Crypto Taxation

[bits4books]

In my country, in Ukraine, new laws speak of taxing all additional sources of income. In addition, we are talking about buying expensive things, as well as expensive gifts. It is worth noting that the government allows citizens of their country to use cryptocurrency as a means of payment in some online stores. In addition, citizens have every right to invest, buy and sell cryptocurrency. But each owner of the cryptocurrency will pay a certain tax if he will cash out the cryptocurrency in real money, exceeding the established minimums. I think that practically the same laws exist in other developed countries as the United States and countries of the European Union.

I don't see anything wrong with this and I consider taxes on crypto a decent payment for the state not to try to fight with windmills and not to ban crypto. In the end, these taxes will then go to improve your own life, so it is quite an equivalent exchange.

[1714498879]

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[1714498879]

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[Abiky]

In my country, in Ukraine, new laws speak of taxing all additional sources of income. In addition, we are talking about buying expensive things, as well as expensive gifts. It is worth noting that the government allows citizens of their country to use cryptocurrency as a means of payment in some online stores. In addition, citizens have every right to invest, buy and sell cryptocurrency. But each owner of the cryptocurrency will pay a certain tax if he will cash out the cryptocurrency in real money, exceeding the established minimums. I think that practically the same laws exist in other developed countries as the United States and countries of the European Union.

It seems that most countries are gradually accepting crypto as legal tender, if they're able to tax it successfully. The world's most powerful countries are already doing this, so it seems that crypto will be here to stay for many generations. Crypto taxation is not an issue, if everything is done in a fair manner. The same way you pay taxes on your Fiat income, the same way should be done on crypto (if sold to Fiat). Cooperation from all ends is necessary for the crypto space to grow towards new heights. But if people refuse to pay their taxes from their crypto holdings, things could go sideways for the development of the crypto/Blockchain industry.

Those who want to avoid paying taxes on their crypto, will simply resort to decentralized exchanges, privacy coins, or in-person trades. Be aware that the government may be on your tail, if it discovers tax evasion on your part. It's always best to comply in order to avoid facing fines or even jail time. The only way you're exempt from this is if you never sell your crypto to Fiat (using it directly for mainstream transactions).

Nonetheless, time will tell us the fate of crypto taxation in the mainstream world. Everything's fine for now, since the industry is largely dependent on centralized infrastructure. Governments can successfully tax crypto within centralized exchanges themselves. If all goes well, we can expect a fruitful relationship between the government and the crypto/Blockchain industry. Otherwise, the growth of crypto in the mainstream world will stale as people wouldn't want to use something that's declared "illegal" by said entity. Just my opinion

[Japinat]

In my country, in Ukraine, new laws speak of taxing all additional sources of income. In addition, we are talking about buying expensive things, as well as expensive gifts. It is worth noting that the government allows citizens of their country to use cryptocurrency as a means of payment in some online stores. In addition, citizens have every right to invest, buy and sell cryptocurrency. But each owner of the cryptocurrency will pay a certain tax if he will cash out the cryptocurrency in real money, exceeding the established minimums. I think that practically the same laws exist in other developed countries as the United States and countries of the European Union.

I don't see anything wrong with this and I consider taxes on crypto a decent payment for the state not to try to fight with windmills and not to ban crypto. In the end, these taxes will then go to improve your own life, so it is quite an equivalent exchange.

They always require taxes for anything that is legal, so as a crypto enthusiast, we have to choose, either it will be legal or illegal.

These are the possibilities:

~if its gonna be legal, the adoption will grow because people will have the confidence using this knowing it's approve by the government so they'll be protected from scammers, in adoption, it would be easy to educate people if they know crypto is lega.

~if its illegal, we will not pay taxes, but bitcoin will continue to be uncertain as a government could ban it and that will hamper its growth.

[Nellayar]

They always require taxes for anything that is legal, so as a crypto enthusiast, we have to choose, either it will be legal or illegal.

These are the possibilities:

~if its gonna be legal, the adoption will grow because people will have the confidence using this knowing it's approve by the government so they'll be protected from scammers, in adoption, it would be easy to educate people if they know crypto is legal.

~if its illegal, we will not pay taxes, but bitcoin will continue to be uncertain as a government could ban it and that will hamper its growth.

I remember my topic about Tax in this forum. I wrote the different kinds of tax there and as I have seen in other topics, we are paying already our tax but it is under in indirect tax wherein we pay using transaction fees to the exchanges that registered in SEC.

But if bitcoin will become legally adopted in a country, there is a great impact of it in crypto enthusiasts. Probably, those who hate taxes wouldn't abide and those who store bucks of bitcoin will turn it into fiat again. Though we can't prevent certain changes, legalizing cryptocurrency in our country means we are working with it legally.

