Crypto Taxation Around the Globe — What Do Regulations Look Like?
Shiraz Jagati's original article for cointelegraph.com reduced by 51%
Over the course of the past few months, a number of tax agencies around the globe, have been in the process of creating new guidance frameworks for overseeing their respective crypto industries. These developments clearly point to the fact that crypto is a matter of concern for a number of tax departments around the world - primarily because they provide people with an avenue for commerce that expands beyond today's existing financial systems. Crypto holders within the U.S.
are liable to be taxed on their digital assets that have appreciated in value over the span of a single financial year. Deals involving the the flagship crypto asset are still subject to capital gains tax. Japan - a nation where it is legal for people to facilitate their everyday payments using crypto - digital currencies are treated as commodities that are subject to income tax, capital gains tax and corporate tax.
SingaporeSingapore has been a trailblazer when it comes to crypto taxation - with the government only taxing profits that are acquired via trading activities associated with one's digital currency holdings. BelarusDuring Q1 2018, the Belarusian government passed a law that was designed to legalize crypto activities across the nation as well as make digital currencies exempt from a host of existing tax schemes.
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