Author

Topic: new tax rumor on crypto (Read 601 times)

legendary
Activity: 2758
Merit: 1228
May 19, 2021, 06:28:49 PM
#59
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

tax is imposed which means it has been recognized by the government, yes this is good news but it is also bad news,
because if a merchant's income is still below $ 1000 and is taxed it is clearly very funny, especially if a holder has to pay taxes it adds to the burden on the holder himself,
if You are a holder and feel the dump today, of course everything is very frustrating, yes taxes can also kill for holders and traders

Good news from what regulation or something? Since I don't find this good since imagine theirs a part of your profit has been taken and thats totally insane. But if they would really implement this well there's nothing we can dl from it but lets hope they will do a strict ruling on how they can fight crypto scams and other frauds.
hero member
Activity: 2884
Merit: 579
Hire Bitcointalk Camp. Manager @ r7promotions.com
May 19, 2021, 06:22:13 PM
#58
tax is imposed which means it has been recognized by the government, yes this is good news but it is also bad news,
because if a merchant's income is still below $ 1000 and is taxed it is clearly very funny, especially if a holder has to pay taxes it adds to the burden on the holder himself,
if You are a holder and feel the dump today, of course everything is very frustrating, yes taxes can also kill for holders and traders
What the government recognizing is that you've gained profit and they wouldn't care if it's from crypto. If the law is just talking about gain, they really don't about the source as long as you're declaring that you've made profit.

And it's a different thing from a government that taxes crypto directly each time you take it in cash. The part for which any amount you gain through crypto is going to be taxable and that's different from the first part that I've explained.
full member
Activity: 1736
Merit: 116
May 19, 2021, 06:19:00 PM
#57
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.

At the end of the day every country has different rules regarding taxes on crypto. There are countries that impose taxes every time we make profit
from crypto, other country do not impose taxes at all. Depending on which country we live in, in my country the government has not yet taxed
income earned from cryptocurrency. Likewise in your country, maybe the crypto community is still considered small. So the government hasn't
imposed taxes yet, but I agree with you, someday in the end if the crypto community is getting bigger surely the government will impose taxes.
full member
Activity: 1610
Merit: 103
The OGz Club
May 19, 2021, 05:46:28 PM
#56
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

tax is imposed which means it has been recognized by the government, yes this is good news but it is also bad news,
because if a merchant's income is still below $ 1000 and is taxed it is clearly very funny, especially if a holder has to pay taxes it adds to the burden on the holder himself,
if You are a holder and feel the dump today, of course everything is very frustrating, yes taxes can also kill for holders and traders
hero member
Activity: 2814
Merit: 734
Bitcoin is GOD
May 18, 2021, 01:44:33 PM
#55
when it was still of little value and no one was interested, let alone seeing it firsthand, because it was considered a waste of time doing anything related to bitcoin. but all that is no longer the case nowadays, all are starting to look for profits from the existence of bitcoin and pay attention and can participate in it to be able to enjoy the improvements that are now happening.

actually it is only natural that the government will take tax from the profits we get as long as we make transactions with bitcoin, and most importantly there are regulations that have been made to regulate all of that. but it is rather difficult if there is no good intention from the user to pay, the government could determine certain institutions to be ratified as tax revenue regulations by giving complete permission that every exchange is only through the institution and is directly taxed when every transaction.
I believe these huge corporations starting to buy billions of dollars worth of bitcoin made this a situation. I mean governments had to do something about it because these companies were pouring money into it like crazy and there had to be laws. What happens when you put in 1 billion dollars and it becomes 5! That is not like me putting in 1k and getting out 5k that would not matter to government it is too small, they wouldn't care about it but when a company does it with one billion that becomes a huge tax to care for, I mean just taxing the profit of 4 billion at a 25% rate would mean 1 billion dollars in a nations vault, that is a huge deal.

This is why I believe governments started only after they realized there was a huge amount of money to be made from it, a combined 10 + billion in taxes is quite possible in a nation like USA for example when bitcoin goes up.
True, however this is what governments do not understand, if they begin to pass laws that tax the gains in fiat once companies sell their bitcoin then do you know what it is going to happen? Those companies are going to become the biggest holders of bitcoin around the world.

