypto center in Europe and attract businesses and tourists like what El Salvador has achieved. Economic growth by crypto will help you recover from the war more quickly!
Thank you so much for the wishes! Words of support for Ukraine are very important !
Regarding the prospects of cryptocurrency in Ukraine - "In the presented rating of the global implementation of cryptocurrencies in the world as of 2022, Ukraine has entered the top three. This is reported by the portal Chainalysis, which compiled the corresponding rating. Ukraine is third in the index of global cryptocurrency adoption. Photo from open sources Chainalysis analysts analyzed 146 countries on five parameters and compiled the Global Crypto Adoption Index. According to the organizers of the cryptocurrency ranking, their goal was to compile an index on countries where the majority of the population invests in cryptocurrency, the total number of transactions and the correlation of these indicators with cryptocurrency institutions.""
I.e. the situation looks good as it is, but one wants to use the country's cryptocurrency potential "to the fullest". And yes, we need new directions for the economy, after the grief that has befallen our country
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Honestly, I didn't expect legal clarity for the crypto market.
In my country didn't ban crypto, it's enough.
Because make the rule for crypto currency is not easy.
The government should make the rule to legalize it. But it's not big matter for me.
We can do trading, investing here, It's a good thing.
I didn't expect more...
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In Indonesia, cryptocurrency is recognized as a valid and legal asset, but trading is regulated by the Commodity Futures Trading Supervisory Agency (Bappebti) as part of the Ministry of Trade.
The government issued regulations allowing cryptocurrency trading and detailing the requirements and procedures.
Crypto exchanges operating in Indonesia are also required to obtain permission from the government so that currently there are still cryptocurrency exchanges that have legal entities.
Yeah, it is.
Crypto is legal as commodity asset. But in our country, it is still illegal if used as a currency for the means of payment.
We are quite grateful because at least we have been legalized to do several things with crypto, even though we are not allowed to use it as currency. But at least it's legal and we don't need to worry anymore about whether we work in the crypto business. In fact, so far, crypto-related businesses in the country are very developed. It's just that the mindset of some people here is still not very open to crypto and still thinks that crypto is something that should not be acknowledged and lived with.
But forget all that. While the laws and regulations in this country legalize crypto as a commodity asset, let's just make the best use of it. This can also support our lives much better, and provide various benefits, especially improving our finances, as long as we understand how.
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USA has deliberately made the laws confusing and very very very hard to follow.
I try really hard to obey my countries laws but they are very hard.
For crypto gained from mining and received as payment for service/s you rendered - is it considered as earned income and part of your personal income tax right?
For crypto trading, profits are considered as capital gains and subject to CGT. The rates depends on on how long you've held it. Capital losses can be deducted too but limited to $3000 per year.
What am I missing here?
Are there state taxes related to crypto too?
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I don't really know about tax issues in my country, but what is certain is that I also don't pay attention to what percentage of tax is imposed on cryptocurrency trading.
I only see Taker and Maker taxes on Spot trading, like the tax on Binance Spot trading, maybe around under 1% and this is just my view on cryptocurrency trading.
I also don't care about the government because I'm not a government person, I just work in a private company with a small salary and taxes on cryptocurrency are also certainly small. Maybe it would be very different if I had more assets in cryptocurrency because the tax would be bigger when trading Takers and Makers on Spot.
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Many people expect legal clarity for crypto market.
maybe several people don't care about this.
But I personally agree crypto will be legalized.
The government should have good rule for this technology.
crypto lover will feel comfortable and protected.
The popularity of crypto will increase and be of interest to many people if there is legal clarity in our country.
So, I think It is good, if there are any rules.
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I don't really know about tax issues in my country, but what is certain is that I also don't pay attention to what percentage of tax is imposed on cryptocurrency trading.
I only see Taker and Maker taxes on Spot trading, like the tax on Binance Spot trading, maybe around under 1% and this is just my view on cryptocurrency trading.
I also don't care about the government because I'm not a government person, I just work in a private company with a small salary and taxes on cryptocurrency are also certainly small. Maybe it would be very different if I had more assets in cryptocurrency because the tax would be bigger when trading Takers and Makers on Spot.
Believe me, this is very important, even though we are not government employees.
What we pay on Binance is just trading fees, it is not income tax.
If the government has adopted a clear tax regulatory framework, investors will need to declare their income and pay taxes every year. If tax evasion is discovered, the violator may be subject to heavier fines or imprisonment.
Many people expect legal clarity for crypto market.
maybe several people don't care about this.
But I personally agree crypto will be legalized.
The government should have good rule for this technology.
crypto lover will feel comfortable and protected.
The popularity of crypto will increase and be of interest to many people if there is legal clarity in our country.
So, I think It is good, if there are any rules.
I also believe that a legal framework is necessary, because with it projects can be developed legally and serve users better instead of worrying and not having any regulations to comply with.
But I also hope that the crypto income tax will not be too high, after all, making a profit in this market is not easy :(
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Many people expect legal clarity for crypto market.
maybe several people don't care about this.
But I personally agree crypto will be legalized.
The government should have good rule for this technology.
crypto lover will feel comfortable and protected.
The popularity of crypto will increase and be of interest to many people if there is legal clarity in our country.
So, I think It is good, if there are any rules.
I also believe that a legal framework is necessary, because with it projects can be developed legally and serve users better instead of worrying and not having any regulations to comply with.
But I also hope that the crypto income tax will not be too high, after all, making a profit in this market is not easy :(
Almost everyone who has been involved with crypto really hopes that there will be clear regulations from the government so as to protect users from any legal uncertainty that may occur in the future.
I think almost all governments everywhere already know about crypto; indeed, sometimes there are still doubts about being able to control it, even though clear regulations will prevent people from cheating because it is legal.
But you are right, friend, there are still very high taxes that plague every regulation that is implemented, even though it is not easy to make a profit from crypto.
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Almost everyone who has been involved with crypto really hopes that there will be clear regulations from the government so as to protect users from any legal uncertainty that may occur in the future.
I think almost all governments everywhere already know about crypto; indeed, sometimes there are still doubts about being able to control it, even though clear regulations will prevent people from cheating because it is legal.
But you are right, friend, there are still very high taxes that plague every regulation that is implemented, even though it is not easy to make a profit from crypto.[/size]
Many hope that the government can provide clear regulations regarding the use of cryptocurrency as a legal transaction tool, but it should be noted that cryptocurrency price movements have very high risks because the price is unstable, making it difficult for the government to provide clear regulations because I believe the government also thinks about the condition of its people when prices collapse and hit all its citizens and make many of its people depressed, which will only be detrimental to the country. So, because of this anxiety, there are several countries that have not provided clear regulations regarding the use of cryptocurrency in their countries.
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Probably not in every single nation, but it does look like there is a possibility that we could end up with something that would be a little bit more locally dependable. I mean you can't have it all the same in every single nation, you will see it change from place to place and that would be the thing that will make the change. I am pretty sure that people will end up with some sort of return eventually, so it should be a little bit greater to handle. All in all, I would say some nations will make it as regulated and legal as it could get, and some will totally ban it, we will not get the same result in every country.
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Many hope that the government can provide clear regulations regarding the use of cryptocurrency as a legal transaction tool, but it should be noted that cryptocurrency price movements have very high risks because the price is unstable, making it difficult for the government to provide clear regulations because I believe the government also thinks about the condition of its people when prices collapse and hit all its citizens and make many of its people depressed, which will only be detrimental to the country. So, because of this anxiety, there are several countries that have not provided clear regulations regarding the use of
Bitcoin will be legalized? That will require legislation to regulate it. it would take a long time if that happened in my country. But I think it would be better if Bitcoin were legalized because currently many people are investing in Bitcoin.
