Do traders pay income taxes?

[bering]

As far as i know that there was no regulations for crypto traders to paying tax from their profit income although cryptocurrency is not illegal but my government hasn't regulations cryptocurrency yet but the latest news i have heard that they says cryptocurrency development were increasing rapidly even volume support for each crypto exchange were increasing too and my government says they have any plan to regulations for crypto traders and will announce their decission in the near future

[keyscore44]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

In each country, the tax case looks a bit different. Usually, you do not have to register own company, but only pay tax from your income. However, to be sure, it's best to talk to some tax advisor in your country.

[Gandam23]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

I dont think they pay income taxes in earning here because government do not manage cryptocurrencies maybe they pay income taxes if they convert their tokens into fiat so that they can withdraw it. In that manner government or any banks can put taxes when they withdrawing. But in investments. I dont think so. They maybe put it nothing more nothing less.

[Sultanar484]

Bitcoin is still illegal in most of the countries. Government think, it is illegal. So traders of Bitcoin cann't disclose his trade or business in any place. If he discloses his connection with Bitcoin, authority will put him into jail befor paying taxes in those countries.

[toolsydas]

All depends on the country and the person. Some people which are professional traders, they can make it as a regular business. If you are just a newbie and don't invest big amounts I don't think it's necessary to pay taxes.

[Mysteryla]

This is a decentralized system, so you do not need to open a company for the purpose of paying tax to any government. The duty is not yet exercised on crypto traders. Although, so many governments are agitating for it, but which i feel might not be possible, except cryptocurrency becomes centralized.
Well, you might personally choose to pay tax to the government of your country, either as a citizen or as a resident.

[Ramtapsbtc]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

I am fortunate that i live in a country where cryptocurrency trading is not yet regulated as they have not yet imposed regulation on exchange.

Can you elaborate more on how they taxed your income?

[Kolder]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

I am fortunate that i live in a country where cryptocurrency trading is not yet regulated as they have not yet imposed regulation on exchange.

Can you elaborate more on how they taxed your income?

Others depends on exchanges, some exchanges adds tax on the transaction fee, nevertheless it really depends on the country and they have different understanding on how to implement it.

[acheampong64]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

well i think that'll depends on the jurisdiction jurisdiction you're coming from and their view on cryptocurrencies. For those in countries where cryptocurrencies are seen as digital assets, I'm sure taxes may be required to be payed for those who haven't disclosed their sands yet, it may not require you to pay taxes.

[Karlinz]

Crypto trading is something quite cryptic as there is no established expected profit and tracking, maybe not really be easy assigning income task to it as it is a very high risky venture that could equally come crashing in a split second.

[makadaka]

I think that it would be right to pay taxes with profit because it would be so much easier for everyone

[Viklopot]

it depends on the laws of your country. in my country, while the cryptocurrency is not legalized and therefore I do not pay tax on income from the exchange

[GmBoom]

I dont think that it is still applicable. Because that is the beauty of doing trades in cryptocurrency because most of the coins is anonymous and goverment agencies cant track it. But I think the exchange owner will pay the taxes.

[reality18]

Germany announced tax free for all crypto users. I don't know about other countries but tax are paid directly or indirectly by each one. Traders may not be charged taxes for their transactions but indirectly, they pay their quota of tax to the exchanges where the trading is done. These exchanges pay taxes directly or indirectly when making the final conversion from crypto to fiat.

[vallarit11]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

Here in cryptocurrency there's no tax to be payed and that's the advantage compare to working.

[shaheer001]

Very informative post i learn alot though honorable Bitcoin talk members informative posts.It will be more beneficial for newbie.

[anume123]

Some traders always pay some fee from there trading and extra fee for getting for it to withdraw but soon they always say that trading published a taxed.

[Nikolas_the_Wonderworker]

As I know, no one pays and is not going to pay taxes on profits in crypto. Except Australia. There, the government leads legislation to transparency in crypto and tax payments. In this matter, I want to say to the Australian government: crypto is a risky investment, in one year I will make a profit, for example, $ 1,000, and I will pay a tax of $ 140. And next year, if I lose $ 1000 from investing in crypto, will the government help me with the same $ 140 return to me?

[Adunni6758]

Based on the charges we encounter on some exchanges, i feel directly or indirectly, we pay tax. There are some exchanges that pay taxes to the government of the countries where they are domicile. So some of them charge their users or traders based on the amount they expend on taxes and other ventures.
Although, as a crypto trader, you do not to bother yourself on any form of tax, because it has been taken care of by the exchange you use.

[khan149]

A few may perform in the event that their own nation demands all of them although not them all perform because many of the nations haven't however determined exactly how they will correctly tax the actual cash and also the earnings from the investors therefore for the time being just a few nations spend taxes for his or her income through cryptos. However, we ought to just about all prepare yourself simply because presently there will arrive a period exactly where all of us may.