Apparently right now Bitcoin Gains are taxable upto 25% in Israel , they are considered Taxable Asset instead of Digital currencies.
Now a new bill seems to help the cryptocurrencies and the people using them by reducing this 25%.
It would not only benefit the people but at the same time it would benefit the small cryptocurrencies which may enter the market in the future.
https://www.coindesk.com/israel-bitcoin-tax The proposed re-designation applies to cryptocurrencies with: a distributed issuance network, a 1 billion shekel ($288 million) market cap or more, a general use purpose and an independent origin story
_*_
This aside 25% Taxation is very ridiculous. The government is not only taking advantage of cryptocurrencies like Bitcoins but they are also taking advantage of the people who hold them.
Hopefully this would all be good in the near future , for now the government may or may not pass the bill. This is the height of corruption, despite cryptocurrencies supporting the countries during pandemic and making the life easier for most of the people somehow governments cannot digest this.
Is this up to 25% tax a progressive tax? In that case, it might start pretty low and get this high only for very rich people. And if it doesn't, then a more realistic bill would be on changing the eligibility criteria of paying a certain percentage, making all minimum gains higher. Since it's just a project law, it's early to put hopes up regarding this one. Those who offer the bill claim that Bitcoin should be treated as currency, not asset. Good luck to them, of course, but pushing for change is more difficult than pushing for status quo, unfortunately.