Bitcoin Forum

What do you expect after taxes being provided for cryptocurrency exchanges by USA?

The taxes of many governments do not like this currency. can not be under control, taxation can not be done. For this reason, governments are preparing for this. I think he's in trouble with facebook. ads are being squeezed to reduce recognition.  8)

Where does the information on the Crypto-currency taxes in the US come from?

It's actually good when tax is applied to cryptocurrencies just like stocks or other assets.
It means that the government is open to new things.
Instead of banning all crypto, this way is better to benefiting government and crypto owners.

At least we can expect some sort of protection, when exchanges cannot just run away with our money

You deserve  a merit for this comment.! ;)

I would really see this as a good thing rather than government would make a total ban or prohibition.I would rather see crypto being regulated and being taxed because it would somehow gives as some security but well there are lots of people would really still oppose on such decision because they do love on being decentralized than on being controlled or regulated.We dont have any choice but to accept or embrace it if its already being taxed or adopt.

There was a rumor in Korea, if I am not mistaken, that cryptocurrency trading is to be taxed and that anyone who wishes to trade it needs to use their real names as identifiers. This rumor has been circulating around this forum for months already and here is one article that supports it:

https://www.ccn.com/south-korea-plans-to-announce-cryptocurrency-tax-plan-by-june-2018/

If this is true, then the US government can also implement it. However, this will totally erase the essence of cryptocurrencies. Taxation will require personal details from people and we don't want that. One of crypto's features is anonymity, implementing such regulation will eradicate that sense. And besides, it may be difficult for the government to regulate it because it may negatively affect the market. You know how even fake news affect the crypto market, what more if it is real? It is inevitable that people will react to this negatively. They might avoid crypto currency investments.

if taxes will be provided to crypto it may affect it a lot.. as we all know its decentralized so meaning no one should tax or govern it..

I have found it in the chat of cryptoinvestors. Unfortunately, I haven't saved the link to the main source of information. But it was written that 15th of April is the last day for taxes being paid

To my mind, cryptocurrency won't be so popular after regulation, because it will not make you reach after price stabilization. It will probably become the same currency as $ or €, but in digital wallets

taxation on crypto, most especially on crypto exchanges will be a good development, which will be warmly embraced by many. Which means that governments are gradually coming to terms with digital currency and its importance. Also, i think this is what some governments want and possibly because they did not see it coming due o lack of controls from them over crypto, they then decided to clamour for ban. i also believe this will protect the interest of crypto traders and investors.

I hope that this is reliable information and at the end of April we will see new money in the field of crypto-currency.

Japan already did 45% taxes from profit crypto traders , russia soon will make taxes also , all going to regulate crypto and accepting new taxes.

Taxes, Commission. Bought a Cup of coffee, went bankrupt. This is ridiculous, the system has its own taxation, thanks to which it operates. And then someone decided to intervene. How are they going to help the system? I do not understand what shit is floating in the mind of politicians.

Well I see that taxes being provided for CryptoCurrency was great because it means the government are agree in the CryptoCurrency and they low possibility to ban the crypto.
I hope that if it will be happen the government give an support for CryptoCurrency and gave an protection.

I expect cryptocurrency will be more popular and the adoption for cryptocurrency will increase. Known cryptocurrency like Bitcoin, Ehereum and other top altcoins will increase its value because many will rush to buy and hold.

The majority of exchange sites are taking a big risk by involved US citizens to trade. Some people said US will try to charge a lot of tax from cryptocurrency exchange sites. If that was true and US should legalize crypto to be a part of the legal stock in my opinion. But just waiting for the future announcement regarding it and how that will become.

I agreed with you. Making tax to crypto means they are open about it. Also, it was an extra fund for our government to make things better for us (community). Well, the tax now here in Philippines is not corrupted anymore because of the new administration which they use our tax for make government facilities better.

Do not you think that such kind of taxation will stabilize the price? So we will get digital currency with stable price that will not double twice during the night and make us rich

Well, I think they can still implement the tax, I think in every withdrawal of the person, even if they are anonymous, they can put a tax on it because the exchange will be the one who will collect them and consolidate them all.