After all you cannot tax gains until those companies sell their bitcoin which means that most of those companies will just refuse to do it, this already happens in the stock market as well in which many executives refuse to take bonuses on cash since they can be taxed on it and instead take stocks, so I think something similar is going to happen here.
hero member
Activity: 2828
Merit: 611
May 15, 2021, 01:49:38 PM
#54
when it was still of little value and no one was interested, let alone seeing it firsthand, because it was considered a waste of time doing anything related to bitcoin. but all that is no longer the case nowadays, all are starting to look for profits from the existence of bitcoin and pay attention and can participate in it to be able to enjoy the improvements that are now happening.

actually it is only natural that the government will take tax from the profits we get as long as we make transactions with bitcoin, and most importantly there are regulations that have been made to regulate all of that. but it is rather difficult if there is no good intention from the user to pay, the government could determine certain institutions to be ratified as tax revenue regulations by giving complete permission that every exchange is only through the institution and is directly taxed when every transaction.
I believe these huge corporations starting to buy billions of dollars worth of bitcoin made this a situation. I mean governments had to do something about it because these companies were pouring money into it like crazy and there had to be laws. What happens when you put in 1 billion dollars and it becomes 5! That is not like me putting in 1k and getting out 5k that would not matter to government it is too small, they wouldn't care about it but when a company does it with one billion that becomes a huge tax to care for, I mean just taxing the profit of 4 billion at a 25% rate would mean 1 billion dollars in a nations vault, that is a huge deal.

This is why I believe governments started only after they realized there was a huge amount of money to be made from it, a combined 10 + billion in taxes is quite possible in a nation like USA for example when bitcoin goes up.
member
Activity: 243
Merit: 10
May 15, 2021, 12:17:12 PM
#53
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.

You can't prevent things to happened, along the way with crypto's wide acceptance,


the chance that your country will learned and understand the losses that maybe they overlooked or due to un-awareness they are not

implying taxes yet, but sooner  or later once they've realized that rules will be there to chase those crypto holders.

No longer small community around the world so expect that it will happen not far from now.
But from the information that I understand about crypto, each wallet address and transaction seems to be a string of characters, it is unclear about the origin and it is relatively difficult to query the exact owner, although governments have control over the internet system but their scope is also within permissible issues, the rules of privacy and individual rights still need to be preserved. Tax requirements are an unlikely expectation when crypto is not a small field, need very intensive settings to impose taxes
legendary
Activity: 2982
Merit: 1028
May 15, 2021, 10:36:40 AM
#52
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.

You can't prevent things to happened, along the way with crypto's wide acceptance,


the chance that your country will learned and understand the losses that maybe they overlooked or due to un-awareness they are not

implying taxes yet, but sooner  or later once they've realized that rules will be there to chase those crypto holders.

No longer small community around the world so expect that it will happen not far from now.
copper member
Activity: 2968
Merit: 575
www.Crypto.Games: Multiple coins, multiple games
May 15, 2021, 10:07:06 AM
#51
Which country are you talking about? You do know that each country has their own laws right? Most of the countries already tax any gains on crypto. Few countries like Portugal (I am not sure though) has no tax on crypto gains. And those few countries are also catching up with all regulations. They will eventually impose taxes on crypto gains. By the way, any link to support your claims? Probably those articles you are reading are just trying to spread FUDs.  As for how the market will react, nothing is going to happen. We won't see a huge change. Maybe a slight drop in the price if major countries add some new regulation, but in the long run, won't be affected much.
member
Activity: 588
Merit: 12
https://i.imgur.com/3fXQC4m.png
May 15, 2021, 08:12:38 AM
#50
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
I think they already know beforehand about the imposition of taxes in every trade sector, especially in the digital sector. their problem falls and is pressured by the amount of tax that needs to be paid, that is a risk that must be faced. but beforehand they already know, at least they know how to reduce the risks faced in the future.
full member
Activity: 2324
Merit: 175
May 15, 2021, 07:09:49 AM
#49
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.
full member
Activity: 2520
Merit: 214
Eloncoin.org - Mars, here we come!
May 15, 2021, 06:41:12 AM
#48
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
Which news was this? you should Give some links and not just telling some nonsense here in this forum , taxes ? how can they put tax directly in crypto? can you give us an example?

actually this has been there for long yet nothing got implemented so when this will be and how can they implement this?
full member
Activity: 1708
Merit: 105
May 15, 2021, 06:23:57 AM
#47
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
We knew that something like this was coming, as long as bitcoin was this small currency that not many people cared about governments were fine letting this market grow but now that it is becoming a significant market and institutional investors are finally showing up here governments want a piece of the action and I cannot blame them.

