Crypto tax in your country: what do you think?

[MrSpasybo]

So far, we have always wanted crypto to be officially recognized because it will have positive effects such as:
+New projects related to blockchain & crypto are allowed to exist;
+Start-ups can raise capital more easily;
+ Crypto community will grow more.

However, every right comes with a responsibility. Crypto is tied to a crypto tax. Some countries like the US and South Korea have taxed crypto profits. The tax is quite high: 20-30%.

This creates great pressure on crypto community, even though the profits from crypto are quite large. Vietnam has not yet accepted crypto, so Vietnamese crypto community is not obligated to pay taxes on crypto profits. Many community members want this to continue as they can save millions of dollars each year.

What do you think about this? Do you want officially accepted crypto in your country or want to avoid crypto tax obligations?

[Redix]

I think tax is no problem as far as the number of money to be paid to the government is suitable and fair for crypto users. We cannot avoid it because the government has full control of regulation in each country. Also, if the government asks for the crypto tax, it means they accept crypto and will make sure all crypto users safe to do their crypto bussiness.

[CryptoStar19]

Proper regulations when it comes to taxing crypto gains is a good thing for the crypto space. Tax regulations, as mentioned above, is an indication that a government recognizes crypto as a legitimate investment vehicle.

[WalletInvestor]

In most countries not having clearly defined crypto tax laws doesn't mean you don't have to pay taxes, it just means that there are no uniform rules on how to do that. At least where I am at, you have to pay taxes if you withdraw your crypto profits to your bank account, but how much you have to pay is decided on a case-by-case basis.

[Redix]

At least where I am at, you have to pay taxes if you withdraw your crypto profits to your bank account, but how much you have to pay is decided on a case-by-case basis.

Do you mean withdraw through exchange? The number of fees you paid on each withdrawal through an exchange, isn't the form of taxes from the government. It is a withdrawal fee on the exchange itself, there is nothing to do with the government. It is very different from the taxes applied by the government, so I doubt it is taxes.

[JaneForsy]

Paystub means you deposited money at a specific time and then withdrew it at another particular time, so that's how online payments work. Subsequently, when you want to start money again, you need to ensure you have the proper amount of money (called your balance). If you don't have enough money on your account (negative balance), your bank will block your account to decline your payment. This prevents you from making payments online, which can cost you money in the long run. You can read more about this topic on https://www.thepaystubs.com/.

[Swiss_cheese]

If you need to pay tax, it means you are winning! No big deal, don't be greedy. It a rule to live by

[WalletInvestor]

At least where I am at, you have to pay taxes if you withdraw your crypto profits to your bank account, but how much you have to pay is decided on a case-by-case basis.

Do you mean withdraw through exchange? The number of fees you paid on each withdrawal through an exchange, isn't the form of taxes from the government. It is a withdrawal fee on the exchange itself, there is nothing to do with the government. It is very different from the taxes applied by the government, so I doubt it is taxes.

I know there are fees on the part of the exchange, that's not what I meant as taxes, sorry if I wasn't clear. I meant that when crypto profits appear on your bank account, that is an income that is subject to taxation so that it can be seen as legal income.

[Kristinana]

Crypto taxes might be kind of tricky especially if you don’t like the fact that you have to pay them :p You may read a comprehensive guide about it.

[[email protected]]

Considering how more and more countries are legalizing cryptos, and Bitcoin in particular, I think soon we will see quite a few new legislations covering that.

[reecerispoli]

So far, we have always wanted crypto to be officially recognized because it will have positive effects such as:
+New projects related to blockchain & crypto are allowed to exist;
+Start-ups can raise capital more easily;
+ Crypto community will grow more.

However, every right comes with a responsibility. Crypto is tied to a crypto tax. Some countries like the US and South Korea have taxed crypto profits. The tax is quite high: 20-30%.

This creates great pressure on crypto community, even though the profits from crypto are quite large. Vietnam has not yet accepted crypto, so Vietnamese crypto community is not obligated to pay taxes on crypto profits. Many community members want this to continue as they can save millions of dollars each year.

What do you think about this? Do you want officially accepted crypto in your country or want to avoid crypto tax obligations?

The tax mentioned is an indication that a government recognizes crypto as a legitimate investment

[[email protected]]

That is inevitable, if cryptos are legitimized - government tax every legitimate income.