I dont know about the USA but there are crypto taxes in my country but as far as I know you can avoid them.

Fisrsly I also thought so. But after demanding KYC nearly  in all ICOs I am not sure that there will be the opportunity to avoid taxes

taxes in bitcoin - it's weird, the very point of crypto currency is fading. like trying to make it as similar to a regular crypto-money. this is not very profitable for investors.. although, you may want to know more about the terms on which taxes will appear.

Today is 15th of April. So tomorrow we will see some changes after taxes being provided. I hope it will not decrease the price of Bitcoin and altcoins

If you believe that it is caused by taxes, then why should a decrease in value take place tomorrow?

Fuck paying taxes on Crypto! My local IRS is after me, they cant prove shit, but they are trying scare tactics. Using the right exchanges and hiding behind Tor/VPN should save you ALOT of money. Using out of country bank accounts are also good.

I hate the government, i dont want them to earn shit from my knowledge.

A proper tax would be desirable, since it would mean recognising that the cryptocurrency market is legal.
Then the market will be legalized and will attract more and more people.

That is not good, and won't do any good for the coin holders.
The government just want to own a large amount crypto from tax collected, to manipulate market.

cryptocurrency is going mainstream and government can earn money through taxes by exchange sites. it is good compared to banning cryptocurrency in their country. we cannot deny that many illegal activities are transacted through cryptocurrencies in exchange sites that don't have kyc. nothing to be afraid if you don't do illegal activities. government backing up cryptocurrency is a good thing and may attract more investor. the problem would be the corrupt people in the government.

Then there will be taxes and that is of course the case. But it will also appear more but the new trading district because it is a market. Then there will be more controversy because of this new market and that is something we can not avoid.

The application of taxation of operations in the crypto currency is, on the one hand, a deterioration, since it reduces the income of market participants. On the other hand, this is a positive moment, because the government recognizes officially the crypto currency

I believe this is a good news for the market. It is equivalent to acknowledging the confirmation of virtual currency as an asset.

I think tax day in the US for 2018 will only occur on the 17th May, so we have to wait to more days to see if it will have an impact on crypto or not. People are saying that those that will have to pay taxes form crypto, will probably sell the coins they have in order to get funds to pay their taxes from there. No idea if this will happen or not, and right now what we saw was a bump in the markets and not a dump.

The taxes of many governments do not like this currency. can not be under control, taxation can not be done.

Taxes for crypto is not bad as long as it would be use in a right way by being legal of cryptocurrency it is good for us because we have our security.But those government sometimes abused the taxes they imposed and use it in corruption and we dont want to happenn that in bitcoin.

in my country, the crypt is taxed, so earnings on the cryptocurrency are less profitable for me. So i'm thinkink now f it's worth to trade at all.

If crypto business has a taxes, it means that there was a support development from the government, and it would also increased the positive trust of the community people to join cryptocurrency business. And it would also increase the price status that something grows up to the higher level. Hopefully the taxes would not affects the government control, because if government enter and control the price system of cryptocurrency which it makes the price going down,  it makes more people react and make something that against government control.

I do not know why is everyone against taxes on crypto. What is the problem in paying 10-20% of the profits made if you are making 1000% or more annually with your crypto investments. It is actually a good thing and I wish that even my country has the sense to introduce additional taxes instead of banning crypto completely.

It is a win - win situation for everybody as you are making money with crypto investment without worrying about legal aspects. Government is getting additional revenue which can be used for poor people.

I think, it can help for price increase, because most of the world's traders are Americans. I saw a news that I read in the past that 8% of the American people are busy with crypto. So, this is a great number for Cryptoworld. I think the situation in the market is related to this and after now everything will be good.

I think that taxes on crypto currency need to be paid! I, as a citizen, will indicate the income from the crypto currency in the declaration, which I will receive when I withdraw to fiat money! The more people will do so, the more confidence in the crypto currency will be in the Government!

It is normal to all crypto have taxes to support the government, and the government will also give protection to legalize cryptocurrency in vice versa.