However it is going to be really difficult for them to actually get it as there are many people that are not really friendly to the idea of paying their taxes and they may decide to never sell because of it, and once we can use our bitcoin directly then forcing people to pay their taxes on their bitcoin profits is going to be even harder.
Yes, when it was still of little value and no one was interested, let alone seeing it firsthand, because it was considered a waste of time doing anything related to bitcoin. but all that is no longer the case nowadays, all are starting to look for profits from the existence of bitcoin and pay attention and can participate in it to be able to enjoy the improvements that are now happening.

actually it is only natural that the government will take tax from the profits we get as long as we make transactions with bitcoin, and most importantly there are regulations that have been made to regulate all of that. but it is rather difficult if there is no good intention from the user to pay, the government could determine certain institutions to be ratified as tax revenue regulations by giving complete permission that every exchange is only through the institution and is directly taxed when every transaction.

Of course, with the existence of regulations, it can be ascertained that the government will gradually recognize it as a legal medium of exchange if it is willing to collect taxes from every transaction. for bitcoin players there is a legal umbrella and of course it is useful.
hero member
Activity: 2814
Merit: 734
Bitcoin is GOD
May 10, 2021, 03:16:48 PM
#46
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
We knew that something like this was coming, as long as bitcoin was this small currency that not many people cared about governments were fine letting this market grow but now that it is becoming a significant market and institutional investors are finally showing up here governments want a piece of the action and I cannot blame them.

However it is going to be really difficult for them to actually get it as there are many people that are not really friendly to the idea of paying their taxes and they may decide to never sell because of it, and once we can use our bitcoin directly then forcing people to pay their taxes on their bitcoin profits is going to be even harder.
STT
legendary
Activity: 4102
Merit: 1454
May 10, 2021, 03:06:26 PM
#45
So far as I know they must tax all potential gains deriving from QE and the government measures that effect and 'help' market assets including crypto.   It wouldnt be that unusual to do despite crypto being separated and not national based, its not much different from taxing a fine art dealer for the profits they may see rise during a booming economy.   We dont have the boom but we do have the monetary expansion so I dont think that occurs without clawing back any profits derived from it.
   I'd rather we have proper capitalism but of course we are so far away from that, its not likely central governments turn away any source of income possible.   I would like to know if that explains the reversal today, I had thought it possible but not immediately like this so I'm not convinced it sticks or forms a trend negatively.
sr. member
Activity: 2226
Merit: 347
May 10, 2021, 02:42:26 PM
#44

I think taxes should be applied if the country protects investors and traders, if there is no protection why pay taxes? yes this is my question,
for me paying taxes is not a problem, but it is a shame if all traders are required to pay taxes, even though not all traders have large capital,
hmm maybe there will be a classification for the pay TAX.

Currently i lived in a country which is considered having a high tax rate among other country and as long as you have earned a lot the more it is higher the tax you're going to pay. Well i am not against on the fact that I will be going to pay tax and the poorest family will benifit it then I will be glad but sadly only a not all tax has been given to them or in any government projects because of corruption and also the fact that this tax may cost me much or even half of earn profit in crypto if ever. But if it would certainly make a positive impact in crypto market then it isn't a big deal at all.
Taxation wont really be giving positive impact to crypto market but rather be an another burden but well it does depend on the government you do have if its corrupt or not.
We cant really deny that citizens are obliged to pay up taxes but since to different regulations and set of laws on each country then this would vary
If ever that taxation on crypto would be given out globally then im sure that it would really be giving us out some difficult choices to make
but wondering on how they would implement it out?
sr. member
Activity: 882
Merit: 269
May 05, 2021, 12:19:22 PM
#43

I think taxes should be applied if the country protects investors and traders, if there is no protection why pay taxes? yes this is my question,
for me paying taxes is not a problem, but it is a shame if all traders are required to pay taxes, even though not all traders have large capital,
hmm maybe there will be a classification for the pay TAX.

