How to Deal With Cryptocurrency Taxation, Summary of the Year That Just Finished

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Taxes have always been a hard matter for everyone to deal with. Many countries are devising different rules, trying to manage the fintech field. Traders from all parts of the world are facing the necessity to pay taxes from their crypto activity.

Taxation Around the World   
With the growing number of crypto users, authorities around the world have found it necessary to tax the profits from this new area. For instance, the United Kingdom introduced a crypto tax advice paper, stating that each investor must pay capital gains tax for selling digital currency such as Bitcoin.   

Switzerland sees no aim in regulation, as it wants to create the most favorable conditions for fintech and blockchain companies. However, Russia has the opposite point of view and is developing a law, which takes 13% tax on profits from trading virtual coins.   

Some representatives of crypto community greet such regulations, stating they might be beneficial to the market. Vladislav Kiselev, a successful serial entrepreneur, crypto investor and Founder of The JOY, an ecosystem for the consumers and providers of wellness and beauty treatments, told Coinidol:   

   

“My opinion is that tax regulations for cryptocurrencies will be of great benefit to the market. The fact that cryptocurrency incomes will be regulated means additional recognition on the government side, and therefore increased trust from banking and other classic economy sectors. The value of regulated and legislated crypto space is much higher than potential losses of investors.
Moreover, in some countries new regulations will actually mean lighter tax burden due to the fact that crypto remains in gray zone. Regulations will hopefully put to end the overly complicated tax reports in the U.S. and several other countries as well. Thus, I percept upcoming regulations as a definitely positive sign for crypto.”   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/how-to-deal-with-cryptocurrency-taxation/