Do you really expect legal clarity for the crypto market?

[Vx1]

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.

[yohananaomi]

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.

[doc]

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.

[dekafee79]

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

[Vx1]

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.

[Lucius]

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


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.

[Hamza2424]

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.

[Gyrgen]

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.

[yohananaomi]

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.

[Gyrgen]

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.

[Captain Corporate]

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.

[yohananaomi]

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.

[DrBeer]

• 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!

[debra]

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. 

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.

[trendcoin]

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.