Topic: Crypto, taxes and regulations? - page 2. (Read 252 times)
Because Crypto is linked to Fiat and most people exchange Crypto for Fiat, governments will always impose regulations on it. Here in the UK if I exchange Crypto for Fiat it is taxable If I exchange amounts which go over £12,300 I have to pay capital gains. From the Government website "Anyone in the UK who holds crypto assets as a personal investment will be taxed on any profits made on these assets. Saying that you only have to pay capital gains tax on overall gains above the annual exempt amount. ... According to HMRC, the capital losses from cryptocurrency can be considered for the tax liability" So Crypto is not as anonymous and free from government interference as people like to think if you are exchanging for Fiat.
If businesses start to accept it as a form of payment, and people start getting paid with crypto, how are they going to tax it or regulate it?
Before the Government allows businesses to legally accept crypto as payments, a law must have been passed recognizing BTC and other crypto as legal tender. I'm pretty sure part of that law is an attached policy on taxing crypto gains/losses.If you are planning to accept BTC as payment when no tax policy has been approved yet, follow what @mindrust said just to be safe. You don't want to be subject to investigation and accused of illicit activities like money laundering.
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If businesses start to accept it as a form of payment, and people start getting paid with crypto, how are they going to tax it or regulate it?
That will depend on the country. If your country allows crypto to be used as the payment method, maybe your government will apply a tax for business owners who use crypto. But I do not know how they will calculate the tax since the crypto has volatility every minute. The best thing that you can do is visit your authorities and ask them to explain more details so you can know what you need to do and know how much the tax you should pay to the country. If the government does not create regulation for crypto, I think you do not have to pay the tax. 
It shouldn't differ much from what we have right now, just that there's a middle man to handle the taxes. Price-wise it shouldn't change much, even if we take into account volatility. The middle man would probably handle all the adjustments and whatnot, probably a bit of an increase to pay for the fees and volatility handling issues. Still, it is kind of a new area since it's crypto-related taxes, so it would probably go testing and whatnot, especially if the government would fully accept it, they wouldn't really half-heartedly attack the issue.
If businesses start to accept it as a form of payment, and people start getting paid with crypto, how are they going to tax it or regulate it?
The chances are you are going to use a middle man like bitpay and you are going to get USD from the payment processor, not the coins. So accounting-wise nothing is going to change for you.
Are you going to put a fixed price tag in bitcoins on your products? (I don't mean the dollar value) You probably won't.
If businesses start to accept it as a form of payment, and people start getting paid with crypto, how are they going to tax it or regulate it?
Taxing is part of regulations and in any nation, you have to pay taxes for stocks, real estates, etc. because they are part of old and traditional financial markets, not as crypto market.Soon, you will see and have to accept new or adjusted tax policies in your nations. The more years pass, and the more mainstream crypto market reaches, you will see more tax policies and stricter ones definitely.
Companies, employers, employees have to follow rules in your nation. It depends on the laws and tax policies in specific nations. In some nations, there is no tax for crypto tradings as of now
Inflation controlled by community, not the government. Maybe faster transactions, lower operation fees.
And in the same blockchain will continue to exist the free part. They will call it "dark chain" or something like that.
And in the same blockchain will continue to exist the free part. They will call it "dark chain" or something like that.
I think in my country, they will probably impose a really high percentage of tax if they plan to make crypto a legal thing here because they are still on the fence regarding cryptocurrencies and their taxation. But given that they are going to be used by businesses, I am pretty sure that taxes will get a little bit complicated.
If businesses start to accept it as a form of payment, and people start getting paid with crypto, how are they going to tax it or regulate it?
I don't think the question can be answered in general. Within the EU alone, there are already many different regulations regarding crypto-taxation. In France, for example, you only pay taxes when exchanging crypto for fiat, in Germany every single trade is taxable, but all assets are tax-free after one year of holding. As soon as companies start to pay their employees in cryptos, a tax clarification will be necessary here as well, the state will definitely not miss out on any taxes. At least in the EU, there is still a long way to go before salaries can actually be (partially) paid in BTC and co.
If businesses start to accept it as a form of payment, and people start getting paid with crypto, how are they going to tax it or regulate it?
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