As bitcoin lover, we always expect bitcoin is legal.
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Probably not in every single nation, but it does look like there is a possibility that we could end up with something that would be a little bit more locally dependable. I mean you can't have it all the same in every single nation, you will see it change from place to place and that would be the thing that will make the change. I am pretty sure that people will end up with some sort of return eventually, so it should be a little bit greater to handle. All in all, I would say some nations will make it as regulated and legal as it could get, and some will totally ban it, we will not get the same result in every country.
I understand this, because crypto has the potential to threaten the power of fiat, the attitudes of governments towards crypto are very different.
If the government has enough knowledge and capacity: they will manage and collect taxes.
If the government is worried: they will ban it.
If the government does not know what to do: they wait for responses from other countries.
But in the crypto wave, I believe governments will gradually realize that crypto - like the Internet - cannot be denied or banned 8)
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My country's cryptocurrency has not yet been legalized by legal tender. But I am very satisfied from my country because I am using cryptocurrency very well. I want my country to move forward the way it is moving forward with cryptocurrency. If there was a lot of trouble using cryptocurrency from my country, then maybe I would say that cryptocurrency should be legalized in my country, since there is no problem with cryptocurrency in my country, we are using cryptocurrency very easily. In that case, why would I want to legalize cryptocurrency and pay additional government taxes. In countries where cryptocurrency is legal, the government deducts 30% to 40% tax. I have received comments from users in those countries that they are having problems with the validity of their crypto currencies because they are being taxed at 35% to 40%. But in countries where cryptocurrency is legal and taxed at 35% to 40%, I think the tax is too high.
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For example, in my home in Ukraine, all crypto enthusiasts are waiting for a law on the legalization of cryptocurrency, and here we can say a lot of good and bad, but today we need certainty. As a result of its operation, companies will be able to register their own cryptocurrency business in our country, and Ukrainian specialists will be able to implement projects in Ukrainian jurisdiction. This law will also help eliminate certain risks related to the work of international blockchain companies, as well as attract investments from other countries.
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My country's cryptocurrency has not yet been legalized by legal tender. But I am very satisfied from my country because I am using cryptocurrency very well. I want my country to move forward the way it is moving forward with cryptocurrency. If there was a lot of trouble using cryptocurrency from my country, then maybe I would say that cryptocurrency should be legalized in my country, since there is no problem with cryptocurrency in my country, we are using cryptocurrency very easily. In that case, why would I want to legalize cryptocurrency and pay additional government taxes. In countries where cryptocurrency is legal, the government deducts 30% to 40% tax. I have received comments from users in those countries that they are having problems with the validity of their crypto currencies because they are being taxed at 35% to 40%. But in countries where cryptocurrency is legal and taxed at 35% to 40%, I think the tax is too high.
I think everyone wants the crypto in their account to have the best legal status, and we are all willing to pay tax on crypto income, as long as it is not too high.
30-40% is a scary tax rate, I really don't understand how the government can be so greedy. It seems they do not understand the hardship of investors in this crypto market.
For example, in my home in Ukraine, all crypto enthusiasts are waiting for a law on the legalization of cryptocurrency, and here we can say a lot of good and bad, but today we need certainty. As a result of its operation, companies will be able to register their own cryptocurrency business in our country, and Ukrainian specialists will be able to implement projects in Ukrainian jurisdiction. This law will also help eliminate certain risks related to the work of international blockchain companies, as well as attract investments from other countries.
I believe that Ukraine will have a suitable legal framework for crypto because Ukraine has received positive values from crypto through crypto donations from all over the world to restore infrastructure. Crypto adoption will likely help Ukraine attract investment and tourists in the future, similar to what El Salvador achieved last year :)
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I believe that Ukraine will have a suitable legal framework for crypto because Ukraine has received positive values from crypto through crypto donations from all over the world to restore infrastructure. Crypto adoption will likely help Ukraine attract investment and tourists in the future, similar to what El Salvador achieved last year
Yeah, I think Ukraine will legalize crypto at their country because there is donation for Ukraine.
But In my opinion, crypto will legal or not, it's not big matter.
Because we still can invest on crypto in anywhere especially in my country.
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I believe that Ukraine will have a suitable legal framework for crypto because Ukraine has received positive values from crypto through crypto donations from all over the world to restore infrastructure. Crypto adoption will likely help Ukraine attract investment and tourists in the future, similar to what El Salvador achieved last year
Yeah, I think Ukraine will legalize crypto at their country because there is donation for Ukraine.
But In my opinion, crypto will legal or not, it's not big matter.
Because we still can invest on crypto in anywhere especially in my country.
It seems like Ukraine has legalized crypto since 2022, and there are no problems with crypto in the country, so it's not surprising they are willing to accept help with crypto.Hopefully the crypto aid distributed will be used for the benefit of people who need donations to meet their needs for clothing and food, as well as building better infrastructure.With immediate recovery, it will be able to attract investors willing to invest their funds in building many factories for the country's progress, and the tourism sector can run well.
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I believe that Ukraine will have a suitable legal framework for crypto because Ukraine has received positive values from crypto through crypto donations from all over the world to restore infrastructure. Crypto adoption will likely help Ukraine attract investment and tourists in the future, similar to what El Salvador achieved last year
Yeah, I think Ukraine will legalize crypto at their country because there is donation for Ukraine.
But In my opinion, crypto will legal or not, it's not big matter.
Because we still can invest on crypto in anywhere especially in my country.
It seems like Ukraine has legalized crypto since 2022, and there are no problems with crypto in the country, so it's not surprising they are willing to accept help with crypto.Hopefully the crypto aid distributed will be used for the benefit of people who need donations to meet their needs for clothing and food, as well as building better infrastructure.With immediate recovery, it will be able to attract investors willing to invest their funds in building many factories for the country's progress, and the tourism sector can run well.
As a resident of Ukraine I will tell you how the situation really looks like :)
1. In 2022 and in 2023 cryptocurrency in Ukraine was in "suspended status". there is no law that would describe 2 important points:
- what are cryptocurrencies
- what is the taxation model
2. At the end of 2023, there were drafts of a new law that would regulate these two key issues. To summarize very briefly:
- Cryptocurrencies are not a monetary unit, but an intangible asset
- transactions on the sale of this asset is taxed to a differentiated scheme:
-- for individuals - from 5% of the transaction amount, i.e. for example if you sold cryptocurrencies for 10000 hryvnias, you will pay 500 hryvnias of tax. And this rate will be valid for the first 5 years, then it will increase.
-- for legal entities - 18%.
Now the final version of the law is still being discussed and worked out. I am conceptually satisfied with it
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My country's cryptocurrency has not yet been legalized by legal tender. But I am very satisfied from my country because I am using cryptocurrency very well. I want my country to move forward the way it is moving forward with cryptocurrency. If there was a lot of trouble using cryptocurrency from my country, then maybe I would say that cryptocurrency should be legalized in my country, since there is no problem with cryptocurrency in my country, we are using cryptocurrency very easily. In that case, why would I want to legalize cryptocurrency and pay additional government taxes. In countries where cryptocurrency is legal, the government deducts 30% to 40% tax. I have received comments from users in those countries that they are having problems with the validity of their crypto currencies because they are being taxed at 35% to 40%. But in countries where cryptocurrency is legal and taxed at 35% to 40%, I think the tax is too high.
