Topic: Best country for crypto - page 2. (Read 6283 times)
If to consider my own experience It doesn't matter in which country I am currently. Getting payments in BTC I can easy convert them into cash. And of course I am not talking about 10 000 of USD but up to 5 000. In future more and more countries will accept cryptocurrencies. Just a matter of time.
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Besides the info that you relayed, I’ve kept on reading on the topic and it seems so: Portugal is exempt from taxes on gains made from crypto, providing it is not a professional means of living nor a corporation. I read through another article that seems to depict it pretty well (https://criptoinvest.pt/noticias/bitcoin-impostos-portugal). The article references within a tweet from @cz_binance that got responses from Portuguese people corroborating the fact.There’s also a reference to an article by Forbes (see https://www.forbes.com/sites/rogerhuang/2019/06/24/seven-countries-where-cryptocurrency-investments-are-not-taxed/#7a120a8e7303) that lists seven countries where no tax is applied to crypto investments (* some fine print to be applied as to exactly what is exemp and under which circumstances): Germany, Singapore, Portugal, Malta, Malaysia, Belarus and Switzerland.
Imo, Brazil is very cryptocurrency investor friendly also.
You can sell up to 10k USD every month without paying any taxes, no matter how much you gained . After that, you need to pay 15% of your gains.
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Besides the info that you relayed, I’ve kept on reading on the topic and it seems so: Portugal is exempt from taxes on gains made from crypto, providing it is not a professional means of living nor a corporation. I read through another article that seems to depict it pretty well (https://criptoinvest.pt/noticias/bitcoin-impostos-portugal). The article references within a tweet from @cz_binance that got responses from Portuguese people corroborating the fact.There’s also a reference to an article by Forbes (see https://www.forbes.com/sites/rogerhuang/2019/06/24/seven-countries-where-cryptocurrency-investments-are-not-taxed/#7a120a8e7303) that lists seven countries where no tax is applied to crypto investments (* some fine print to be applied as to exactly what is exemp and under which circumstances): Germany, Singapore, Portugal, Malta, Malaysia, Belarus and Switzerland.
Basically, which country has adopted Crypto and the Blockchain best in your opinion till now?
At first i used to thought that china is the number one leading country in crypto but i was wrong. Even if they had a lot of mining farms etc yet we often hear news from china media that they have ban the crypto. (Although i think they never ban it)
For me it is Japan who has made crypto legalize at very early stage and we never heard any negative news from japan on crypto currencies.
Crypto only for who that open minded and have made the preparation for the preventation.
Usually EU zone are capable to do this.
My country still against the crypto because they still consider crypto as criminal money
Usually EU zone are capable to do this.
My country still against the crypto because they still consider crypto as criminal money
I follow different regions and I like the way Japan treats crypto. I recently read that in Japan, some employees are paid a salary bonus in Bitcoin to help them understand digital currencies.
Personal thoughts and opinions.
For me at the moment there are two countries that have adopted cryptocurrency and blockchain well.
Maybe these two countries are no strangers to people who have visited it.
Cryptocurrency and blockchain are familiar in the ears of the local people.
1.Ekuador
BITCOIN
Ecuador: This country is the first to use a payment system with cryptocurrency like Bitcoin, or digital money implemented by the local government.
In 2015, the State of Ecuador established its system (Dinero Electronico) to suppress government schemes in replacing old banknotes with new ones.
To replace banknotes, Ecuadorians now can save digital / electronic money.
Even more great now that all citizens can pay taxes and public facilities and taxis with cryptocurrency / digital money like Bitcoin etc, anywhere and anytime, pantastic isn't it.
You are interested in visiting Ecuador.
2. Singapura
BITCOIN
Another story with this one country, Singapore This is a very small country compared to its neighbors,
However, this country is also one country that is very friendly with Bitcoin.
This country's economy is quite great with its global business,
In Singapore Crypto / Bitcoin can be said to be goods that are sold / bought with a nominal tax of 7%, great isn't it.
The most interesting thing in Singapore, the local government does not prohibit Crypto / Bitcoin, and also the biggest bank (DBS) in the country is open and fully functional for Bitcoin users.
So if you visit this country (Singapore) you don't need to bring banknotes in your country, just save Bitcoin in your cellphone wallet and exchange it in Singapore for dollars, it's very safe easy isn't it.
For me at the moment there are two countries that have adopted cryptocurrency and blockchain well.
Maybe these two countries are no strangers to people who have visited it.
