Topic: Crypto Taxation - page 5. (Read 4601 times)

The government are responsible for the security of our accounts, the proper manipulation of the economy, the service that they give to us, and the public facilities that we are using. By this crypto taxation, we can somehow payback for the authority for making us safe in our everyday lives. They are the one who are responsible for the sake of its people that's why we should be glad about them.

But it is true that there are government who are corrupt and the taxes that they get to our crypto can be put into waste and abused by them. Sometimes we just need to become aware of our surroundings on where are our taxes allocated so that we will become more confident about having crypto taxation in our country.

to be transparent then the tax payer must be exposed as well?and this is what we don't wanna have here since all we love in crypto is our
 privacy and our semi anonymity and with this rules i believe many things may change and this same reason why people
here will never agree on this.
i think what will happen here is forever in disagreeing because government wants to have part in crypto but the concern members of the
community will never approved this thing and will always adaptation is at stake .

Tax is good but if the governments are ready to capitalize cryptocurrency and take taxes on transactions then it must be ready to be transparent on the where exactly the taxes go and into whose hands. The government must be accountable for that. This can only be achieve by the same utilization of Blockchain technology by the government.

There is no tax for holding bitcoins in those 8 countries but when you convert them into fiat then you are liable to pay your income tax accordingly and in this category not only 8 countries there are lot more have to be added. Government doesn't want share they literally wants everything you have.

Crypto taxation will be the price to pay when we want the governments to get their share to eventually don´t restrict the living hell out of Bitcoin and co.

Btw, here is a list of countries that don´t tax cryptos: https://news.bitcoin.com/eight-countries-that-dont-tax-your-bitcoin-gains/ 

I think the government should regulate cryptocurrency on a reasonable scale. However, the government of some countries considers cryptocurrency as a means of replenishing the country's budget, and therefore they begin to introduce taxation, as a result of which small investors suffer. But still it is necessary that countries regulate cryptocurrency!

Because the tax object is our property not our form of money. The government cannot control cryptocurrency but the government can control exchangers. The goal of a decentralized system is to eliminate the role of third parties in a process. So tax avoidance should not be considered regardless of the cryptocurrency status in a country whether it is legal or not.

After the pandemic, the government will also aggressively pursue taxpayers to close the budget hole that has not been closed due to stimulus and tax easing during the pandemic. Post-pandemic companies that are not too affected at the time of the corona will be the target of tax.

All business transactions are taxable but are not taxed due to the decentralization of crypto The government has to pay taxes in all cases of fuel and electricity. Crypto has not yet been taxed However, in many parts of the country, tax plans are in place but many do not support it  Because crypto is not under the control of the government. It depends on the market and determines the price of the currency.

Typically taxes relate to regulation and provision of a trading and legal atmosphere for business, if Bitcoin is international and provided by decentralised network then its not really down to any one country to be taxing it.    Same kind of deal applies to air travel which is protected from fuel taxation by United nations agreements.  Unfortunately its going to be a while before crypto has that kind of recgonition.

I remember my topic about Tax in this forum. I wrote the different kinds of tax there and as I have seen in other topics, we are paying already our tax but it is under in indirect tax wherein we pay using transaction fees to the exchanges that registered in SEC.

But if bitcoin will become legally adopted in a country, there is a great impact of it in crypto enthusiasts. Probably, those who hate taxes wouldn't abide and those who store bucks of bitcoin will turn it into fiat again. Though we can't prevent certain changes, legalizing cryptocurrency in our country means we are working with it legally.

I am not against the imposition of tax in cryptocurrency because we are earning with it and as what I have been wrote, tax levied in citizens will use in infrastructure, highways, hospitals and other public utilities. Therefore, tax is needed by the government to run the economy of the country.

Lastly, we are already gaining a lot of profits in this industry so, I think it should be the time for us to pay back in order to help the development of our country by paying our taxes in case it would become legal.

They always require taxes for anything that is legal, so as a crypto enthusiast, we have to choose, either it will be legal or illegal.

These are the possibilities:

~if its gonna be legal, the adoption will grow because people will have the confidence using this knowing it's approve by the government so they'll be protected from scammers, in adoption, it would be easy to educate people if they know crypto is lega.

~if its illegal, we will not pay taxes, but bitcoin will continue to be uncertain as a government could ban it and that will hamper its growth.