I think that is good to hear and majority of the countries right now are for me are going to support crypto in any way or form. Of course, support means that they will have to tax it out just like a regular assets.
Here that tax is normal, 30% derived from your income and so that could be the norm.
For me it's better than government making it hard for crypto enthusiast with their anti-crypto form, including jail time if they know that you are into crypto, just saying.
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Crypto is known to everyone and is even global, some countries allow crypto and some don't because they have certain reasons... in my country crypto is not yet fully allowed because they have certain reasons, but now my government has started to allow crypto in trade because the government also wants to join blockchain technology, therefore maybe in the future it will be allowed, but I hope that if the government allows crypto, the tax will not exceed 15% because if it exceeds the nominal amount it will be very difficult for investors.
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As a resident of Ukraine I will tell you how the situation really looks like
1. In 2022 and in 2023 cryptocurrency in Ukraine was in "suspended status". there is no law that would describe 2 important points:
- what are cryptocurrencies
- what is the taxation model
2. At the end of 2023, there were drafts of a new law that would regulate these two key issues. To summarize very briefly:
- Cryptocurrencies are not a monetary unit, but an intangible asset
- transactions on the sale of this asset is taxed to a differentiated scheme:
-- for individuals - from 5% of the transaction amount, i.e. for example if you sold cryptocurrencies for 10000 hryvnias, you will pay 500 hryvnias of tax. And this rate will be valid for the first 5 years, then it will increase.
-- for legal entities - 18%.
Now the final version of the law is still being discussed and worked out. I am conceptually satisfied with it
Thank you for the complete information, because I myself read the news circulating and did not know that the truth of the news was very doubtful.Hopefully, the explanation from DrBeer (https://www.altcoinstalks.com/index.php?action=profile;u=97126) will be important information because DrBeer (https://www.altcoinstalks.com/index.php?action=profile;u=97126) who have experienced and know about it are detailed because he is a resident of Ukraine.
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Thank you for the complete information, because I myself read the news circulating and did not know that the truth of the news was very doubtful.Hopefully, the explanation from DrBeer (https://www.altcoinstalks.com/index.php?action=profile;u=97126) will be important information because DrBeer (https://www.altcoinstalks.com/index.php?action=profile;u=97126) who have experienced and know about it are detailed because he is a resident of Ukraine.
Yes, I will definitely share information regarding legislative changes, as this is a very interesting topic for all forum participants.
Regarding Ukraine and cryptocurrencies, I would like to add a couple more interesting facts:
- Ukraine ranked 3rd in the Global Crypto Adoption Index in 2022 Ukraine is becoming increasingly convenient for cryptocurrency business, as shown by the Global Crypto Adoption Index ranking.
- Ukraine entered the top 5 in terms of adoption of crypto assets in 2023.
I have very little hope. that the legislative framework will make Ukraine an attractive market for crypto-projects and the development of crypto-economy
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- Has your country enacted a crypto tax and regulatory framework?
I think I will highlight this question. At first, I really didn't think that my government will take the tax on crypto because we really knew how they illegalized crypto at that time. but, after legalizing crypto as commodity asset since 2019, I really had a feeling that someday, there will be any tax to be paid. And it is true. In 2022, they made the regulation about crypto transaction should be taxed. this is crazy, and we cannot ignore the tax as long as we are using our local exchanges. And all local exchanges must be registered in one of governmental institution in my country.
And the most annoying thing is that the tax is applied every time we are doing transaction of selling or buying in the exchange. So, we cannot avoid this. hemm.
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Legal clarity for the crypto market. ?
Actually in our country, in fact the existence of crypto here often causes a lot of debate between the pros and cons. but in reality, even though there are many cons, crypto growth continues to increase.
And finally, seeing this, our government passed a law that every transaction of buying and selling goods and services using crypto is prohibited, but for investing and carrying out crypto trading in the crypto market is allowed.
However, with this regulation, the government finally imposes taxes on every transaction we make on the official crypto market here.
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Yes, I will definitely share information regarding legislative changes, as this is a very interesting topic for all forum participants.
Regarding Ukraine and cryptocurrencies, I would like to add a couple more interesting facts:
- Ukraine ranked 3rd in the Global Crypto Adoption Index in 2022 Ukraine is becoming increasingly convenient for cryptocurrency business, as shown by the Global Crypto Adoption Index ranking.
- Ukraine entered the top 5 in terms of adoption of crypto assets in 2023.
I have very little hope. that the legislative framework will make Ukraine an attractive market for crypto-projects and the development of crypto-economy
Once again, this is certainly very useful for us to obtain more valid information from sources that can be trusted.
We are always happy to receive further information.Of course, this is an extraordinary achievement from your country.
I have also often heard the news about the use of crypto, which is massively done there.
Many of these projects are, of course, very successful and can help restore the economy.
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Legal clarity for the crypto market. ?
Actually in our country, in fact the existence of crypto here often causes a lot of debate between the pros and cons. but in reality, even though there are many cons, crypto growth continues to increase.
And finally, seeing this, our government passed a law that every transaction of buying and selling goods and services using crypto is prohibited, but for investing and carrying out crypto trading in the crypto market is allowed.
However, with this regulation, the government finally imposes taxes on every transaction we make on the official crypto market here.
Yeah , at several countries the government allow crypto for investment but not for payment. It's good because at your country, crypto didn't banned.
The citizens can do invest and trade in crypto and the government can take the tax from it. I think It's fare for us , as a crypto lovers. We can do transaction in crypto safety.
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TBH, I personally really expect legal clarity for the crypto market, because we need rules that protect us as citizens from being accused of committing illegal acts. Even though the government doesn't ban crypto, by legalizing crypto it will be more popular in our country, and we will feel safe and comfortable
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Legal clarity for the crypto market. ?
Actually in our country, in fact the existence of crypto here often causes a lot of debate between the pros and cons. but in reality, even though there are many cons, crypto growth continues to increase.
And finally, seeing this, our government passed a law that every transaction of buying and selling goods and services using crypto is prohibited, but for investing and carrying out crypto trading in the crypto market is allowed.
However, with this regulation, the government finally imposes taxes on every transaction we make on the official crypto market here.
Yeah , at several countries the government allow crypto for investment but not for payment. It's good because at your country, crypto didn't banned.
The citizens can do invest and trade in crypto and the government can take the tax from it. I think It's fare for us , as a crypto lovers. We can do transaction in crypto safety.
That's the advantage for those of us who understand and understand cryptocurrency here, because we can work and seek profits from cryptocurrency. The freedom given by the government really helps us, because with this we can be calm here and don't have to worry if we want to invest or trade cryptocurrency. Or even setting up a cryptocurrency project, then here we can get permission from the government easily.
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I would like to hear from you regarding your experiences with crypto taxation and regulation.
- Has your country enacted a crypto tax and regulatory framework?
I can say that there are quite clear laws regarding some basic things when it comes to cryptocurrencies, and as far as capital gains tax is concerned, everything is quite clear.
- If yes, what is the current tax rate?
The basic rate is 10% for everyone, and another additional tax that depends on the part of the country where someone lives - on average it's about 12% capital gains tax. The one who buys and keeps cryptocurrencies for a period of 2 years does not pay any tax if he can prove it.
- Are you satisfied with the current tax structure?
I can say that I am, considering that I know that in many countries this tax is much higher, and if I'm not mistaken in Japan it goes up to 55%.
