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Found 5 results

  1. Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.
  2. The situation of regulations and taxes on cryptocurrencies has been a common theme in recent years, where countries such as South Korea, China or Japan have responded in a neutral, positive or negative way, but cryptocurrencies took a back seat during 2020 thanks to the crisis produced by the covid. However, due to the recent bull market, where Bitcoin and other cryptocurrencies have doubled in value in less than a month, the issue of taxes came to light again. This is where companies such as TaxBit come to the fore, TaxBit aims to partially or completely automate the payment of taxes generated from operations in the crypto market. Firms such as Paypal, coinbase and Winklevoss capital have shown they supported TaxBit, investing unknown amounts, suggesting that in the future a regulation for Bitcoin could arrive. 1)What do you think about it? 2)Regulations and Taxes Good for Cryptocurrencies? I am intrigued with what may happen in the future.
  3. Governments depends on tax, without tax a government would be poor and with been pure they have no power I have seen so many unfair contracts made by the government of my country concerning minerals oil etc. This is because the country lacks capital to dig those minerals on their own and yet they need money so they are forced to make those contracts. Here is my concern when crypto goes extreme in a country like this it would be the worse case scenario, it is a good thing in many third world countries crypto has not known and used by many South Africa is not a third world country but see how they panic with so many people been using crypto and thus they government does not get much tax from such user. e With crypto governments can many laws about, yes I agree, but they are laws they can not enforce. Would the third world countries survive?
  4. Bitcoin available for local taxes payment in Switzerland By CryptoKnight| 1 min ago The small Swiss municipality of Zermatt accepts Bitcoin for the payment of local taxes. The company Bitcoin Switzerland has just installed a crypto-payment solution in Zermatt City Hall. Taxpayers can now pay their taxes directly with the first cryptocurrency on the market, bitcoin. The firm’s comment in its latest press release: «Bitcoin Switzerland is thrilled to support the municipality of Zermatt, one of the most popular tourist resorts in Switzerland, with its integrated solution for bitcoin payments,» Residents can send their bitcoins which are then exchanged instantly for Swiss francs and transferred to the municipality’s bank account for the payment of local taxes. By accepting Bitcoin (BTC) as a means of payment, Zermatt once again finds itself among pioneers in the field and supports growing environment of cryptocurrencies. Zermatt is not precursor in the field, indeed the city of Zug already accepts bitcoin as an official means of payment since 2016. Located in the mountains of southern Switzerland, the municipality has 5700 inhabitants, well known for its ski resort and tourist facilities. Last year, The Dolder Grand, a large luxury hotel located in the heights of Zurich, announced its intention to accept bitcoin as a means of payment. == Nice Days for Bitcoin ==
  5. If the U.S. prides itself as a (self-proclaimed) center of digital technology, shouldn't they embrace cryptocurrencies as a new technology with a lot of potential? If they are going to spook crypto users by passing measures like harsh tax laws, and crypto companies decide to move their operations elsewhere, those countries they will move in are going to benefit more from what cryptocurrencies has to offer. The U.S. will lose out a lot if it other useful technologies based on crypto (blockchain just one of the many examples) are developed and used exclusively by countries that are more open to crypto. This is what an executive from Coinbase has in view when he made a statement saying that global customers (not residing in the U.S.) are the future. The U.S. has yet to make a definite clarification on its stand on cryptocurrencies and how it will tax its users. Staking was pointed out in this article. It is defined as "The process of staking involves locking up an amount of a given cryptocurrency in a wallet to participate in the operation of a blockchain in return for rewards." - source here. If the U.S is going to incur taxes on crypto users who is involved in staking to the point where it is barely profitable, it would make sense if staking itself becomes virtually non-existent in the U.S. and more prevalent in other crypto-friendly countries. Those countries in turn have the option to pass their own tax laws in a way that crypto users are not only given a lighter burden, they are given legal protection as well. And staking is only the tip of the iceberg. There are other grievances over the other aspects of crypto that the U.S. should address soon. Other countries are already gaining ground, and some are even adopting crypto-based technology on their own national currencies, while the U.S. is slowly getting lagged behind. source: https://cointelegraph.com/news/coinbase-exec-says-capital-will-flee-us-due-to-crypto-tax-laws
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