Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on May 16, 2021, 05:44:13 PM
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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?
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Legalizing cryptocurrency in a country will facilitate public access to interact with crypto assets and it will provide legal protection for people using legal exchangers. I think the tax collection shouldn't be more than 10% because it is too big and will reduce people's interest in trading or investing in cryptocurrency.
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in any case, I am sure that sooner or later we will come to the same opinion with regulation, and the authorities of the countries themselves understand that the cryptocurrency market is developing at a huge pace and it is necessary to make compromises, any state wants control over any cash flows, so we will come to this in the end.
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What do you think about this? Do you want officially accepted crypto in your country or want to avoid crypto tax obligations?
I would love to pay crypto tax, but not 20-30% which is ridiculious and it would be better not to adopt on my country because new users will left this market at the beginning when they'll know about this type of high crypto tax. So crypto tax needs to be at that rate which will be win-win situation for both crypto users and country. I would say that max 10% is great for all because it would effect on those new users and more adoption will be done in this space.
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If the government legalizes cryptocurrency in my country, I will be very happy even if I have to pay taxes. But if the tax to be paid is 20% -30% that is very high. There must be a lot of crypto users who come out and that can reduce people's interest in investing and trading in cryptocurrency. It is recommended that taxpayers are not more than 5%.
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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?
In my country, cryptocurrency use was regulated by the central bank but in terms of taxes, I don't think it was yet implemented because the crypto-related businesses have placed inside the "special ecozone" that's why I can say that there is a different situation inside the special ecozone compare to outside zone but base on my experience I was not taxed yet and hope it will continue further.
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In my country cryptocurrency enthusiasts are ready to pay tax but the government had ban all form of crypto related stuffs and the central bank is not ready to adopt and regulate cryptocurrencies, I believed government would have made huge amount of income in form of revenue from taxing cryptocurrencies trading, the government is afraid of adopting it because the fear in the central bank is that they might not have a total regulation of it.
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Yes, i also think crypto should accepted officially to my country because i love my country. First we have to think how a county run? Vat, tax, revenue, etc are the source of earning money So that a county develop in different sector. So when do not accepted officially, govt lost his earnings and country also suffer. But when it will run officially everybody will give tax and trading will also more as its legally. So i always believe in official acceptance.
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In my country crypto taxes are determined on a case-by-case basis, there is no official regulation as to what percentage is generally taxed. It is quite a hassle to get these taxes filed. But taxes here are generally very high, you pay over 30% percent tax after your income as an employee (even on minimum wage).
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Unfortunately, all these cryptocurrency taxes are made for only one reason, and everyone knows this reason and therefore, of course, I am against any taxes on cryptocurrencies, but unfortunately, my opinion and the opinion of other people do not care any government and therefore taxes on cryptocurrencies have already been imposed in most countries and this is very bad for people, but its very good for any government.
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Of course it would be great if crypto was legal in some countries, but not paying 20% -30% tax on all crypto profits? I think this is a very ridiculous thing, it looks like the government is blackmailing crypto investors in the US and South Korea.
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For me that cryptocurrencies have their own tax legislation would be very positive. It would be a very good way to avoid many scams or, failing that, they could be prosecuted legally. The problem is that each country will logically have its own law, but there are still many countries (like mine) in which, although there are laws, they are still not entirely clear to citizens, and that always makes us doubt. I also believe that taxes should be incremental.
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I believe that the main task of the government is to control the turnover of cryptocurrency, And already the second question, taxation. first of all, the government begins to fight against funds obtained illegally, or which finances criminal activities.
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The truth is Vietnamese community already has many millionaires from crypto and no one wants to pay 20-30% of that to the state, so we don't want crypto to be accepted in Vietnam either. Profits are more important than legal issues, because crypto is not yet recognized but it is not illegal if it is not used to pay instead of fiat.
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The truth is Vietnamese community already has many millionaires from crypto and no one wants to pay 20-30% of that to the state, so we don't want crypto to be accepted in Vietnam either. Profits are more important than legal issues, because crypto is not yet recognized but it is not illegal if it is not used to pay instead of fiat.
I understand what you are saying, but over the years, if the government decides to make laws and legislate on cryptocurrencies, it could pose a problem for those people who have more money in cryptocurrencies. And I guess it's a matter of time before they start creating those laws.