References:
[1] Crypto Tax Free Countries 2024 (https://koinly.io/blog/crypto-tax-free-countries/)
The references are bad, because my country is not there at all - and who in their right mind would go to Belarus at this moment considering what is happening there.
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Haha. I was expecting a taste-changing topic and here it is like really. So firstly I don't expect regularity development for the crypto market at least in my country for the next 5 years and I'm happy with it haha as Op said what's the imposed tax, so no regulation = no tax sounds sinister but need to be greedy for ourself at least sometimes to survive.
Hmm as I said I'm not expecting such development till 5 years due to the political disturbance in the country and if the worldwide regulations happen which sounds hard for now maybe our country will also be pressurized to impose such policies. For now, I'm uncertain about it.
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The more unregulated this industry is, the more opportunities the state has for manipulation. For small hamsters like us, this is good, they don’t notice us, but it’s easier to collect taxes from big whales because you can always find a reason.In my country there are no clear laws describing this type of activity; it’s all in the so-called gray zone.
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The more unregulated this industry is, the more opportunities the state has for manipulation. For small hamsters like us, this is good, they don’t notice us, but it’s easier to collect taxes from big whales because you can always find a reason.In my country there are no clear laws describing this type of activity; it’s all in the so-called gray zone.
There will always be impacts that occur in the absence of regulations that regulate it, but for crypto it is not a problem whether it is regulated or not because no one can prevent transactions from occurring that are outside the existing rules. Usually a country that still hasn't implemented clear rules because it could be a failure. the ability to manage it properly or are there other indications and only you can possibly answer because of direct experience.
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The more unregulated this industry is, the more opportunities the state has for manipulation. For small hamsters like us, this is good, they don’t notice us, but it’s easier to collect taxes from big whales because you can always find a reason.In my country there are no clear laws describing this type of activity; it’s all in the so-called gray zone.
There will always be impacts that occur in the absence of regulations that regulate it, but for crypto it is not a problem whether it is regulated or not because no one can prevent transactions from occurring that are outside the existing rules. Usually a country that still hasn't implemented clear rules because it could be a failure. the ability to manage it properly or are there other indications and only you can possibly answer because of direct experience.
For crypts, certainly not, but for those who use it, they can, especially if the cryptan behaves very unreasonably.This is the whole problem. And as far as the state is concerned, most likely this is the case; not a single normal state will regulate something if it does not understand how to do it correctly.
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Wouldn't it be great though? I understand that some people do not "expect" it to happen, but I think given enough years, it will eventually happen. Like if in 20 years we are still around and bitcoin is still a thing, having %100 clear regulations is a must, and governments will do that. They can simply ban it in some nations, there is no shortages of nations like that, but I bet that in 20 years the number of nations that made it legal tender will be more than the ones who outright banned it. Of course there will also be a lot of nations that will just regulate it, like how some USA states do, and that will be all around the world.
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The more unregulated this industry is, the more opportunities the state has for manipulation. For small hamsters like us, this is good, they don’t notice us, but it’s easier to collect taxes from big whales because you can always find a reason.In my country there are no clear laws describing this type of activity; it’s all in the so-called gray zone.
There will always be impacts that occur in the absence of regulations that regulate it, but for crypto it is not a problem whether it is regulated or not because no one can prevent transactions from occurring that are outside the existing rules. Usually a country that still hasn't implemented clear rules because it could be a failure. the ability to manage it properly or are there other indications and only you can possibly answer because of direct experience.
For crypts, certainly not, but for those who use it, they can, especially if the cryptan behaves very unreasonably.This is the whole problem. And as far as the state is concerned, most likely this is the case; not a single normal state will regulate something if it does not understand how to do it correctly.
Of course, if the rules are violated, there will definitely be sanctions for those who do it, if indeed the rules have been made by the government.But it is not good if there is a prohibition; still doing things that are not allowed is certainly an unwise action.But sometimes rules are made that are not in accordance with the current situation, so there are sometimes conflicts between those who want to use them and those who regulate them.
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- Has your country enacted a crypto tax and regulatory framework?
I think I will highlight this question. At first, I really didn't think that my government will take the tax on crypto because we really knew how they illegalized crypto at that time. but, after legalizing crypto as commodity asset since 2019, I really had a feeling that someday, there will be any tax to be paid. And it is true. In 2022, they made the regulation about crypto transaction should be taxed. this is crazy, and we cannot ignore the tax as long as we are using our local exchanges. And all local exchanges must be registered in one of governmental institution in my country.
And the most annoying thing is that the tax is applied every time we are doing transaction of selling or buying in the exchange. So, we cannot avoid this. hemm.
Can you clarify? Are you talking about a tax on every transaction during exchange trading: cryptocurrency/cryptocurrency, or about a tax, in local currency, after selling cryptocurrency for local currency or any other currency?
If the first option is for transactions within the exchange, this is highly cynical, provided that the state itself does not recognize cryptocurrency as a monetary equivalent. It turns out that if I offer you ice cream for a marker, we will also have to be taxed? On what basis?
If the second option is true. In my country, they are also currently finalizing the legislative framework, and they provide for taxes on the sale of cryptocurrency for local currency. I believe that if you earn money, you must pay taxes, without this there is no state and no support for the population... The state does not have its own money, there are only taxes!
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TBH, I personally really expect legal clarity for the crypto market, because we need rules that protect us as citizens from being accused of committing illegal acts. Even though the government doesn't ban crypto, by legalizing crypto it will be more popular in our country, and we will feel safe and comfortable
The legal clarity will depend on your government. Where do you come from? :-\
If the government views crypto as a positive thing for the society, I'm sure the government will legalize it. But they must ask for Taxes for the people involved in crypto industry. :D
Sure, it will be easy to be popular if it has a legal status. People will feel secure to join crypto if it is legal.
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Cryptocurrencies have not yet been taxed in my country and I never want them to be taxed. Governments are centralized authorities and their chemistry is not compatible with decentralized currencies. Of course, they don't have to conflict with each other, but the more they stay away from each other, the better it is for us. If one day I face more serious tax sanctions in the name of regulation, I will flee to decentralized exchanges.
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Cryptocurrencies have not yet been taxed in my country and I never want them to be taxed. Governments are centralized authorities and their chemistry is not compatible with decentralized currencies. Of course, they don't have to conflict with each other, but the more they stay away from each other, the better it is for us. If one day I face more serious tax sanctions in the name of regulation, I will flee to decentralized exchanges.
I totally agree, buddy. Taxation in particular is ridiculous. (I hope not) The state creates a legal basis for collecting taxes. If there is to be taxation, it can be taxed from the stock exchanges, and no one would object to that. Otherwise, I may have lost any of the coins. Let's say I need money urgently, will the state also charge a tax for the tokens I sold at a loss? This is an illogical situation.
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When talking about taxes, sometimes it feels ridiculous, because the government doesn't know that we are selling our coins at a loss. But we are still taxed. But however, as good citizens, we must obey these rules.
And I hope crypto is legalized in our country, even though the consequences will be that we will be taxed.
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If you're going to be taxed, it should be when profits are made. For example, if I bought any X coin and sold it at a profit, it might be a reasonable tax, but if I made a loss from
The best part about this is that tax can be collected from exchanges that allow us to buy and sell. Stock exchanges already collect commission from their customers when buying and selling. The tax issue can be easily resolved by increasing this commission to a reasonable extent. Apart from these, the tax would be annoying.
