Can governments crack down on crypto?

[joshua graham]

Everyone certainly hopes, as you say, but of course, a country has policies that are adjusted to the situation of its country and cannot be intervened for that right.
I agree that the more countries support crypto, the more it will develop and the benefits of crypto will be very helpful for those who do use crypto to find additional work from routine work that has been done so far.

Water, eventually, breaks and pushes rocks no matter how big they are That is what can be said about the situation we are in.

[KryptoBull]

Everyone certainly hopes, as you say, but of course, a country has policies that are adjusted to the situation of its country and cannot be intervened for that right.

I agree that the more countries support crypto, the more it will develop and the benefits of crypto will be very helpful for those who do use crypto to find additional work from routine work that has been done so far.

We are going to see parabolic growth in the global adoption wave of crypto, and this could benefit everyone through the unique utilities that only blockchain and crypto can bring.

However, from what I've gathered, many traders don't like this. They don't want to have to pay taxes on their profits; they are used to protecting themselves from market risks and see crypto as a gray area market. They don't want governments to interfere too much or tax their income

[legend45]

Everyone certainly hopes, as you say, but of course, a country has policies that are adjusted to the situation of its country and cannot be intervened for that right.

I agree that the more countries support crypto, the more it will develop and the benefits of crypto will be very helpful for those who do use crypto to find additional work from routine work that has been done so far.

We are going to see parabolic growth in the global adoption wave of crypto, and this could benefit everyone through the unique utilities that only blockchain and crypto can bring.

However, from what I've gathered, many traders don't like this. They don't want to have to pay taxes on their profits; they are used to protecting themselves from market risks and see crypto as a gray area market. They don't want governments to interfere too much or tax their income

most people are not sincere in paying taxes, it is natural because tax revenues are also sometimes corrupted by individuals.
However, as good citizens, we should follow government regulations to pay taxes, because the government allows us to invest in crypto is something good for us crypto lovers.

[KryptoBull]

most people are not sincere in paying taxes, it is natural because tax revenues are also sometimes corrupted by individuals.
However, as good citizens, we should follow government regulations to pay taxes, because the government allows us to invest in crypto is something good for us crypto lovers.

From a macro perspective, if the government embraces crypto, it's an opportunity for crypto to reach more investors, tap into more abundant capital, and the crypto market will grow stronger, benefiting everyone. However, many investors don't need government backing, they also don't hold tokens in long term and just want to make profits to survive, they don't want to share taxes with the government.

Especially, many governments only accept crypto to collect taxes without any concern for the rights of new projects or wanting to protect investors from scams in this market, which also makes many investors dissatisfied and look for ways to evade taxes!

[Roseline492]

most people are not sincere in paying taxes, it is natural because tax revenues are also sometimes corrupted by individuals.
However, as good citizens, we should follow government regulations to pay taxes, because the government allows us to invest in crypto is something good for us crypto lovers.

I want to ask, do you guys pay taxes for investing on cryptocurrency in your country? Because is actually strange to me because I don't no how it should be paid and how the government would no if someone is paying an accurate tax since they cannot track the person. However we don't pay taxes on cryptocurrency and besides our government has not made it a way we should be paying for cryptocurrency investment but who knows if in the future they would start requesting for cryptocurrency tax.

[legend45]

most people are not sincere in paying taxes, it is natural because tax revenues are also sometimes corrupted by individuals.
However, as good citizens, we should follow government regulations to pay taxes, because the government allows us to invest in crypto is something good for us crypto lovers.

I want to ask, do you guys pay taxes for investing on cryptocurrency in your country? Because is actually strange to me because I don't no how it should be paid and how the government would no if someone is paying an accurate tax since they cannot track the person. However we don't pay taxes on cryptocurrency and besides our government has not made it a way we should be paying for cryptocurrency investment but who knows if in the future they would start requesting for cryptocurrency tax.

In my opinion, when we make transactions on a local exchange, we are taxed and the government takes taxes from it. But I don't know if that applies in other countries. Because the government of each country has its own policy in taking taxes, and some crypto investors also object to the fees charged when making transactions on local exchanges.