I am not against the imposition of tax in cryptocurrency because we are earning with it and as what I have been wrote, tax levied in citizens will use in infrastructure, highways, hospitals and other public utilities. Therefore, tax is needed by the government to run the economy of the country.

Lastly, we are already gaining a lot of profits in this industry so, I think it should be the time for us to pay back in order to help the development of our country by paying our taxes in case it would become legal.

[STT]

Typically taxes relate to regulation and provision of a trading and legal atmosphere for business, if Bitcoin is international and provided by decentralised network then its not really down to any one country to be taxing it.    Same kind of deal applies to air travel which is protected from fuel taxation by United nations agreements.  Unfortunately its going to be a while before crypto has that kind of recgonition.

[Negotiation]

All business transactions are taxable but are not taxed due to the decentralization of crypto The government has to pay taxes in all cases of fuel and electricity. Crypto has not yet been taxed However, in many parts of the country, tax plans are in place but many do not support it  Because crypto is not under the control of the government. It depends on the market and determines the price of the currency.

[abhiseshakana]

Typically taxes relate to regulation and provision of a trading and legal atmosphere for business, if Bitcoin is international and provided by decentralised network then its not really down to any one country to be taxing it.    Same kind of deal applies to air travel which is protected from fuel taxation by United nations agreements.  Unfortunately its going to be a while before crypto has that kind of recgonition.

Because the tax object is our property not our form of money. The government cannot control cryptocurrency but the government can control exchangers. The goal of a decentralized system is to eliminate the role of third parties in a process. So tax avoidance should not be considered regardless of the cryptocurrency status in a country whether it is legal or not.

After the pandemic, the government will also aggressively pursue taxpayers to close the budget hole that has not been closed due to stimulus and tax easing during the pandemic. Post-pandemic companies that are not too affected at the time of the corona will be the target of tax.

[Freeesta]

I think the government should regulate cryptocurrency on a reasonable scale. However, the government of some countries considers cryptocurrency as a means of replenishing the country's budget, and therefore they begin to introduce taxation, as a result of which small investors suffer. But still it is necessary that countries regulate cryptocurrency!

[DoubleEdgeEX]

Crypto taxation will be the price to pay when we want the governments to get their share to eventually don´t restrict the living hell out of Bitcoin and co.

Btw, here is a list of countries that don´t tax cryptos: https://news.bitcoin.com/eight-countries-that-dont-tax-your-bitcoin-gains/ 

[mersal]

Crypto taxation will be the price to pay when we want the governments to get their share to eventually don´t restrict the living hell out of Bitcoin and co.

Btw, here is a list of countries that don´t tax cryptos: https://news.bitcoin.com/eight-countries-that-dont-tax-your-bitcoin-gains/ 

There is no tax for holding bitcoins in those 8 countries but when you convert them into fiat then you are liable to pay your income tax accordingly and in this category not only 8 countries there are lot more have to be added. Government doesn't want share they literally wants everything you have.

[princeyeboah]

Tax is good but if the governments are ready to capitalize cryptocurrency and take taxes on transactions then it must be ready to be transparent on the where exactly the taxes go and into whose hands. The government must be accountable for that. This can only be achieve by the same utilization of Blockchain technology by the government.

[carlisle1]

Tax is good but if the governments are ready to capitalize cryptocurrency and take taxes on transactions then it must be ready to be transparent on the where exactly the taxes go and into whose hands. The government must be accountable for that. This can only be achieve by the same utilization of Blockchain technology by the government.

to be transparent then the tax payer must be exposed as well?and this is what we don't wanna have here since all we love in crypto is our
 privacy and our semi anonymity and with this rules i believe many things may change and this same reason why people
here will never agree on this.
i think what will happen here is forever in disagreeing because government wants to have part in crypto but the concern members of the
community will never approved this thing and will always adaptation is at stake .

[Latviand]

In my country, in Ukraine, new laws speak of taxing all additional sources of income. In addition, we are talking about buying expensive things, as well as expensive gifts. It is worth noting that the government allows citizens of their country to use cryptocurrency as a means of payment in some online stores. In addition, citizens have every right to invest, buy and sell cryptocurrency. But each owner of the cryptocurrency will pay a certain tax if he will cash out the cryptocurrency in real money, exceeding the established minimums. I think that practically the same laws exist in other developed countries as the United States and countries of the European Union.

I don't see anything wrong with this and I consider taxes on crypto a decent payment for the state not to try to fight with windmills and not to ban crypto. In the end, these taxes will then go to improve your own life, so it is quite an equivalent exchange.

The government are responsible for the security of our accounts, the proper manipulation of the economy, the service that they give to us, and the public facilities that we are using. By this crypto taxation, we can somehow payback for the authority for making us safe in our everyday lives. They are the one who are responsible for the sake of its people that's why we should be glad about them.

But it is true that there are government who are corrupt and the taxes that they get to our crypto can be put into waste and abused by them. Sometimes we just need to become aware of our surroundings on where are our taxes allocated so that we will become more confident about having crypto taxation in our country.