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If you're going to be taxed, it should be when profits are made. For example, if I bought any X coin and sold it at a profit, it might be a reasonable tax, but if I made a loss from
The best part about this is that tax can be collected from exchanges that allow us to buy and sell. Stock exchanges already collect commission from their customers when buying and selling. The tax issue can be easily resolved by increasing this commission to a reasonable extent. Apart from these, the tax would be annoying.
It should be like that, we are taxed when we make a profit, but does the government know whether our transaction made a profit or sold at a loss? Because the tax officer doesn't check the hash of our transactions. The government only imposes taxes when we make transactions, whether we make a profit or a loss. Funny...
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The more unregulated this industry is, the more opportunities the state has for manipulation. For small hamsters like us, this is good, they don’t notice us, but it’s easier to collect taxes from big whales because you can always find a reason.In my country there are no clear laws describing this type of activity; it’s all in the so-called gray zone.
There will always be impacts that occur in the absence of regulations that regulate it, but for crypto it is not a problem whether it is regulated or not because no one can prevent transactions from occurring that are outside the existing rules. Usually a country that still hasn't implemented clear rules because it could be a failure. the ability to manage it properly or are there other indications and only you can possibly answer because of direct experience.
For crypts, certainly not, but for those who use it, they can, especially if the cryptan behaves very unreasonably.This is the whole problem. And as far as the state is concerned, most likely this is the case; not a single normal state will regulate something if it does not understand how to do it correctly.
Of course, if the rules are violated, there will definitely be sanctions for those who do it, if indeed the rules have been made by the government.But it is not good if there is a prohibition; still doing things that are not allowed is certainly an unwise action.But sometimes rules are made that are not in accordance with the current situation, so there are sometimes conflicts between those who want to use them and those who regulate them.
Exactly so. The opinion of the state does not always coincide with the opinions of people, for various reasons. And we begin to invent a way to circumvent this ban with minimal consequences for ourselves. And the problem is that the state has certain structures that can prevent us from doing this.
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Exactly so. The opinion of the state does not always coincide with the opinions of people, for various reasons. And we begin to invent a way to circumvent this ban with minimal consequences for ourselves. And the problem is that the state has certain structures that can prevent us from doing this.
It's not that the country doesn't know about crypto because they have experts there.The state thinks about the pros and cons of a policy. As you say, The opinion of the state does not always coincide with the opinions of people, for various reasons.This is true, because the Government has reasons to legalize it or not, they also think about the negative impacts. And it's not the same as our thinking.
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It's not that the country doesn't know about crypto because they have experts there.The state thinks about the pros and cons of a policy. As you say, The opinion of the state does not always coincide with the opinions of people, for various reasons.This is true, because the Government has reasons to legalize it or not, they also think about the negative impacts. And it's not the same as our thinking.
Well, you are absolutely right. It is normal for a country to have people who are economic experts and understand the existence of cryptocurrencies such as Bitcoin, but as you said, not everything runs smoothly because it will impact society, and of course the country doesn't want that risk. bad happens to its people when it provides policies for the use of cryptocurrency on a wide scale.
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It's not that the country doesn't know about crypto because they have experts there.The state thinks about the pros and cons of a policy. As you say, The opinion of the state does not always coincide with the opinions of people, for various reasons.This is true, because the Government has reasons to legalize it or not, they also think about the negative impacts. And it's not the same as our thinking.
Yeah good point. They are thinking broadly and if in a single mistake they have done or decide will cause the entire country to suffer that is why they are too careful in making decisions. And it will take much time for them to analyse and exchange of ideas if it really is worth it to implement or approve just like what had happened to Bitcoin ETF. Control is also what the governments is trying to gain here.
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Unfortunately, the Ukrainian government did not choose an adequate path and did not accept preferential taxation of transactions with cryptocurrencies...
“The Verkhovna Rada of Ukraine will not consider the proposal to introduce preferential taxation of personal income on transactions with digital assets,” the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmantsev, said in an interview with Interfax-Ukraine.
“We don’t want to, frankly, stimulate crypto activity, which is inherently speculative and does not create added value and jobs,” he explained.
According to him, the National Commission for Securities and Stock Market of Ukraine (NCSM) was unable to develop a high-quality bill on virtual assets, so the committee is discussing an alternative document from Servant of the People deputy Alexander Sova.
Getmantsev noted that two key issues remained unresolved: taxation and market regulator."
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Of course crypto traders/investors expect that they can get legal certainty from their country. With legal certainty, it will give them the opportunity to be able to trade/invest more safely and securely because there is legal certainty. So it will also enable them to avoid various problems related to crypto trading and investment.
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Of course crypto traders/investors expect that they can get legal certainty from their country. With legal certainty, it will give them the opportunity to be able to trade/invest more safely and securely because there is legal certainty. So it will also enable them to avoid various problems related to crypto trading and investment.
The main goal of legality is the protection of citizens' rights. So crypto investors will feel safe and comfortable. In fact, in several countries the government has allowed the bitcoin, but only for investment, not as a payment method.
Legality is important, but it needs the process for learned by the government
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We must not forget that in cryptocurrency, not all the crypto are decentralized, some are centralized, the developers can decide on the legal agreement on any of their crypto projects, but when we are making considerations on a centralized one like bitcoin, we may have nothing to relate with this than what it whitepaper gives as protocols, doing crypto should be at ones risk, just as you can make decision on what trade to engage in and which one not to do.
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When talking about taxes, sometimes it feels ridiculous, because the government doesn't know that we are selling our coins at a loss. But we are still taxed. But however, as good citizens, we must obey these rules.
And I hope crypto is legalized in our country, even though the consequences will be that we will be taxed.
As I already wrote, in my country, Ukraine, a legislative framework is currently being prepared to give official status to cryptocurrencies. In short, cryptocurrencies will not replace national currency and will not be an official means of payment. But cryptocurrencies will be considered assets similar to stocks (there will be 3 gradations). And of course, the issue of taxation is one of the key ones. The scheme we offer is as follows:
The owner of the cryptocurrency, after completing the sale, will (once a year) fill out a tax return, indicating PROFIT or LOSS. If there is a profit, then the profit (but not the amount of money received) will be taxed. There are still questions regarding tax percentage and control mechanisms
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The main goal of legality is the protection of citizens' rights. So crypto investors will feel safe and comfortable. In fact, in several countries the government has allowed the bitcoin, but only for investment, not as a payment method.
Legality is important, but it needs the process for learned by the government
In my opinion, the legality that exists in cryptocurrency is only used to prevent misuse of the circulation of cryptocurrency so that it does not cause harm to certain groups. As you have mentioned, the government still limits the use of cryptocurrency because, basically, cryptocurrency has a very high risk.
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Unfortunately, the Ukrainian government did not choose an adequate path and did not accept preferential taxation of transactions with cryptocurrencies...
“The Verkhovna Rada of Ukraine will not consider the proposal to introduce preferential taxation of personal income on transactions with digital assets,” the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmantsev, said in an interview with Interfax-Ukraine.
“We don’t want to, frankly, stimulate crypto activity, which is inherently speculative and does not create added value and jobs,” he explained.
According to him, the National Commission for Securities and Stock Market of Ukraine (NCSM) was unable to develop a high-quality bill on virtual assets, so the committee is discussing an alternative document from Servant of the People deputy Alexander Sova.
Getmantsev noted that two key issues remained unresolved: taxation and market regulator."
From what I understand, crypto is recognized in Ukraine, but taxes may not be as low as investors expect.