Currently i lived in a country which is considered having a high tax rate among other country and as long as you have earned a lot the more it is higher the tax you're going to pay. Well i am not against on the fact that I will be going to pay tax and the poorest family will benifit it then I will be glad but sadly only a not all tax has been given to them or in any government projects because of corruption and also the fact that this tax may cost me much or even half of earn profit in crypto if ever. But if it would certainly make a positive impact in crypto market then it isn't a big deal at all.
sr. member
Activity: 1386
Merit: 250
1XBit.com
May 05, 2021, 11:33:53 AM
#42
In my opinion, this tax will help the growth of the crypto asset industry and ecosystem to be able to continue to develop in various countries, but provided that the tax is at least not too burdensome for investors or traders, with this tax of course  the government will protect the security of investor assets, previously the government I also had a plan to impose taxes before the speech of President joe Biden, right now my government is building a crypto exchange which is indeed managed by the state so that the application of taxes will be easy to apply.
but my question is if the state imposes taxes on investors or traders and of course the tax will still apply if traders experience profit or loss, and it seems that taxes will be imposed if we make withdrawals in the form of fiat money, but when the investor loses, will the government compensate for the loss?? Grin
full member
Activity: 1064
Merit: 101
May 04, 2021, 05:41:07 PM
#41
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
I think taxes should be applied if the country protects investors and traders, if there is no protection why pay taxes? yes this is my question,
for me paying taxes is not a problem, but it is a shame if all traders are required to pay taxes, even though not all traders have large capital,
hmm maybe there will be a classification for the pay TAX.
hero member
Activity: 2044
Merit: 784
Leading Crypto Sports Betting & Casino Platform
May 04, 2021, 11:53:01 AM
#40
Considering bitcoin is traceable and taxes over crypto are going to be raised from now on, the possible effects aren't positive because rich investors will have to find an alternative to protect their money against taxation, cashing out their funds from bitcoin and putting it in anonymous altcoins or another category of investments. Some people don't like this fact, but once rich investors are gone the whole market falls, as these are the ones who most move money around and keep the market pumping.

Furthermore USA is a guideline in the world, so if they are going to raise taxes, it's almost certain another countries will follow their lead.
sr. member
Activity: 2226
Merit: 347
May 03, 2021, 06:18:40 PM
#39
Taxes must be applied to those who meet the criteria, because capitalism needs to be monitored so that things can still be measured and controlled.
I would prefer if taxes are paid only when we withdraw from CEX, because this is already in contact with the official money of a country. However, there is no need for transactions in the DeFi, Dex, and other sectors
Government would rather go nor focused with CEX and try to impose tax deductions whenever a user tends to make some withdrawal and this is the only way i do see that government could get involved into
or trying to sip out those taxes because if we do say that they had already cashed out those coins into fiat then it would really be hard to traced it up because they can decide if they wont be putting up
those cash into banks or any other which means tracing would be hard. Tax rumors is something to become real in near future.For sure government arent just blind on not to take
any steps to filter out on what they do need to filter.
sr. member
Activity: 1316
Merit: 254
United Crowd
May 03, 2021, 06:15:30 PM
#38
Taxes must be applied to those who meet the criteria, because capitalism needs to be monitored so that things can still be measured and controlled.
I would prefer if taxes are paid only when we withdraw from CEX, because this is already in contact with the official money of a country. However, there is no need for transactions in the DeFi, Dex, and other sectors
legendary
Activity: 1946
Merit: 1100
Leading Crypto Sports Betting & Casino Platform
April 28, 2021, 03:46:24 AM
#37
I do not think that tax regulations will weaken bitcoin. And as far as I know, only a few countries are able to impose laws on bitcoin while others (especially third world countries) do not care about bitcoin and some even praise the existence of bitcoin

In a long run, when bitcoin becomes a global currency rather than a digital asset, even the hardest rule can stop bitcoin.


Usually, in an uptrend, people will only concern good news. Bad news, unless they are significant, only has slight impact on the price of bitcoin overall. Besides, we have institutional investors who are backing us strongly
hero member
Activity: 2884
Merit: 579
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 26, 2021, 06:05:55 PM
#36
Crypto exchanges really have to comply with taxation in country's that don't impose tax in crypto profits
It is a must, I know the government ensures the security of the exchanges by applying strict regulations and taxes to them. But applying taxes to the users of the exchanges seems unnecessary because they already pay some money to the exchanges like trading fees or withdrawal fees. Many users also just get small profits monthly and it is also difficult to determine how much money got regularly by trading on the exchanges. So, I agree the government applies taxes to exchanges but disagree if it applies to the users.
They are businesses so they would have to comply no matter what crypto service they offer.