[Japinat]

Lastly, we are already gaining a lot of profits in this industry so, I think it should be the time for us to pay back in order to help the development of our country by paying our taxes in case it would become legal.

We? you are talking for all the gainers and every time there are investors who gained in crypto, there are also investors who lose their money here.
Actually if they keep making money with the current set up, they will prefer this and will not pay taxes if its not required by their government, every country has different policy, lucky are those who live in a country where crypto is not yet fully regulated as they can maximize their income if they are profitable investing here.

[Text]

It is a good idea to think that the taxation we make on selling our crypto assets to fiat will contribute to the economic growth of our country. But, there are actually other politicians sitting around who are robbing others of their money. That's one of the diseases of society, cancer. Maybe when the day comes, they won't even pay taxes on using crypto. Crocodiles that are easily dazzled for money.

[tvplus006]

All business transactions are taxable but are not taxed due to the decentralization of crypto The government has to pay taxes in all cases of fuel and electricity. Crypto has not yet been taxed However, in many parts of the country, tax plans are in place but many do not support it  Because crypto is not under the control of the government. It depends on the market and determines the price of the currency.

Due to the decentralization of cryptocurrency, it will be very difficult to calculate a trader's income if cryptocurrency exchanges do not provide such data. You can calculate a trader's income when they withdraw it to fiat. But even here there will be inaccuracies if part of the cryptocurrency will be used to pay for goods or services.

[lacir]

If even crypto will be fully regulated there will always exists more private decentralized exchanges,
or trades locally and illegal way to evade of paying tax from your crypto to maximize income.
Its our choice to be legal or illegal. With crypto comes more control and responsibility on your
digital assets. Its far more easier to be needle in stack. Still I think that is better to contribute
to society and taking legal way of living.
 
 

Lastly, we are already gaining a lot of profits in this industry so, I think it should be the time for us to pay back in order to help the development of our country by paying our taxes in case it would become legal.

We? you are talking for all the gainers and every time there are investors who gained in crypto, there are also investors who lose their money here.
Actually if they keep making money with the current set up, they will prefer this and will not pay taxes if its not required by their government, every country has different policy, lucky are those who live in a country where crypto is not yet fully regulated as they can maximize their income if they are profitable investing here.

[Abiky]

Typically taxes relate to regulation and provision of a trading and legal atmosphere for business, if Bitcoin is international and provided by decentralised network then its not really down to any one country to be taxing it.    Same kind of deal applies to air travel which is protected from fuel taxation by United nations agreements.  Unfortunately its going to be a while before crypto has that kind of recgonition.

Agree. Bitcoin is not tied to a single jurisdiction. This means it cannot be taxed, since it’s a global currency used by many people worldwide. But we all know government's intentions in the first place. They just want to profit from the revolutionary Blockchain industry. Governments wouldn't want to miss the "crypto train", considering how Bitcoin went from being worth nothing to thousands of dollars in just a few years since its inception. As responsible citizens, we should do our duty to pay taxes every time we sell crypto to Fiat. The more people use crypto directly instead of cashing out to Fiat, the harder the government's efforts will be in taxing cryptocurrencies for their own gain.

But even now, many merchants and businesses accept Fiat on top of crypto for daily commerce. The average person will end up selling crypto to Fiat just to participate in the worldwide economy. As long as governments tax crypto fairly, there should be nothing to worry about. It may take quite some time before people are able to use crypto independently from Fiat. Right now, people are measuring the price/value of crypto relative to Fiat as a unit of account. The ecosystem of merchants and businesses accepting crypto needs to grow, in order to make the crypto economy more independent from the traditional one. I doubt how governments will be able to continue to collect taxes from people's crypto holdings after this. The most likely scenario is that governments will end up banning widespread use of crypto, due to being unable to effectively tax it. In the bright side, it'll still be possible to use crypto because of its decentralized nature. But it cannot be bought or sold to Fiat as it'll be considered illegal by governments worldwide. Let's hope all goes well, as crypto and governments cooperate in order to make the world a better place. Just my opinion

[Text]

Does the government still have plans to tax cryptocurrency users? It's been ten years yet but there is still no regulation for it, so maybe everything is fine. Will the coin sellers be exempted in exchange for another coin in paying taxes whose withdrawal option is crypto as well? Our wallet app has a high buy/sell rate compared to the market. Maybe that's where they take their tax payable to legalities.

[STT]

So far as I know they still want to tax crypto as a capital gain in many countries, rather then allowing it be defined as a currency which would make it tax free basically.  The example might be gold coins which are liable to no taxes in many countries, even though you can easily double your money over some years buying a gold coin when the price has fallen.  See the last few years for gold and its risen alot in normal terms, just nothing moves quite as much as crypto is able to in price.