I don't like this government decision. Although there is no high tax revenue from crypto investments, the government can attract foreign investment by becoming a crypto-friendly country like what El Salvador has achieved. Even just by supporting BTC miners, the government will also collect costs for renting premises, labor and buying energy from farms.
After resolving the legal issue, crypto tax will be the next issue we have to fight!
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I don't like this government decision. Although there is no high tax revenue from crypto investments, the government can attract foreign investment by becoming a crypto-friendly country like what El Salvador has achieved. Even just by supporting BTC miners, the government will also collect costs for renting premises, labor and buying energy from farms.
After resolving the legal issue, crypto tax will be the next issue we have to fight!
Ukraine is trying to control cryptocurrency in circulation by providing additional taxes for those who use cryptocurrency, so I think the government already knows the potential that exists in cryptocurrency so they choose to seek cryptocurrency from the taxes provided by its users.
Yeah taxes in Ukraine regarding Cryptocurrency I think are the same as blackmail carried out by criminals covered by the government.
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This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.
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Unfortunately, the Ukrainian government did not choose an adequate path and did not accept preferential taxation of transactions with cryptocurrencies...
“The Verkhovna Rada of Ukraine will not consider the proposal to introduce preferential taxation of personal income on transactions with digital assets,” the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmantsev, said in an interview with Interfax-Ukraine.
“We don’t want to, frankly, stimulate crypto activity, which is inherently speculative and does not create added value and jobs,” he explained.
According to him, the National Commission for Securities and Stock Market of Ukraine (NCSM) was unable to develop a high-quality bill on virtual assets, so the committee is discussing an alternative document from Servant of the People deputy Alexander Sova.
Getmantsev noted that two key issues remained unresolved: taxation and market regulator."
From what I understand, crypto is recognized in Ukraine, but taxes may not be as low as investors expect.
I don't like this government decision. Although there is no high tax revenue from crypto investments, the government can attract foreign investment by becoming a crypto-friendly country like what El Salvador has achieved. Even just by supporting BTC miners, the government will also collect costs for renting premises, labor and buying energy from farms.
After resolving the legal issue, crypto tax will be the next issue we have to fight!
What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of "taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.
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This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.
The government may have just studied the legal clarity of bitcoin from crypto currency. In some countries it has been legalized and in some countries it is only permitted as an investment but there is no legality for it as a payment method. Bitcoin is a valuable asset, but it may be the government's first time learning the advantages and disadvantages of legalizing it.
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Ukraine is trying to control cryptocurrency in circulation by providing additional taxes for those who use cryptocurrency, so I think the government already knows the potential that exists in cryptocurrency so they choose to seek cryptocurrency from the taxes provided by its users.
Yeah taxes in Ukraine regarding Cryptocurrency I think are the same as blackmail carried out by criminals covered by the government.
It doesn't really sound good for crypto investors in Ukraine. I hope this is just a temporary thing and in the future, when Ukraine will join the EU, the MiCA law may also be accepted and enforced. At that time, every investor in the EU will be equal and have the most suitable environment to invest and earn profits from crypto!
What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of "taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.
I hope that after the war, Ukraine will have significant reforms in many aspects of society: politics, economics, diplomacy. I believe that President Volodymyr Zelenskyy is a patriot, he will do everything to protect and ensure the development of Ukraine!
Crypto can be a potential field to revive the economy, hopefully crypto will contribute to the reconstruction and construction in Ukraine!
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This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.
Regulation from a particular country don't do much on crypto, highest they can do is to restrict people from that particular place but the effect is within the locality. The effect will be small and even if the country is big, the people might just sell and then dump everything on the market where other people will buy and then the price will retrace to where it was trading before the regulations.
What I know that the government can make people buy crypto if they allow it free and fair for people to buy but they can't stop people from buying it, there are other one thousands wey to buy bitcoin and stay private even if the government want to forcefully ban crypto or regulate it.
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Ukraine is trying to control cryptocurrency in circulation by providing additional taxes for those who use cryptocurrency, so I think the government already knows the potential that exists in cryptocurrency so they choose to seek cryptocurrency from the taxes provided by its users.
Yeah taxes in Ukraine regarding Cryptocurrency I think are the same as blackmail carried out by criminals covered by the government.
It doesn't really sound good for crypto investors in Ukraine. I hope this is just a temporary thing and in the future, when Ukraine will join the EU, the MiCA law may also be accepted and enforced. At that time, every investor in the EU will be equal and have the most suitable environment to invest and earn profits from crypto!
What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of "taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.
I hope that after the war, Ukraine will have significant reforms in many aspects of society: politics, economics, diplomacy. I believe that President Volodymyr Zelenskyy is a patriot, he will do everything to protect and ensure the development of Ukraine!
Crypto can be a potential field to revive the economy, hopefully crypto will contribute to the reconstruction and construction in Ukraine!
It would be ideal that the economy, when the situation with the Ukrainian economy is going through very difficult times, should now be actively supported and made investment-attractive. And this is the task of the president, the presidential administration and the government.
Cryptoeconomics has a great advantage over the classical economy - it can actively develop even in such a difficult situation. But it seems that Ukraine is missing this opportunity. And that's bad
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It would be ideal that the economy, when the situation with the Ukrainian economy is going through very difficult times, should now be actively supported and made investment-attractive. And this is the task of the president, the presidential administration and the government.
Cryptoeconomics has a great advantage over the classical economy - it can actively develop even in such a difficult situation. But it seems that Ukraine is missing this opportunity. And that's bad
To be honest, it is not easy to focus on economic development in a war situation. Everything needs to be changed to ensure people's safety and best support for the military. I think right now your government cannot focus on crypto or some big change related to economy.
As I mentioned, MiCA will probably be applied, it has been approved by the EU so I think it is a pretty good legal framework for now.
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This is an interesting question. I think there is still a long way to go when it comes to legal clarity and regulations for crypto market. In my country, there aren't any official laws to regulate this market and I think government is trying to figure out a mutually beneficial way to slowly bring this to the table because of protecting the stability of the currency and financial markets.
Regulation from a particular country don't do much on crypto, highest they can do is to restrict people from that particular place but the effect is within the locality. The effect will be small and even if the country is big, the people might just sell and then dump everything on the market where other people will buy and then the price will retrace to where it was trading before the regulations.
What I know that the government can make people buy crypto if they allow it free and fair for people to buy but they can't stop people from buying it, there are other one thousands wey to buy bitcoin and stay private even if the government want to forcefully ban crypto or regulate it.
If there is government regulation regarding crypto, of course this will have a good impact on crypto lovers because they feel protected by this legality. If this happens, it is certain that crypto will be more attractive to citizens.
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It would be ideal that the economy, when the situation with the Ukrainian economy is going through very difficult times, should now be actively supported and made investment-attractive. And this is the task of the president, the presidential administration and the government.
Cryptoeconomics has a great advantage over the classical economy - it can actively develop even in such a difficult situation. But it seems that Ukraine is missing this opportunity. And that's bad
To be honest, it is not easy to focus on economic development in a war situation. Everything needs to be changed to ensure people's safety and best support for the military. I think right now your government cannot focus on crypto or some big change related to economy.
As I mentioned, MiCA will probably be applied, it has been approved by the EU so I think it is a pretty good legal framework for now.
Let's just say I expected it to be a lot worse. Yes a huge tragedy in hundreds of destroyed Ukrainian cities and towns, hundreds of thousands of Ukrainian civilians killed in the most barbaric way, millions of displaced persons, destroyed economy of entire regions.....
