Aggressive taxation is holding back crypto adoption in the Start-Up Nation – CTech

Aggressive taxation is holding back crypto adoption in the Start-Up Nation – CTech

The crypto world is back making headlines for all the right reasons, with Bitcoin recently crossing the $60,000 for the first time before slightly dipping in recent days. Bitcoin is the talk of the town once more. How much has it gone up? How much has it gone down? The world, people and governments now understand – Bitcoin is here to stay. But despite the international buzz around Bitcoin, our Start-Up Nation still looks at Bitcoin not as a currency but as a source of profit and as a taxable asset. It is a very different story in other countries.

 

Germany, for example, offers a unique take on taxing digital currencies. Unlike most other countries, it regards Bitcoin as private money, as opposed to a currency, commodity, or stock.

 

Adv. Itay Mor. Photo: Courtesy Adv. Itay Mor. Photo: Courtesy

 

In Belarus, President Alexander Lukashenko signed a decree to turn the country into a crypto-based digital economy. The decree excluded digital tokens from the same regulations as applied to traditional markets in the nation. The law exempts individuals who interact with cryptocurrencies from taxes until Jan 1, 2023.

 

Portugal, one of the most crypto-friendly tax countries in the world, declared in 2019 that it will not tax cryptocurrency and that cryptocurrency trading is not considered investment income. By doing so, Portugal became a crypto haven allowing private people to enjoy their
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