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TAX is very important for the economy of a country. Because if people are not TAXed for crypto they will start to keep their ,oney in crypto which can be good for short term. But in the long term the economy of the will broke and economist will blame crypto for it which can afterward result in crypto ban. So i support TAX for crypto
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Every user in the country is hopeful for cryptocurrency approval. Perhaps we have seen that in some countries the cryptocurrency or Bitcoin has been approved. Officially, there is no trend of tax in different countries. Again in some areas Bitcoin is not approved. The government cannot levy taxes in those areas.
Bitcoin is not allowed in our country. Bitcoin is not traded in the traditional banks of our country. However, we do bitcoin transactions through buy sell. That is, we do user-to-user transactions. And we use bank accounts for domestic money transactions. However, the government of our country does not get any tax from cryptocurrency.
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Here in my country, we have a lot of local exchange here that are accepting cryptocurrencies such as Bitcoin, ETH, XRP, and BCH and these local exchange that has approved by the SEC surely has tax deduction for the government. But for us, users here don't have yet, not so sure if my thinking is right or not.
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30%? that's quite high for me as a small time trader.. Well I'm glad that my country is not like that, we have local exchange here and I'm sure it has tax deduction. No problem to me if it has tax for crypto but should not high like in the US.
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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?
If the government want to get pay from crypto currency, I think we should pay it.
Because It's the rule, as the citizen we should allow this.
But in my country, the government didn't have taxed crypto profit.
So It's not problem for us.
In my opinion ,it is good thing, because If the government want have taxed crypto profit, they should legalize crypto at there.
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There is no crypto tax in my country but withdrawing money without paying taxes is very dangerous.
Therefore, I prefer to pay taxes to sleep peacefully.
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Cryptocurrencies cannot be taxed because they are owned by individuals, such as their own wallets or various altcoins in personal wallets such as Trust and SafePal Wallet.
Unless cryptocurrency can be taxed if it has entered a centralized exchange such as Binance or other cryptocurrency markets such as WazirX for India.
Please just impose taxes because taxes are for our common interests and help each other in the real world.
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Cryptocurrencies cannot be taxed because they are owned by individuals, such as their own wallets or various altcoins in personal wallets such as Trust and SafePal Wallet.
Unless cryptocurrency can be taxed if it has entered a centralized exchange such as Binance or other cryptocurrency markets such as WazirX for India.
Please just impose taxes because taxes are for our common interests and help each other in the real world.
Any activity that brings profit to people, the state has the right to have a tax. Therefore, cryptocurrency is no exception.
In my country there is still no law on the regulation of cryptocurrency and in the formation of the tax. There are several different bills, but it is not known which of them will acquire the status of the law. If the tax is significant, the market participants of the cryptocurrency will try to leave the taxation, especially since it is not so difficult with cryptocurrency. Therefore, States should not establish large income taxes from cryptocurrency.
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If we want cryptocurrencies to be legalized by states and we are doing cryptocurrencies as a completely legal business, we must agree to pay a reasonable tax on our profits. But a tax of 25-30 percent is already decently large. With this amount of tax, each of us has the right to choose how to act in such a case. This depends on many factors.
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I think It's no problem, if the government take the tax from.crypto.
But the government should take the tax around 1%, don't much.They didn't know the risk of crypto investment.
Just know the profit, never know the loss.
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I think It's no problem, if the government take the tax from.crypto.
But the government should take the tax around 1%, don't much.They didn't know the risk of crypto investment.
Just know the profit, never know the loss.
I don't think governments will charge 1% tax, less VAT is already 10%. In many countries, taxes on crypto profits are charged up to 30%, which is too high. I see that this tax is intended to limit people's interest and participation in the crypto market.
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crypto tax for small traders may be a bit burdensome, but it is also a positive step in the development of crypto assets and will have strong legitimacy from the government
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crypto tax for small traders may be a bit burdensome, but it is also a positive step in the development of crypto assets and will have strong legitimacy from the government
Yeah, It is bad for small traders but also has good effect for crypto. Crypto has been allowed at our country, so we can do transaction from here.
Tax is for country income, So, It is a good thing.
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I think I agree if the government allow bitcoin and take the tax.
At least we can do transaction in crypto currency at our country.
Hopefully the government will reduce their tax, because we also have loss, sometime.
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In my country India we can buy and sell crypto without any issue but our govt imposed a heavy 30% tax on the profits and as well as they will not square off the losses that are really frustrating. They want to take tax on profits but they will not adjust the loss and this will definitely hamper the growth of cryptos in my country. The tax should be revised again to help to grow new projects. If the tax remains like this it won't help the crypto trader or investors or the new projects.