But we managed to "adapt" to these terrible circumstances. The currency exchange rate is quite stable, many companies, having lost their business in temporarily occupied or destroyed regions, have restored it in other regions, new business directions have appeared. And the legislative investment attractiveness of the cryptocurrency market could give my Ukraine even more investment and opportunities. War is not a reason to "put your hands down" and fall into despondency, regardless of everything that is happening.
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Unfortunately, the Ukrainian government did not choose an adequate path and did not accept preferential taxation of transactions with cryptocurrencies...
“The Verkhovna Rada of Ukraine will not consider the proposal to introduce preferential taxation of personal income on transactions with digital assets,” the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmantsev, said in an interview with Interfax-Ukraine.
“We don’t want to, frankly, stimulate crypto activity, which is inherently speculative and does not create added value and jobs,” he explained.
According to him, the National Commission for Securities and Stock Market of Ukraine (NCSM) was unable to develop a high-quality bill on virtual assets, so the committee is discussing an alternative document from Servant of the People deputy Alexander Sova.
Getmantsev noted that two key issues remained unresolved: taxation and market regulator."
From what I understand, crypto is recognized in Ukraine, but taxes may not be as low as investors expect.
I don't like this government decision. Although there is no high tax revenue from crypto investments, the government can attract foreign investment by becoming a crypto-friendly country like what El Salvador has achieved. Even just by supporting BTC miners, the government will also collect costs for renting premises, labor and buying energy from farms.
After resolving the legal issue, crypto tax will be the next issue we have to fight!
What happened was very unpleasant for me, a resident of Ukraine and a lover of cryptocurrencies. What’s not pleasant is that they are introducing a dubious taxation scheme (there are options to “optimize” taxes). The most unpleasant thing is that today's government is highly corrupt and has built a corrupt management system. And it is precisely this approach that has created the biggest problem - we are losing the opportunity to become INVESTMENT ATTRACTIVE in such a sector of the economy as cryptocurrencies. The initial option was very good - a long grace period for taxation, acceptable taxes (I am a supporter of the idea of "taxes must be paid"), opening the market to investors. Then everything came down to primitive total control and an idiotic, unattractive taxation system.
- The country of Ukraine as far as I know is a country that is open to blockchain technology or Bitcoin in fact. Now here in our country, our government is also open because there are many regulated local exchanges allowed by our government.
That's why I'm still grateful because our country is not strict with blockchain technology, because there are many merchants and bitcoin community who enjoy the digital currency as far as I know.
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If there is government regulation regarding crypto, of course this will have a good impact on crypto lovers because they feel protected by this legality. If this happens, it is certain that crypto will be more attractive to citizens.
As far as I understand, Cryptocurrency can never be regulated by the government, the government may only provide clear regulations regarding the use of Cryptocurrency which has very high risks and of course the government is not responsible for the risks that occur in Cryptocurrency which are entirely at your own risk.
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....
- The country of Ukraine as far as I know is a country that is open to blockchain technology or Bitcoin in fact. Now here in our country, our government is also open because there are many regulated local exchanges allowed by our government.
That's why I'm still grateful because our country is not strict with blockchain technology, because there are many merchants and bitcoin community who enjoy the digital currency as far as I know.
Yes, this may come as a surprise to some, but ... "Ukraine ranks fifth in the world for the use of cryptocurrencies. Such data was obtained by Chainalysis company as a result of its own survey "World Crypto Adoption Index 2023". Chainalysis is one of the most reputable companies in blockchain analytics."
And the state would be wise to support this with preferential taxation, at least until the war/victory over the aggressor is over. Cryptocurrency technology can give the economy an inflow of investments, new jobs and new tax revenues. With a reasonable and balanced taxation system.
I hope that in your country the government will act more reasonably, and make more comfortable conditions for the development of blockchain technology
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As far as I understand, Cryptocurrency can never be regulated by the government, the government may only provide clear regulations regarding the use of Cryptocurrency which has very high risks and of course the government is not responsible for the risks that occur in Cryptocurrency which are entirely at your own risk.
Unfortunately, currently many governments from various countries are starting to prohibit and oppose the use of Bitcoin such as China, Qatar, Oman, Saudi Arabia, Algeria, Morocco, Bangladesh, Nepal, Kosovo, Cambodia. Maybe it is very strange to know this because several countries actually consider their citizens not to suffer losses due to Cryptocurrency.
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As far as I understand, Cryptocurrency can never be regulated by the government, the government may only provide clear regulations regarding the use of Cryptocurrency which has very high risks and of course the government is not responsible for the risks that occur in Cryptocurrency which are entirely at your own risk.
Unfortunately, currently many governments from various countries are starting to prohibit and oppose the use of Bitcoin such as China, Qatar, Oman, Saudi Arabia, Algeria, Morocco, Bangladesh, Nepal, Kosovo, Cambodia. Maybe it is very strange to know this because several countries actually consider their citizens not to suffer losses due to Cryptocurrency.
You are right, the government should allow its citizens to invest and use crypto as a means of payment. Even though we understand, bitcoin is volatile. But this is a technological advancement, I think it will have a good impact if managed well.
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You are right, the government should allow its citizens to invest and use crypto as a means of payment. Even though we understand, bitcoin is volatile. But this is a technological advancement, I think it will have a good impact if managed well.
We all know that the right to print money and manage the military is something the government will never give up, I believe this is one of the most important things to protect the nation. El Salvador is a small country and is successfully testing BTC on a large scale, but it is difficult for larger countries to do the same.
I think the government could allow BTC to exist as a legal asset or investment, then collect taxes from the crypto to supplement the national budget. People who have faith in crypto can store crypto to get more profits in the future. I also don't want the government to manage the price fluctuations of any crypto other than stable coins.
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You are right, the government should allow its citizens to invest and use crypto as a means of payment. Even though we understand, bitcoin is volatile. But this is a technological advancement, I think it will have a good impact if managed well.
We all know that the right to print money and manage the military is something the government will never give up, I believe this is one of the most important things to protect the nation. El Salvador is a small country and is successfully testing BTC on a large scale, but it is difficult for larger countries to do the same.
I think the government could allow BTC to exist as a legal asset or investment, then collect taxes from the crypto to supplement the national budget. People who have faith in crypto can store crypto to get more profits in the future. I also don't want the government to manage the price fluctuations of any crypto other than stable coins.
The government should have a policy that supports investment in cryptocurrencies, because they can profit by taking taxes from crypto transactions. Legality is important, and the government should immediately consider this.
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You are right, the government should allow its citizens to invest and use crypto as a means of payment. Even though we understand, bitcoin is volatile. But this is a technological advancement, I think it will have a good impact if managed well.
We all know that the right to print money and manage the military is something the government will never give up, I believe this is one of the most important things to protect the nation. El Salvador is a small country and is successfully testing BTC on a large scale, but it is difficult for larger countries to do the same.
I think the government could allow BTC to exist as a legal asset or investment, then collect taxes from the crypto to supplement the national budget. People who have faith in crypto can store crypto to get more profits in the future. I also don't want the government to manage the price fluctuations of any crypto other than stable coins.
The government should have a policy that supports investment in cryptocurrencies, because they can profit by taking taxes from crypto transactions. Legality is important, and the government should immediately consider this.
we cannot call this to the world because each government has their stand towards crypto and sadly majority of them are against crypto so lets expect more negative than positive about this policies and supports , also there are areas where government is not taking place towards crypto like my country in which our government is not taking part of either introducing or popularization of crypto.
