Crypto tax in your country: what do you think?

[Alcor]

Sooner or later, the issue of cryptocurrency legalization will occur in any state. Simultaneously with the legalization of cryptocurrency, taxation issues will also be resolved, and we will not get away from this. The state has the right to tax any kind of activity of citizens that makes a profit. But in the case of cryptocurrencies, officials should understand that it is much easier to avoid tax when working with cryptocurrencies than with other objects of taxation due to its relative anonymity. Therefore, if taxes in crypto-plus are large, citizens will evade paying them. A prudent government will always collect moderate taxes in order to collect more taxes.

[therozaq]

So far, we have always wanted crypto to be officially recognized because it will have positive effects such as:
+New projects related to blockchain & crypto are allowed to exist;
+Start-ups can raise capital more easily;
+ Crypto community will grow more.

However, every right comes with a responsibility. Crypto is tied to a crypto tax. Some countries like the US and South Korea have taxed crypto profits. The tax is quite high: 20-30%.

This creates great pressure on crypto community, even though the profits from crypto are quite large. Vietnam has not yet accepted crypto, so Vietnamese crypto community is not obligated to pay taxes on crypto profits. Many community members want this to continue as they can save millions of dollars each year.

What do you think about this? Do you want officially accepted crypto in your country or want to avoid crypto tax obligations?

Crypto tax is good for country income, But If high tax, I think It will make us annoying.
I think the government should have good consideration for crypto investors.

[Noverteno]

Just sharing my experience, in my country Cryptocurrency has also started to be taxed for state income. For me this is not a problem, as long as the government does not ask for too high taxes. Everyone I think will also agree, because with Crypto taxes, our activities in Crypto will be safer.

If we want the cryptocurrency in the state to become legal and its laws to protect the holders of the cryptocurrency, then we need to put up with taxes on this type of activity. Thanks to taxes, the state has a good opportunity to influence any processes in the state, and this has always been the case. Therefore, we can only fight for the establishment of moderate and fair taxes in cryptocurrency. The government must understand that increasing the size of taxes will logically only lead to tax evasion and therefore it should be moderate.

[cheezcarls]

Although I don’t have any problem taxing our crypto earnings as a citizen, but I just don’t like the fact that they are going to tax unrealized gains if they choose to do so. I am already fine taxing our realized income like converting crypto to fiat.

Right here in the Philippines, it was initially planned by the Department of Finance to introduce crypto taxes in 2024 for the Philippines to recover its huge trillion worth of debt. However, the incoming chief Benjamin Diokno (former chief of the Bangko Sentral ng Pilipinas) is not keen or agree to the proposal because he said that we are in a much better place right now than before as he already experienced the worst of the worst.

[Seerge]

Taxes are applied in our country, causing some regulatory changes in our local exchange. But that's not a problem for us, indeed now the transfer of transferring Crypto assets has increased costs. However, with the implementation of taxes on Cryptocurrencies, we must look at the positive side, so that we remain safe and comfortable making money in Crypto.

[Fenix]

In my country (Ukraine), the authorities are very loyal to cryptocurrency, it is legalized by the relevant law, but so far the issue of taxation has not been finally resolved. Several bills on taxation have been registered in the Parliament of Ukraine - the Verkhovna Rada, including several of them that proposed a zero tax rate. Now there are no restrictions on cryptocurrency in terms of its free circulation in Ukraine and use as a means of payment. It is possible that the current Russian attack will make some adjustments, as a result of which a significant part of the infrastructure in Ukraine is destroyed. However, all the same, the attitude towards cryptocurrency in general in Ukraine will not change.

[gurunanakji777]

I also wanted that it will be regulated in my country but the sad thing is my country imposed a 30% tax on the profit and they will not square off the losses means we have to bear the loss and still they did not regulate it but the best thing is we can still trade without any problem but 30% tax is a big amount. We can pay tax we don't have a problem paying tax but it should be justified.

[gunhell16]

So far, we have always wanted crypto to be officially recognized because it will have positive effects such as:
+New projects related to blockchain & crypto are allowed to exist;
+Start-ups can raise capital more easily;
+ Crypto community will grow more.

However, every right comes with a responsibility. Crypto is tied to a crypto tax. Some countries like the US and South Korea have taxed crypto profits. The tax is quite high: 20-30%.

This creates great pressure on crypto community, even though the profits from crypto are quite large. Vietnam has not yet accepted crypto, so Vietnamese crypto community is not obligated to pay taxes on crypto profits. Many community members want this to continue as they can save millions of dollars each year.

What do you think about this? Do you want officially accepted crypto in your country or want to avoid crypto tax obligations?

What do you mean by crypto tax, Sir? Is this the example in Bitcoin or ETH that there is a tax that will be reduced in crypto or Fiat currency? is that what you mean? Because here in our country, there are local exchanges that accept cryptocurrency here. And some merchants accept cryptocurrency as a mode of payment like that, always when we use these apps these are regulated businesses. Because in my experience of using it, the deduction is quite large, maybe it is included in the taxes that the government demands from their business and our users get it back, it seems like that.

[mohdelayo]

Taxes are applied in our country, causing some regulatory changes in our local exchange. But that's not a problem for us, indeed now the transfer of transferring Crypto assets has increased costs. However, with the implementation of taxes on Cryptocurrencies, we must look at the positive side, so that we remain safe and comfortable making money in Crypto.

Taxes imposed on crypto are a welcome development by me as long as they are not targeted at exploitations of users and enthusiasts of the technology. Besides government need our taxes to be able to carry out her various functions at various levels.

[Speaker]

Taxes in cryptocurrency are a predictable and logical step. The main thing is that everything should be transparent and adequate.