Cryptocurrency and blockchain are familiar in the ears of the local people.
1.Ekuador
BITCOIN
Ecuador: This country is the first to use a payment system with cryptocurrency like Bitcoin, or digital money implemented by the local government.
In 2015, the State of Ecuador established its system (Dinero Electronico) to suppress government schemes in replacing old banknotes with new ones.
To replace banknotes, Ecuadorians now can save digital / electronic money.
Even more great now that all citizens can pay taxes and public facilities and taxis with cryptocurrency / digital money like Bitcoin etc, anywhere and anytime, pantastic isn't it.
You are interested in visiting Ecuador.
2. Singapura
BITCOIN
Another story with this one country, Singapore This is a very small country compared to its neighbors,
However, this country is also one country that is very friendly with Bitcoin.
This country's economy is quite great with its global business,
In Singapore Crypto / Bitcoin can be said to be goods that are sold / bought with a nominal tax of 7%, great isn't it.
The most interesting thing in Singapore, the local government does not prohibit Crypto / Bitcoin, and also the biggest bank (DBS) in the country is open and fully functional for Bitcoin users.
So if you visit this country (Singapore) you don't need to bring banknotes in your country, just save Bitcoin in your cellphone wallet and exchange it in Singapore for dollars, it's very safe easy isn't it.
My country is not bitcoin-friendly at all. A couple of years ago, Government announced that bitcoin is completely illegal and also there is punishment for the user. If We talk about the best bitcoin-friendly country then it's surely Malta. The prime minister of Malta is fond of Cryptocurrency.
There are also Japan, Singapore, Switzerland in the list of top bitcoin-friendly in the world. These countries are practicing cryptocurrency effectively.
I am in Vietnam, and my country also issued a ban on cryptocurrencies, this information came from the central bank, banning cryptocurrency transactions, about 1 year ago. However, until now, everything has been going as without a ban, the state has relaxed, even appeared many scams through ICOs or lending programs through cryptocurrencies. There are also Japan, Singapore, Switzerland in the list of top bitcoin-friendly in the world. These countries are practicing cryptocurrency effectively.
For me any country that do accept cryptocurrency is good for crypto. Pinpointing countries will be very difficult cos each country has a way they're supporting and believing in cryptocurrency.
Danemark
Portugual
Andora
Accept crypto, no tax.
I'm living in France and it's ok but with a lot of taxes.
getting different mass answer from this question is sure.
someone even maybe bias about it and give support to their country I do not think it's about the country that adopted cryptocurrency but about the people that adopted the cryptocurrency, cryptocurrency and blockchain technology is to unite the world as a whole and not fractional countries. So the best country that adopts cryptocurrency is the entire world
someone even maybe bias about it and give support to their country I do not think it's about the country that adopted cryptocurrency but about the people that adopted the cryptocurrency, cryptocurrency and blockchain technology is to unite the world as a whole and not fractional countries. So the best country that adopts cryptocurrency is the entire world
My country is not bitcoin-friendly at all. A couple of years ago, Government announced that bitcoin is completely illegal and also there is punishment for the user. If We talk about the best bitcoin-friendly country then it's surely Malta. The prime minister of Malta is fond of Cryptocurrency.
There are also Japan, Singapore, Switzerland in the list of top bitcoin-friendly in the world. These countries are practicing cryptocurrency effectively.
There are also Japan, Singapore, Switzerland in the list of top bitcoin-friendly in the world. These countries are practicing cryptocurrency effectively.
If i have to talk about my country, there are no restrictions here in Turkey, there is no tax either. However it is traced by government as it is sometimes used for illegal things.
I am sure in no more than 2 years, there will be tax implemented by government for crypto gains.
I am sure in no more than 2 years, there will be tax implemented by government for crypto gains.
For me any country that do accept cryptocurrency is good for crypto. Pinpointing countries will be very difficult cos each country has a way they're supporting and believing in cryptocurrency.
In my opinion Malta and Japan are best country for crypto. Both country are very digital-friendly and we can find a lot of merchants that accepts BTC as a payment method.
After Malta, Japan, there are few country to go ahead Singapore, Slovenia, Estonia, Korea, Gibraltar, Philippines, Switzerland etc.
After Malta, Japan, there are few country to go ahead Singapore, Slovenia, Estonia, Korea, Gibraltar, Philippines, Switzerland etc.
Malta is the best country for crypto. There's bright outlook for cryptocurrencies in Malta.Malta is financial quasi governmental info site, reports that Malta does not yet have laws in place for the taxation of cryptocurrency.