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we cannot call this to the world because each government has their stand towards crypto and sadly majority of them are against crypto so lets expect more negative than positive about this policies and supports , also there are areas where government is not taking place towards crypto like my country in which our government is not taking part of either introducing or popularization of crypto.
This happens in several countries, some of which still prohibit crypto and some countries have permitted or legalized crypto for investment. Even El Salvador has legalized crypto as a payment method. We'll see in the future, the government will definitely consider all of that.
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we cannot call this to the world because each government has their stand towards crypto and sadly majority of them are against crypto so lets expect more negative than positive about this policies and supports , also there are areas where government is not taking place towards crypto like my country in which our government is not taking part of either introducing or popularization of crypto.
This happens in several countries, some of which still prohibit crypto and some countries have permitted or legalized crypto for investment. Even El Salvador has legalized crypto as a payment method. We'll see in the future, the government will definitely consider all of that.
many people hope that bitcoin will be legalized by the government, but not me. I prefer to invest like now. Whether Bitcoin is legal or not, it doesn't matter. because bitcoin was banned in the past, but bitcoin still exists and is expensive now and will last for the next few years.
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many people hope that bitcoin will be legalized by the government, but not me. I prefer to invest like now. Whether Bitcoin is legal or not, it doesn't matter. because bitcoin was banned in the past, but bitcoin still exists and is expensive now and will last for the next few years.
When investing in BTC, I think every holder wants to profit from the price increase of BTC. Widespread adoption is one of the reasons for BTC's price increase, so the government's acceptance of BTC as a legal asset will help BTC reach more investors, such as what BTC spot ETF has done in the past 2 months. Legality will have a positive impact on BTC popularity, increasing buying pressure and pushing BTC prices to higher prices.
Of course, BTC and Bitcoin blockchain still exist without the permission of any individual, organization or government!
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we cannot call this to the world because each government has their stand towards crypto and sadly majority of them are against crypto so lets expect more negative than positive about this policies and supports , also there are areas where government is not taking place towards crypto like my country in which our government is not taking part of either introducing or popularization of crypto.
This happens in several countries, some of which still prohibit crypto and some countries have permitted or legalized crypto for investment. Even El Salvador has legalized crypto as a payment method. We'll see in the future, the government will definitely consider all of that.
many people hope that bitcoin will be legalized by the government, but not me. I prefer to invest like now. Whether Bitcoin is legal or not, it doesn't matter. because bitcoin was banned in the past, but bitcoin still exists and is expensive now and will last for the next few years.
maybe your country has no complete stand about Bitcoin and cryptocurrencies so you are lucky to keep investing without the legalities , but once those people that live in those having tight laws about crypto? then they are the one who is facing those troubles , yes they can still access and invest but yet cannot freely do whatever they wanted like what we are having now.
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maybe your country has no complete stand about Bitcoin and cryptocurrencies so you are lucky to keep investing without the legalities , but once those people that live in those having tight laws about crypto? then they are the one who is facing those troubles , yes they can still access and invest but yet cannot freely do whatever they wanted like what we are having now.
Legality is an important issue for bitcoin holders, they will feel safe and comfortable even though we will be taxed from our transactions. but that doesn't matter to us. because we still achieve greater profits than the taxes we pay. Unfortunately bitcoin cannot yet be a payment method in several countries.
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Legality is an important issue for bitcoin holders, they will feel safe and comfortable even though we will be taxed from our transactions. but that doesn't matter to us. because we still achieve greater profits than the taxes we pay. Unfortunately bitcoin cannot yet be a payment method in several countries.
As I understand, investors only pay taxes on profits from crypto, not pay transaction fees, so if they make a loss, they will not have to pay taxes to the government. If taxes are too high, for example 30% of profits, many investors will not want to participate in the crypto market anymore.
Currently, El Salvador is accepting BTC as payment. A few countries accept crypto payments, but crypto will be sold to USD and then used, which will ensure the role of fiat and the power of governments to manage the economy. I just need crypto to be considered an asset and people to be allowed to trade and own it legally.
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This happens in several countries, some of which still prohibit crypto and some countries have permitted or legalized crypto for investment. Even El Salvador has legalized crypto as a payment method. We'll see in the future, the government will definitely consider all of that.
Yes in future we will see that everyone country has legalised crypto for transaction and investment purpose so if the success of crypto remains continues that in few years every country will use crypto transactions.
In most of the country where it was not legalized is legalized now so same will happen in others countries too if they understand the value of bitcoin. I think some people are using crypto in wrong way therefore due to these people government is not allowing it to be a legal method of earning but let's see that what will happen in future.
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This happens in several countries, some of which still prohibit crypto and some countries have permitted or legalized crypto for investment. Even El Salvador has legalized crypto as a payment method. We'll see in the future, the government will definitely consider all of that.
Yes in future we will see that everyone country has legalised crypto for transaction and investment purpose so if the success of crypto remains continues that in few years every country will use crypto transactions.
In most of the country where it was not legalized is legalized now so same will happen in others countries too if they understand the value of bitcoin. I think some people are using crypto in wrong way therefore due to these people government is not allowing it to be a legal method of earning but let's see that what will happen in future.
There are many considerations from the government as to why not legalize crypto, fearing that crypto will be used for illegal transactions. Maybe after there are regulations that limit misuse of crypto, I'm sure the government will legalize crypto. We'll see how it develops.
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You are right, the government should allow its citizens to invest and use crypto as a means of payment. Even though we understand, bitcoin is volatile. But this is a technological advancement, I think it will have a good impact if managed well.
We all know that the right to print money and manage the military is something the government will never give up, I believe this is one of the most important things to protect the nation. El Salvador is a small country and is successfully testing BTC on a large scale, but it is difficult for larger countries to do the same.
I think the government could allow BTC to exist as a legal asset or investment, then collect taxes from the crypto to supplement the national budget. People who have faith in crypto can store crypto to get more profits in the future. I also don't want the government to manage the price fluctuations of any crypto other than stable coins.
The government should have a policy that supports investment in cryptocurrencies, because they can profit by taking taxes from crypto transactions. Legality is important, and the government should immediately consider this.
- If only this was what the government would do in all countries around the world, for sure the economy of every country that recognized Bitcoin or cryptocurrency like El Salvador did would be good. And for sure, there are many people who use digital currencies, right?
It's just that there are other countries that are really closed-minded to cryptocurrency or bitcoin because government officials think of nothing else but their own welfare due to being corrupt officials.
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If only this was what the government would do in all countries around the world, for sure the economy of every country that recognized Bitcoin or cryptocurrency like El Salvador did would be good. And for sure, there are many people who use digital currencies, right?
It's just that there are other countries that are really closed-minded to cryptocurrency or bitcoin because government officials think of nothing else but their own welfare due to being corrupt officials.
I am skeptical about this possibility, because El Salvador can only receive investment flows and tourists because it is the first country to adopt BTC officially, and they have many volcanoes to mine BTC :) At the same time, El Salvador is a small country with no domestic currency, it has used USD for many years and the implementation of a new experiment with BTC cannot cause much risk. Other countries do not have this, they dare not put the whole economy at risk, they have to be cautious like the US and EU. Sometimes they also want to protect their domestic currency, for example Nigeria is trying to do something to save the value of their naira.
If most countries accept crypto, we will be able to easily transfer money and make payments much faster and cheaper than the current traditional banking services. We will have more resources to develop the economy and take control of our own finances.