new tax rumor on crypto

[Tomiwa_akin]

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

[livingfree]

It depends to your country if they're going to put tax on it. In US, you see investors and traders have been responsible to file their tax gains.

And that could be the same as the other countries if they will impose a strict rule about crypto profits. It's not a rumor for some countries who have been applying that law already.

But to some, it will depend to the law that shall be made by your government.

[Bitcoin_Arena]

What news are we talking about here? You haven't shared any links talking about the "tax rumors"

In my opinion, I don't think the "tax rumors" can actually crush the market. The recent correction was inevitable after several green month candles and New Bitcoin all-time highs. In order for the market to stay normal, corrections must happen.

Besides most popular Countries in the crypto world tax crypto gains, so it's not something new.

[Luqman]

It depends to your country if they're going to put tax on it.

In my country, there is no tax for crypto investment yet. So, we don't need to worry about the crypto tax now. But if most countries in the world apply to put tax for crypto holders, I am sure our government will follow it. Then, finally, all people in the world will be affected by the tax. Actually, this is bad news, but I think it won't last. The big impacts may appear at the beginning of tax application among the countries around the world. Then, everything will be normal again as usual.

To be honest, I really hope the crypto tax to not apply in my country. It is enough that the government orders the exchanges to pay tax.

[dunfida]

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely.  ?

[Twinkledoe]

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely.  ?

Not many governments can implement right away about tax regulations with regards to crypto. As many of these lawmakers don't have the grasp of what crypto is, they will find it hard how to formulate a law towards crypto. So I think, it will take time for the governments to finally release tax regulations when it comes to crypto. Right now, enjoy this opportunity of dealing with crypto without strict tax regulations from your government.

[Kittygalore]

Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely.  ?

I don't worry that much in taxation in my country, as long as I am on the threshold that doesn't have to file taxes, I am safe from all of this not to mention that the tax bureau in my country will probably enforce this kind of thing for about 3 months max and then after that, that is faded into obscurity.

[bittraffic]

The tax rumor is just for the US rich people's increase of the capital gains tax rate. It's simply just for the government to be able to print more money for distribution and then they make the rich pay for it. This is really something to be afraid of if you are rich and from US, that is why it's not surprising for rich individuals to dump their coins.

If you are looking for the URL, its this one https://taxfoundation.org/biden-capital-gains-tax-rates/

[Gaaara]

Tax is kind of hard to implement in some countries without good technologies, and senates still has to study cryptocurrencies in general before taking any actions regards it, assuming they're interested on it a discussion still is guaranteed so it will surely take a while, and as far as I am concerned the pandemic is still in effect so their priority is still in it even though most countries are over it.

Another thing is that cryptocurrencies are hard to regulate so I assume it won't be applied individually instead they might focus on exchanges by applying the tax indirectly.

[MrcMrc]

Some countries, e.g. the US, have created regulatory policies that place a tax on cryptocurrency transactions, most especially the merchant and centralized exchanges. This to me is not offensive action against cryptocurrency but a model through which public adoption and usage to be controlled.

[Jacksoon999]

I don't worry that much in taxation in my country, as long as I am on the threshold that doesn't have to file taxes, I am safe from all of this not to mention that the tax bureau in my country will probably enforce this kind of thing for about 3 months max and then after that, that is faded into obscurity.Some countries, e.g. the US, have created regulatory policies that place a tax on cryptocurrency transactions, most especially the merchant and centralized exchanges....

[jrrsparkles]

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

If you are talking about the US president Biden's double tax for the capital gains amd the price crash then you are wrong. Because it is not going to affect a normal trader who are making in thousands because it's only for millionaires.

[livingfree]

It depends to your country if they're going to put tax on it.

In my country, there is no tax for crypto investment yet. So, we don't need to worry about the crypto tax now. But if most countries in the world apply to put tax for crypto holders, I am sure our government will follow it. Then, finally, all people in the world will be affected by the tax. Actually, this is bad news, but I think it won't last. The big impacts may appear at the beginning of tax application among the countries around the world. Then, everything will be normal again as usual.