[Legion]

In my opinion, when we make transactions on a local exchange, we are taxed and the government takes taxes from it. But I don't know if that applies in other countries. Because the government of each country has its own policy in taking taxes, and some crypto investors also object to the fees charged when making transactions on local exchanges.

It is normal to experience disagreement regarding taxes particularly where the transaction occurs in an emerging industry like the crypto assets. This feeling is not surprising if you have the impression that the local exchange is a burden to you, especially if the fees eats up most of the profits. On the other hand, governments do have a stake in the flow of funds and prevention of domination of the local market. This means that while each country was implementing the change all can have different rules that are adopted depending with how each country view these digital assets. It does make some investors think about the cost of trading on a foreign exchange which may be lower while of course there new liabilities that are associated with this. Therefore, it is quite logical that you can still wonder about the clarity of the rules in the other staking points, as these are not yet standardised.

[KryptoBull]

It is normal to experience disagreement regarding taxes particularly where the transaction occurs in an emerging industry like the crypto assets. This feeling is not surprising if you have the impression that the local exchange is a burden to you, especially if the fees eats up most of the profits. On the other hand, governments do have a stake in the flow of funds and prevention of domination of the local market. This means that while each country was implementing the change all can have different rules that are adopted depending with how each country view these digital assets. It does make some investors think about the cost of trading on a foreign exchange which may be lower while of course there new liabilities that are associated with this. Therefore, it is quite logical that you can still wonder about the clarity of the rules in the other staking points, as these are not yet standardised.

Some countries already have their own CEXs, and they collect taxes from crypto similarly to how they do from stocks. The people there don't object because they only focus on profits instead of the nature of the market. This is different from in the US, where the crypto community doesn't want to be under the command of the SEC, especially since the Howey test can't help determine if crypto is a security.

Usually, taxes from stocks are quite low, and this makes the people happy. Only a few countries tax crypto very highly with the indirect aim of suppressing the development of this market, they collect taxes from crypto but don't use that capital to develop or protect this market.

[Vx1]

In my opinion, when we make transactions on a local exchange, we are taxed and the government takes taxes from it. But I don't know if that applies in other countries. Because the government of each country has its own policy in taking taxes, and some crypto investors also object to the fees charged when making transactions on local exchanges.

That's right and every withdrawal to a conventional bank will also be taxed, that's how the government taxes crypto players from local exchanges. I think every country also does the same way of taxing people who do crypto activities, but there are indeed some who make transactions on global exchanges so they are free from the tax.

[Gurujebs]

That's right and every withdrawal to a conventional bank will also be taxed, that's how the government taxes crypto players from local exchanges. I think every country also does the same way of taxing people who do crypto activities, but there are indeed some who make transactions on global exchanges so they are free from the tax.

There are some tier 1 exhanges some government tax and one of them is Kucoin, there is an added value tax Vat of 7% that is tax from trading and from withdrawal but the government doesn't charge them an additional tax. The government are very unfair with crypto players because they don't even consider most of the losses that happened all the time.

When I see how some people are been tax with 30% income on their crypto holding, I feel they are only trying to discourage people from buying and selling crypto because I don't know why government will take $300 from $1k you made and be left with $700. That's not fair in my book.

[doc]

In my opinion, when we make transactions on a local exchange, we are taxed and the government takes taxes from it. But I don't know if that applies in other countries. Because the government of each country has its own policy in taking taxes, and some crypto investors also object to the fees charged when making transactions on local exchanges.

That's right and every withdrawal to a conventional bank will also be taxed, that's how the government taxes crypto players from local exchanges. I think every country also does the same way of taxing people who do crypto activities, but there are indeed some who make transactions on global exchanges so they are free from the tax.

Actually, it doesn't matter if the government imposes taxes on our transactions or eithdraws on local exchanges, as long as it's not too high. because sometimes our profits are not big, sometimes a trader also experiences losses.
We as investors also sometimes feel burdened if the taxes imposed are too high, but the government allowing crypto is a good thing for crypto lovers so we must be grateful.

