Do you really expect legal clarity for the crypto market?

[debra]

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.

[DrBeer]

.....
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?

.....

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I have previously sold and withdrawn significant sums to bank cards, for example to buy a new apartment, and I had no tax liabilities

[TopT3ns]

~Snip]

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.

[philipma1957]

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.

[KryptoBull]

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!

[joniboini]

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.

[0t3p0t]

• 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.

[DrBeer]

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

[therozaq]

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...

[sampoerna]

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.

[Zed0X]

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?

[aiviaa485]

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.

[DAMKAR]

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.

[KryptoBull]

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 

[yohananaomi]

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.