Somehow I don't think it's good. Any taxation, it is only the appearance of protection and Alliance, of course we will not affect the decision, but there are always pitfalls and deception.

Taxes for crypto is not bad. Why? Because we know that if crypto got tax. Crypto means accepted by our government. Also, that tax may help our country to make better. Also, those tax may helps the community. The taxes the we will given to the government will be use for example, rail road widening, or lighting a barangay.

That sucks,because theres too much regulations here,and we cant even liquidate our cryptocurrency assets all at once because the taxes are going to cut big part of our profits.I am planning to other countries and there i would be taking my profits,venezuela is a good place to get convert your cryptocurrencies to fiat,then put it into the swiss bank account to secure.

I think that taxing cryptocurrency exchanges can be useful to display on the cryptocurrency itself, but it will kill the uniqueness of cryptocurrencies that they now have.

I do not think that taxes for crypto crueencies would be wise, since it is a volatile investment, what we can only have is regulation, if you come to think of it, not all coins are being value the same, though they have the same mission-vision, and also cryptocurrencies are being used world wide not only in a particular place, meaning if you put tax on cryptocurrency in one country and others don't, people with cryptocurrencies will just move from one place to the other, and by all means cryptocurrencies are all anonymous in nature, if you have done your partnin studying and understanding investing, and took you a long time for you to get there, why would you just give your earnings to government, they didn't even created or printed out your money, if we let cryptocurrencies to be taxed, we are missing the purpose on why it was created in the first place.

Less profitable i presume,because the bigger your income the bigger the taxes you will pay,you should be doing p2p transactions instead because if you are going to liquidate millions of dollars you are going to be questioned or the IRS might check all of your assets and you could have a big problem when you have something undocumented assets.

Really sucks, i mean SEC has been regulating us from joining ICOs,now IRS wants to get some cuts from our cryptocurrency assets. It might be a good time to spend our time into some vacations with our cryptocurrency assets so that we can liquidate our assets easily outside the u.s premises,so there will be less taxes that these people will get.

Taxes on profits when withdrawing to Fiat should be! I will pay. But how will the tax be taken into account if we never withdraw money into fiat? If we will pay in stores crypto currency? It's very hard and it's not clear how it will be, so for now, we have time!

Sucks asf,IMO cryptocurrencies shouldnt be taxed by anyone,its a clear regulation from the government,i would rather liquidate my cryptocurrency assets to the countries which doesnt have regulations to maximize my profits,because taxes are the reason why i do use cryptocurrencies and these governments shouldnt be asking for cuts.

You don't need to worry about being taxed on your funds if you are not doing anything illegal. I am supporting a transparent and fair regulation system for cryptos but governments are trying to impose useless restrictions over cryptos to bring the popularity and price down.
I don't know much about the USA regulations for crypto exchanges so i can't comment about their current taxation policy over cryptos.

Definitely all of the governments do not like the cryptocurrency because it is uncontrolled by them. They probably want to make everything fair, therefore making taxes for everyone. But, come on, taxes for cryptocurrencies in the internet? Is not it weird?

I never want to pay tax for my crypto earnings.
so i always save my earnings in privacy coins such as monero.
I am hiding my money from goverment this is really ironic!

The Australian Tax Office (ATO) said for a week that it had updated the cryptocurrency guide on March 13 after taxpayers asked more. As a result, officials initiated a public review process to “understand the practical problems encountered in fulfilling cryptocurrency tax obligations”.
The agency explained on its website: “In particular, we are interested in any practical issues that may affect taxpayers’ ability to calculate and calculate capital gains and losses (cryptocurrency) and capital gains tax (CGT).” These updates indicate that The capital gains of converting a crypto currency into another cryptocurrency are subject to tax.
The guidelines require taxpayers to provide details of these transactions, such as the value of the Australian dollar, the purpose, and the relevant time and party information. On a broader level, cryptocurrency taxes may have been a controversial issue in Australia. Previously, proponents and users have widely criticized the fact that the purchase of cryptocurrencies and the use of the technology have caused a GST.
Last year, legislators finally passed a bill to apply GST to cryptocurrency in the same way as foreign currency.