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If ever cryptocurrency will be regulate in the country, possible to some of the community here in this industry will turn negative in it, therefore it is much better to remain non tax cryptocurrency,it should remain in decentralisation to avoid it.
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I believe that the governments of all the countries in which there will begin to be certain volumes of traffic, important crypto transactions will somehow try to profit by taxing even the impossible but not and it will not be an easy thing even if all the transactions are visible on blockchains the real nature of altcoins is structured to escape all sorts of controls, however 20% of taxes is a truly huge percentage
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My country has not fully embrace the crypto. The countries collecting huge tax on crypto are doing it to discourage so many investors. I know for sure soon they will reduce the the huge tax as time goes on when they see the importance of crypto to the world and their country.
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Taxing is something we have to live with, whether fiat or crypto. We have become so acquainted with it, so we can comfortably do with it. Question is how much is too much tax? My country has banned crypto transactions so the issue of tax does not come in
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The taxes are too high, in the country where I live, crypto tax is only 0.1% on every transaction and crypto asset holdings, some countries that have high taxes, want investors out of the crypto space in order for them to prefer FIAT currencies. it's just my opinion. but I'm sure there will be a change in the taxation system there, I don't know when it will happen, because some countries currently have taxes on crypto ownership and the government can't ban crypto transactions if they want to accept taxes
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hii i am an indian In my country in the first year, the Indian government did not give any reaction on crypto. In india crypto was neither legal nor illegal. when everyone used to invest in crypto. but then , there was also a fear inmind. Then after that the Indian government regulated crypto. But with 30% tax. According to me the tax is too high. But if I look at the earlier times, there is also a relief in my mind. Why now we can invest without any fear.
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hii i am an indian In my country in the first year, the Indian government did not give any reaction on crypto. In india crypto was neither legal nor illegal. when everyone used to invest in crypto. but then , there was also a fear inmind. Then after that the Indian government regulated crypto. But with 30% tax. According to me the tax is too high. But if I look at the earlier times, there is also a relief in my mind. Why now we can invest without any fear.
You're right, 30% tax is too high.
I think 10% is enough.
The government should rethink about it, Not only talk about profit from crypto investment, But we also have loss.
It's sad , not wise.
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I think It's a good thing, If the government Allow crypto currency and make regulations to take the tax.
It make is more comfort, we can do transaction from our country.
So, I agree with this.
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I think It's a good thing, If the government Allow crypto currency and make regulations to take the tax.
It make is more comfort, we can do transaction from our country.
So, I agree with this.
Yeah, It's a good , but If the government take the tax too high, It's also annoying.
Because we didn't always get profit, sometime also have loss.
Maybe the government should rethink about it.
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hi i am from india Action has been brought on crypto in my country for the time being. In which he has regulated crypto. But with 30%. I was happy before. At least got the permission of crypto. But the high tax also caused regret.
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hi i am from india Action has been brought on crypto in my country for the time being. In which he has regulated crypto. But with 30%. I was happy before. At least got the permission of crypto. But the high tax also caused regret.
Yeah, 30% is too high.i think your government should rethink about their regulations to take the tax.
Because If the tax is so high, it will make crypto trader and investor from your country will suffer.
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The government should have good consideration to take the tax.
I think I agree If the government will take 5-10% tax.
As we know Indian government take 30%, It's too high.
I agree with tax but not high tax
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I don't understand what the government is thinking, some ways to demoralize investors with high taxes won't work. Investors will use the Dex platform to avoid it or they can use the P2P platform.
The 20% tax is very high, if we make a profit of 1 BTC, 0.2 BTC is a tax for the government and it makes no sense.
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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.
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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.
High tax will be the big problems for crypto investors.
The government should consider the tax.
But I think It's good thing if the government allow crypto, we can do transaction on my country and safe.
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I don't understand what the government is thinking, some ways to demoralize investors with high taxes won't work. Investors will use the Dex platform to avoid it or they can use the P2P platform.
The 20% tax is very high, if we make a profit of 1 BTC, 0.2 BTC is a tax for the government and it makes no sense.
That is why people with a lot of funds will opt for other measures, thei will use DEX, thei will sell in the OTC market and some, if thei can, will change their country of residence to any of the tax havens that exist. If the Government finally decides that the amount imposed is 30%, we will see a large drop in activity by citizens in the CEX. It is the responsibility of the government to seek a measure that benefits the country's economy but also benefits the citizen.