[JISAN]

In my opinion, when we make transactions on a local exchange, we are taxed and the government takes taxes from it. But I don't know if that applies in other countries. Because the government of each country has its own policy in taking taxes, and some crypto investors also object to the fees charged when making transactions on local exchanges.

That's right and every withdrawal to a conventional bank will also be taxed, that's how the government taxes crypto players from local exchanges. I think every country also does the same way of taxing people who do crypto activities, but there are indeed some who make transactions on global exchanges so they are free from the tax.

Actually, it doesn't matter if the government imposes taxes on our transactions or eithdraws on local exchanges, as long as it's not too high. because sometimes our profits are not big, sometimes a trader also experiences losses.
We as investors also sometimes feel burdened if the taxes imposed are too high, but the government allowing crypto is a good thing for crypto lovers so we must be grateful.

The government never demands tax when someone is financially disadvantaged. In every country, a taxpayer amount is specified for every citizen. When someone exceeds that taxpayer amount, the government takes tax on that money. Similarly, this happens in the case of crypto. When you make a good profit, you have to pay taxes to the government on that profit. And paying this tax is the responsibility of every citizen because when the people of the country pay taxes correctly, only then will a country develop. And all the advantages of that country will be enjoyed by the citizen.

[Blaze]

In my opinion, when we make transactions on a local exchange, we are taxed and the government takes taxes from it. But I don't know if that applies in other countries. Because the government of each country has its own policy in taking taxes, and some crypto investors also object to the fees charged when making transactions on local exchanges.

That's right and every withdrawal to a conventional bank will also be taxed, that's how the government taxes crypto players from local exchanges. I think every country also does the same way of taxing people who do crypto activities, but there are indeed some who make transactions on global exchanges so they are free from the tax.

Actually, it doesn't matter if the government imposes taxes on our transactions or eithdraws on local exchanges, as long as it's not too high. because sometimes our profits are not big, sometimes a trader also experiences losses.
We as investors also sometimes feel burdened if the taxes imposed are too high, but the government allowing crypto is a good thing for crypto lovers so we must be grateful.

I concur with this statement but just to suggest that so long as taxes are not outrageous, people are okay with them since the state needs to be paid what it is getting as part of the business activity. However, there is one more which should be mentioned, namely if the system of taxation is efficient and reasonable in regard to the existing conditions in the field. Traders are not just with the primary motive of earning profit and they lose at times and that too no less. The government should also understand that every other person may not become a millionaire or make record high returns in this market. If taxes are levied strictly without any consideration to the above mentioned fluctuations, then what is likely to happen is that complaints will surface from investors and what may accompany this is a lack of interest in the legal business transactions. I rather conceive a system which would be fair, specific reasonable and with some understanding that this is a financial activity where people are involved.

[Vx1]

Actually, it doesn't matter if the government imposes taxes on our transactions or eithdraws on local exchanges, as long as it's not too high. because sometimes our profits are not big, sometimes a trader also experiences losses.
We as investors also sometimes feel burdened if the taxes imposed are too high, but the government allowing crypto is a good thing for crypto lovers so we must be grateful.

Yes, I am the same, if the tax is too high, I will also object. But what can I do if it has become a rule, whether we like it or not, we will definitely follow it. But fortunately, I think in our country the tax collection is not too high, and everyone here has complied with the rule.

[densus88]

The government never demands tax when someone is financially disadvantaged. In every country, a taxpayer amount is specified for every citizen. When someone exceeds that taxpayer amount, the government takes tax on that money. Similarly, this happens in the case of crypto. When you make a good profit, you have to pay taxes to the government on that profit. And paying this tax is the responsibility of every citizen because when the people of the country pay taxes correctly, only then will a country develop. And all the advantages of that country will be enjoyed by the citizen.

if every citizen pays taxes properly then the state income will be large and can be used for the good of the country, for example for development etc.
Taxes are imposed on those who are able, as far as I know. so the government has a minimum income limit for citizens who are required to pay taxes. The government certainly has rules that have been properly studied.