2019 was, without a doubt, a milestone for crypto taxation. Countries around the world realized cryptocurrencies are here to stay and adjusted their crypto tax policies as a result. This year alone, several countries have been busy establishing and amending crypto tax legislation. Governments around the world have published updated guidance, changed crypto tax rules, and used crypto tax benefits to attract high-net individuals, while some even banned crypto completely. Looking at the crypto tax legislation worldwide in 2019, one thing is apparent: No one can deny crypto tax anymore. Crypto is considered an asset and is therefore taxable. Whether you pay them or actively choose to avoid them, you are aware of the implications of your actions.
Let’s take a closer look at 2019 worldwide crypto tax legislation:
United States: New guidance, changing tax forms, and enforcement letters:Bermuda: Tax payments with cryptoPortugal: No individuals crypto taxUK: The Queen’s traditional approach commences to cryptoFrance: No crypto to crypto taxDenmark: Seeking profits and losses for 2016–2018Australia: In line with leading Western countriesNew Zealand: Paying salaries with cryptoChina: Virtual property, but not fiat moneySingapore: No value-added tax for crypto and a welcome VAT exemptionThailand: Blockchain use for taxesIran: Tax carrot and stick for crypto miningGeorgia: No value-added tax and prohibition on crypto paymentsBrazil: An obligation to report every crypto transactionContinue Reading on Coin Telegraph