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This tax problem in some countries is a new problem. according to some of them the tax imposed was very large.
I may think the same.. but I see on the positive side that with the introduction of taxes, crypto has become legal
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I don't understand what the government is thinking, some ways to demoralize investors with high taxes won't work. Investors will use the Dex platform to avoid it or they can use the P2P platform.
The 20% tax is very high, if we make a profit of 1 BTC, 0.2 BTC is a tax for the government and it makes no sense.
That is why people with a lot of funds will opt for other measures, thei will use DEX, thei will sell in the OTC market and some, if thei can, will change their country of residence to any of the tax havens that exist. If the Government finally decides that the amount imposed is 30%, we will see a large drop in activity by citizens in the CEX. It is the responsibility of the government to seek a measure that benefits the country's economy but also benefits the citizen.
But most of the whales can not be easily located if they don't belong to a big corporation. Only using dex can not save anyone. Because of that point, the government can track anyone if they find out their holding address. At some point, you have to convert your holdings into fiat currencies where you can not outrun the government.
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This tax problem in some countries is a new problem. according to some of them the tax imposed was very large.
I may think the same.. but I see on the positive side that with the introduction of taxes, crypto has become legal
We shouldn't have to worry about tax issues against this Crypto, as you said if Crypto is taxed then Crypto will become legal. And that will make Crypto business people safer in carrying out activities in Cryptocurrencies such as trading and investing.
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My government want to start unbanning crypto and I think its because of the incentive of taxing crypto owners. And that would be a lot of money since people here do crypto a lot
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In some countries, they only decide how to do it and why they need it, if they decide to take taxes on cryptocurrency, it will mean that it has been legalized in their country. Most people in different countries have been waiting for this for a long time.
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What strikes me the most about taxes for cryptocurrencies is that some countries, like India, have published a 30% rate in a draft, a really high rate. What I do not understand, because they have not put those terms yet, is how they are going to help investors who have losses. When a country legislates to impose taxes on some type of asset, it also legislates to protect the investment, and the Indian government has not yet ruled on this. I guess they still have to change a lot of things in that draft.
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My government want to start unbanning crypto and I think its because of the incentive of taxing crypto owners. And that would be a lot of money since people here do crypto a lot
each country clearly has a policy that will be different and they can apply according to the legislation that has been made. if they take taxes from crypto they can be sure they will accept and legalize crypto, but maybe it will be the other way around if they refuse then they will not be able to receive taxes from crypto.
all countries will calculate the good and bad of crypto if they accept and reject in their country. So, like your country, my friend, if there will be a ban, it can be ascertained that the pros and cons have been carefully calculated, and remember that all the rules can change in their development.
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Taxation in cryptocurrency, as well as regulation of the entire market are inevitable and necessary.But it is important to come to some common international standards
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Taxation in cryptocurrency, as well as regulation of the entire market are inevitable and necessary.But it is important to come to some common international standards
I agree with this, Crypto currency is global digital currency, although crypto currencies are still anonymous and haven't been allowed at all countries, but I think It's just matter of time.
I think we should have international standard for their tax.
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In terms of tax payment this is necessary for each nation also for the crypto business also, I think there is nothing wrong if the government require it to all crypto traders this is for the security purpose and legitimacy of the coins as well in my own assessment.
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Its help to understand all what we need.
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In terms of tax payment this is necessary for each nation also for the crypto business also, I think there is nothing wrong if the government require it to all crypto traders this is for the security purpose and legitimacy of the coins as well in my own assessment.
Yeah, I think It's not wrong if the government tak the tax from crypto.
But don't take too high, it will make traders and investors suffer.
Because we know ,not easy to gain profit.
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People making our world roll... are not going to accept 2000$-ish monthly salaries, when a house costs $2m in the western world
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People making our world roll... are not going to accept 2000$-ish monthly salaries, when a house costs $2m in the western world
There are people who do not accept a monthly salary of $2,000 or $3,000 as you say, but that is not a problem for companies, nor the price of a house. Companies have been studying the labor market for many years and will always continue to do so to pay low wages, since there will always be people with less economic capacity who will accept those jobs, the quality of life in many countries has always been based on these practices. The problems will come when inflation kills everything.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Taxes in cryptocurrency are a predictable and logical step. The main thing is that everything should be transparent and adequate.