The End of Anonymity and the Start of Tax Hell for Crypto

[getme]

  Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)


Any thoughts?

[Westfiled]

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)


Any thoughts?

Just support the decentralized exchange and there was a way for these centralized exchange to not get controlled by the regulations by moving their exchange to the friendly crypto country. But the decentralized exchange can't be disrupted by the governmen and that's the main point to avoid the tax.

[takngantuk]

Governments are dreaming of removing anonymity from Crypto. They see Crypto as a taxable goldmine and they want to cash in.

Any thoughts? Check the post on Medium on the topic.
https://medium.com/tabularasa/the-end-of-anonymity-and-the-start-of-tax-hell-for-crypto-38de53cb04c6?source=friends_link&sk=98093ecd7ca8c2753047cbc656c73936 (link below bypasses the Medium paywall)


Any thoughts?

not that easy to disappear anonymity on the blockchain. I think the government knows that. and I see the only way that the government can tax the cryptocurrency is when crypto is in the market. the government can tax every tader to start trading. but it will be useless if on the DEX market.

[TastyChillySauce00]

This thing is to be expected, Japan has already doing so and then other countries will follow. Government are afraid that there might be money laundering within cryptocurrency ecosystem now quite the opposite it is the crypto users who are afraid of huge taxes, Identity required when cashing in or out is okay, but too huge taxes is just meh..

[Invigorated]

Honestly I wouldn't be too worried if the removal of anonymity surrounding crypto leads to stability as well as eradication of the countless scams and shitty projects currently littering the industry. The much preached decentralisation of the industry hasn't offered much really. Instead, it has created full fledged scams and substandard projects offering nothing. If the government plans on introducing regulation then my hope is that everyone embraces fully for the overall betterment of the crypto industry.

[alex_kir]

On the one hand, it seems to me that this is a good idea, because many investors agree to legalize cryptocurrency, but the most important thing is that today many investors are not going to be verified, we agree to pay the tax, but without verification

[hesham51]

Anonymity is very important for people , but for many traders there'are no problem with revealing their personality where they accept to do KYC and even doing video calls in some cases. some governments denies Cryptocurrencies , but they want to apply taxes on banks transfer.

[jt byte]

if I have to choose between banning cryptocurrencies and taxes, I choose taxes. It is okay,I dont see any problem, from every profit you have to pay taxes. Goverments see profit in crypto, they will be crypto-friendly and massive adoption can happen, so where is the problem?

[Nivia1st]

On the one hand, it seems to me that this is a good idea, because many investors agree to legalize cryptocurrency, but the most important thing is that today many investors are not going to be verified, we agree to pay the tax, but without verification

yes I agree with you I also agree to pay taxes, but for verification I am very uninterested because it will eliminate crypto anonymity. crypto was liked because the advantages of one of them were anonymous without all crypto like other mainstream investments.

[siddartha1492]

Well, it might be bad for hardcore anarchists; but I think these things help bring more adoption in the crypto system. Privacy and tax free lifestyle is a good thing. But people shouldn't mind paying some % in taxes after gaining so much profits from cryptos. As for privacy, well, truth is bad guys also take full advantage of it. You see all the hackers, scammers are flourishing coz of this privacy only. So maybe some balance is needed.

[nthere]

Do you think that you are anonymous? You need to do KYC on exchanges, so how come? Anonymity is not possible for now.

[pixie85]

Not all governments are greedy. Some want only a small contribution. You can see it on the Wikipedia's income tax page. In some countries there's no income tax, in other there's no crypto tax, in some other the tax is really small like 10% or less. I think we all could lose 10% of our income without becoming poor or having to hide our income to avoid taxes. The whole world is not the same, there are countries that don't want to steal from you and you can always move there.

[charlie137]

there is nothing bad in taxation. of course, some countries would try to squeeze the maximum, but this is just a normal industrial progression i guess.

[Luvr1000]

I think that the state will be able to do this, they have repeatedly shown that they can influence cryptographic markets, let's hope that everything will end well for

[Semosuchi Tesongrato]

Desire is one thing, the realization of desire, another.
Governments can also threaten and find people willing to be frightened, but with a little attention and technology, the crypto will continue to be anonymous, for those who want to.

[Collinberg]

Anonymity is one of the bedrocks of Cryptocurrency, how can you say it is truly decentralised and untraceable when your identity is linkedin to it? If they succeed, it would be more than just a loss of privacy, it would be a little death to crypto.

[liquidbrain]

of course, the government is not interested in the population becoming richer and not sharing with the state. although people have already erased these boundaries and people live in different countries, but the government is a separate state within the state with its aggressive plans.

[crimsongoth]

The taxation of states is a major problem for the crypto world. But it seems a little difficult for them to remove the anonymity created by the blockchain technology.

[Saint1990]

In my country still government haven't given any clear set of regulation on cryptocurrency and banned transaction from banking and for the same still verdict is going. But in countries like USA, JAPAN, Russia, canada etc tax is liable on the cryptocurrency trading. Also recently there was news about IDEX is implementing AML,/KYC on their platform due to order from the SEC and I feel other DEX will also follow this parh which will result death of an Anonymity and privacy of the traders.

[Noobaru]

And what will be done regarding decentralized exchanges? Probably not much, because it can't be done. Everyone can set up their own exchange and people can trade whereas with digital dollars it is not so since they go through your bank.