To be honest, I really hope the crypto tax to not apply in my country. It is enough that the government orders the exchanges to pay tax.

In which country you're living?

Your country don't impose tax for crypto profits and yet they're supporting it. I think if there are other crypto investors that are living in those countries that have been imposing huge tax and might read what you've said, they might want to migrate there. 

It's only a matter of time that your country will impose the same as others.

[Luqman]

-snip-

I live in Indonesia. Here, crypto holders or traders are still no obligation to pay taxes for their crypto assets. But for crypto exchanges, there are quite strict regulations and must pay taxes. Yeah, you are probably correct, it is only about time that our government will apply taxes of crypto holders or traders. They must think about the potential income for our country from the crypto sector. Moreover, crypto investment or trading is going to be more popular currently.

[janggernaut]

What news are we talking about here? You haven't shared any links talking about the "tax rumors"

In my opinion, I don't think the "tax rumors" can actually crush the market. The recent correction was inevitable after several green month candles and New Bitcoin all-time highs. In order for the market to stay normal, corrections must happen.

Besides most popular Countries in the crypto world tax crypto gains, so it's not something new.

It's not rumor but it's a fact. OP is reffering to "Biden tax" as you can read it on here https://www.investopedia.com/explaining-biden-s-tax-plan-5080766

Whales have sold their btc after this news on yesterday, that's why bitcoin price fallen to $47,000 on yesterday but it's already recovered a little.

[Willitivity]

Some countries, e.g. the US, have created regulatory policies that place a tax on cryptocurrency transactions, most especially the merchant and centralized exchanges. This to me is not offensive action against cryptocurrency but a model through which public adoption and usage to be controlled.

That is not even the main problem. The main problem is the fact that the tax on capital gains are about to get doubled which might not seem like a big deal to some people but it truly is. Crypto traders and holders can't get maximum profits from their crypto endeavours and end up paying all of it to the government. They just want to push the button and see how far we'd am react and we did react poorly by dumbing our bags  with other panic sellers.

[Ararbermas]

Government always want to grab some money everywhere. Lol and you know what in my country they also trying to put tax even in online business through social media when ppl try to push their stuff due to the pandemic.. How about crypto currency wherein very useful and more ppl can literally gain massive money in it? For me in my own opinion its very unfair i don't know if you all will agree on to what the government trying to do with crypto.. Because they're out of this business  indeed.

[Julien_Olynpic]

You may not believe me, but I believe that the tax hikes from Biden have almost nothing to do with the correction in the cryptocurrency market. Correction in cryptocurrencies occurs due to the fact that most of the assets are extremely overbought, traders are looking for a reason to take profits. Markets need a break in growth. This is only indirectly related to Biden's taxes. If the money printer continues to work, then the markets will continue to grow despite Biden's taxes.

[indo1]

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I believe the market persists and makes bitcoin sideways, I know taxes have a huge effect on many stock markets, even cryptocurrencies. But will this be the same as 2018? where many regulations make bitcoin fall. I think this year was a little different, the giant businessmen came in - I didn't understand much about regulation. But everyone loves bitcoin.

[target]

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I believe the market persists and makes bitcoin sideways, I know taxes have a huge effect on many stock markets, even cryptocurrencies. But will this be the same as 2018? where many regulations make bitcoin fall. I think this year was a little different, the giant businessmen came in - I didn't understand much about regulation. But everyone loves bitcoin.

I'm hopeful it's not like 2018 that it will drop terribly because of the adoption because there's paypal, Visa and MasterCard are already adopting BTC. But we shall see when there will exchanges that will be seized by governments.

It's not a good time for tax laws to be adjusted this high while the poor are suffering already. Investors will also be taxed as their investments grow and this will lead investors to hide their wealth.