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I still have some doubts on Portugal’s stand as I stated a few posts above, and I’m not completely certain that the media has not misinterpreted the part for the total. The link I referenced above (https://www.audico.pt/wp-content/uploads/2019/08/57_INFORMACAO_14436.pdf) talks about “IVA” (tax applied to purchase of goods), but I cannot (perhaps due to my limited capabilities to understand a document in Portuguese) see references to “IRS” (tax you pay based on your income).Perhaps someone with good command of Portuguese could help clarify (@Bitmover?).
Hello,
I am not from Portugal, but I have a quite good understanding about taxes in Brazil.
What we call in Brazil and Portugual IVA is a kind of taxation called Value Added Tax.
From wikipedia:
This article explains it a bit better I think.
It is written in Portuguese language, so you still need translator, human or AI...
https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/
It is written in Portuguese language, so you still need translator, human or AI...
https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/
This article is poorly written, as it was clearly written by someone who doesn't understand cryptocurrency very well. But it is directed to miners:
Quote
https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/
"A empresa portuguesa que contactou o Fisco procura criar criptomoedas"
(The company that contact Internal Revenue Service seeks to create cryptocurrency)
"A empresa portuguesa que contactou o Fisco procura criar criptomoedas"
(The company that contact Internal Revenue Service seeks to create cryptocurrency)
From those two documents, there is no proof that trading operations are IRS free in Portugal.
Edit:
I found a more interesting document from 2016, which clearly states that selling cryptocurrency is tax free.
Quote
https://info.portaldasfinancas.gov.pt/pt/informacao_fiscal/informacoes_vinculativas/rendimento/cirs/Documents/PIV_09541.pdf
Conclui-se assim que a venda de cripto-moeda não é tributável face ao ordenamento fiscal português, a não ser que pela sua habitualidade constitua uma atividade profissional ou empresarial do contribuinte, caso em que será tributado na categoria B
(It follows that the sale of crypto currency is not taxable under the Portuguese tax system, unless it usually constitutes a taxpayer's professional or business activity, in which case it will be taxed in category B)
Conclui-se assim que a venda de cripto-moeda não é tributável face ao ordenamento fiscal português, a não ser que pela sua habitualidade constitua uma atividade profissional ou empresarial do contribuinte, caso em que será tributado na categoria B
(It follows that the sale of crypto currency is not taxable under the Portuguese tax system, unless it usually constitutes a taxpayer's professional or business activity, in which case it will be taxed in category B)
We can only speculate on that.
I have been in Portugal few times, and they have more relaxed attitude in general,
compared to other western countries.
How can we verify if this news is true?
1. ask someone from Portugal community
2. go in Portugal and check for yourself
I have been in Portugal few times, and they have more relaxed attitude in general,
compared to other western countries.
How can we verify if this news is true?
1. ask someone from Portugal community
2. go in Portugal and check for yourself
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I’m still not completely convinced of this tax laxation on the IRS front. I’ve read multiple sources that indicate that they do not pay taxes in Portugal for BTC gains when converting it to FIAT, but that apparently is limited to personal investments, but does not apply when it turns into a professional activity (then you need to pay taxes through your IRS, although where to draw the line between an investment and a professional activity may not be that clear). I’m also curious as to whether the situation is “temporary” due to the lack of tighter defined regulation in Portugal, or whether the regulation explicitly covers the exemptions from IRS taxation. That's why it would be interesting for native Portuguese to help clarify the factual operational stand there.
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“desculpas”, I forgot you were from Brazil and not from Portugal. Thanks for the info. It kind of looks like it is exempt from IRS from a personal investor’s stand, and the referents go back a bit more than I thought. I wonder how it is really working out in practice (they could extent their regulatory experience across the border, to my personal contempt …).
This article explains it a bit better I think.
It is written in Portuguese language, so you still need translator, human or AI...
https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/
It is written in Portuguese language, so you still need translator, human or AI...
https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/
<…>
I still have some doubts on Portugal’s stand as I stated a few posts above, and I’m not completely certain that the media has not misinterpreted the part for the total. The link I referenced above (https://www.audico.pt/wp-content/uploads/2019/08/57_INFORMACAO_14436.pdf) talks about “IVA” (tax applied to purchase of goods), but I cannot (perhaps due to my limited capabilities to understand a document in Portuguese) see references to “IRS” (tax you pay based on your income).Perhaps someone with good command of Portuguese could help clarify (@Bitmover?).
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