It seems that most countries are gradually accepting crypto as legal tender, if they're able to tax it successfully. The world's most powerful countries are already doing this, so it seems that crypto will be here to stay for many generations. Crypto taxation is not an issue, if everything is done in a fair manner. The same way you pay taxes on your Fiat income, the same way should be done on crypto (if sold to Fiat). Cooperation from all ends is necessary for the crypto space to grow towards new heights. But if people refuse to pay their taxes from their crypto holdings, things could go sideways for the development of the crypto/Blockchain industry.

Those who want to avoid paying taxes on their crypto, will simply resort to decentralized exchanges, privacy coins, or in-person trades. Be aware that the government may be on your tail, if it discovers tax evasion on your part. It's always best to comply in order to avoid facing fines or even jail time. The only way you're exempt from this is if you never sell your crypto to Fiat (using it directly for mainstream transactions).

Nonetheless, time will tell us the fate of crypto taxation in the mainstream world. Everything's fine for now, since the industry is largely dependent on centralized infrastructure. Governments can successfully tax crypto within centralized exchanges themselves. If all goes well, we can expect a fruitful relationship between the government and the crypto/Blockchain industry. Otherwise, the growth of crypto in the mainstream world will stale as people wouldn't want to use something that's declared "illegal" by said entity. Just my opinion

I don't see anything wrong with this and I consider taxes on crypto a decent payment for the state not to try to fight with windmills and not to ban crypto. In the end, these taxes will then go to improve your own life, so it is quite an equivalent exchange.

One of Bitcoin's other characteristics or of other cryptocurrencies has been meaningless since the beginning of KYC's growth in centralized exchanges. But it is also a good source of benefits and prevents illegal activities. Seriously, the government really wants to capitalize on the various sources of income. It would be nice if they also used blockchain to find out and we are sure if the tax or fund they are getting goes right and not in their own hands.

In my country, in Ukraine, new laws speak of taxing all additional sources of income. In addition, we are talking about buying expensive things, as well as expensive gifts. It is worth noting that the government allows citizens of their country to use cryptocurrency as a means of payment in some online stores. In addition, citizens have every right to invest, buy and sell cryptocurrency. But each owner of the cryptocurrency will pay a certain tax if he will cash out the cryptocurrency in real money, exceeding the established minimums. I think that practically the same laws exist in other developed countries as the United States and countries of the European Union.

Now the government has to pay tax on almost every job There is no tax here as crypto is decentralized. But like Fiat, if the government controls crypto it will have to pay taxes. But now there is no tax this time we can work independently in crypto without tax.

Right now, enjoy the moment that the government doesn't find a way how to tax our crypto yet. But for those legal crypto exchanges or remittances who are accepting the conversion of crypto to fiat, I am thinking that we are already paying tax just by using their services as they are regulated by the government.

I just wondered why the government would tax on crypto when we used to pay taxes using fiat or national currency. Just buying goods, paying bills, and other taxes, isn't that enough? Maybe crypto can be exempted from taxation because we just want to earn, to receive crypto as a salary in online jobs. But if the day comes that they tax on crypto then hopefully, the sector is not booming, because there are little people like me who rely solely on freelancing...

As long as governments tax crypto holdings in a fair manner, there should be nothing to worry about. Remember, anything that can be sold to Fiat, is considerable as taxable gains for the government. People who use crypto directly for online transactions are exempt from this rule. You're only required to pay your taxes from your crypto holdings if you sell them in exchange for Fiat. It's as simple as that. If people cooperate with the government, they'll give crypto the approval as a legal medium of exchange. Otherwise, you could expect a massive crackdown from these entities into the entire industry.

I believe that privacy coins will end up being used "under the table" as they become "banned" by governments worldwide. Only transparent cryptocurrencies like Bitcoin and Ethereum will "thrive" in the long run. It's much easier to track them for taxing purposes, especially at centralized exchanges with KYC requirements. Taxing on crypto platforms themselves, sounds like a nice strategy for governments to be able to perform the task efficiently. However, decentralized exchanges, atomic swaps, and in-person trades, would prove to be quite a headache for mainstream governments. We'll see how everything unfolds in the future for the entire crypto industry as the space gathers adoption from people in the mainstream world. Just my opinion

Tax is not a bad approach in itself because it is one of the ways governments obtain funds to build the country. Taxes can be imposed on crypto platforms (especially exchanges) but not the individual user. The larger platforms (exchanges )then split it into tiny shares (add to transaction fees) to all users who trade on the platform.