I agree about trading fees, that's already the deduction to the traders because we're charged with fees and as well as sometimes there's also some commission during the withdrawal.
STT
legendary
Activity: 4102
Merit: 1454
April 26, 2021, 02:47:14 AM
#35
Thats an awful idea and in business that would put USA out of line with the rest of the world.    Obviously gains can reverse, taxes can and do have influence on markets by feedback effect with certain cost leading to selling and lower prices and ultimately less capital invested.

Ultimately on taxes you can look at the amount governments spend, they will tax you one way or another and inflation itself is a form of taxation by over production of currency to best favor fiscal budgets first and foremost.   It could be considered fairly inevitable taxes will be levied, the best implementation is always to tax business in a sector not people specifically but as BTC is exchanged globally without a central point that would be hard to do without bringing competitive disadvantage to any USA company involved.  
  Before Biden and about last year prior to the virus deal occurring the same rumor was there for Trump, I thought it was quite serious and would be the cause of a new low some saw coming on the charts but it wasnt that and we've been busy elsewhere.  Arguably they are still distracted elsewhere I dont think it passes this year if it is a thing.
sr. member
Activity: 1988
Merit: 453
April 26, 2021, 01:40:29 AM
#34
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

As long as they are not going to tax unrealized capital gains, we should be fine. The proposal is to make long term capital gains tax equal to the income tax. Now what is going to happen is that most of the investors will postpone their plans to sell cryptocurrency, if they previously had such ideas. This should actually result in an increase in the exchange rates, since a supply crunch will be created as a result.

I am more worried about the demand to tax capital gains that are not realized. This proposal was first put forward by Ron Wyden (Senate Finance Committee) a few years back and now Biden seems to be considering it.
legendary
Activity: 3808
Merit: 1723
April 25, 2021, 11:17:17 PM
#33
Are you talking about that tweet posted by FirstSquak? Its a false tweet. Lately that account is either hacked or they are taking $ to post false info. They have been doing this a few times for the past few weeks.

It seems that some bear whale is paying them like $100K to post false info and cause a market crash. They were a reliable source of info because it was up to date and instant and free however lately alot of their tweets are without actual refences. I tried searching for some of their tweets on google and came up with nothing. So right now I would unfollow them until they stop posting fake news.
member
Activity: 532
Merit: 10
█ J A X N E T W O R K █
April 25, 2021, 07:50:26 PM
#32

The tax rumor is just for the US rich people's increase of the capital gains tax rate. It's simply just for the government to be able to print more money for distribution and then they make the rich pay for it. This is really something to be afraid of if you are rich and from US, that is why it's not surprising for rich individuals to dump their coins.

If you are looking for the URL, its this one https://taxfoundation.org/biden-capital-gains-tax-rates/
Personally, I think, If the rich are subject to a higher tax rate than the average person, this is not uncommon. But Biden's new law is aimed at retrospectively collecting taxes for the rich and sharing it as pro-poor coffers. In general it is not wrong in the form that the Biden policy proclaimed "heals America". But the problem will be in the long run. It can reduce democracy.

At the same time, the Tax Act is only part of bitcoin's sharp decline in the past week. It also has many other problems aggregates. But bitcoin will certainly go straight this week.
sr. member
Activity: 826
Merit: 263
April 25, 2021, 05:55:04 PM
#31
Crypto exchanges really have to comply with taxation in country's that don't impose tax in crypto profits
It is a must, I know the government ensures the security of the exchanges by applying strict regulations and taxes to them. But applying taxes to the users of the exchanges seems unnecessary because they already pay some money to the exchanges like trading fees or withdrawal fees. Many users also just get small profits monthly and it is also difficult to determine how much money got regularly by trading on the exchanges. So, I agree the government applies taxes to exchanges but disagree if it applies to the users.
full member
Activity: 1148
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Hire Bitcointalk Camp. Manager @ r7promotions.com
April 25, 2021, 05:51:12 PM
#30
many countries still do not impose taxes on crypto players, lucky for those of you who do not live in the US.  For more precise information about taxes on crypto, you can read the article below;

Code:
https://edition.cnn.com/2021/04/12/success/bitcoin-cryptocurrency-taxes-feseries/index.html
https://chanfest22.medium.com/a-guide-to-common-us-crypto-tax-scenarios-8174e2ec3e44
https://www.forbes.com/sites/shehanchandrasekera/2021/03/09/whats-your-tax-rate-for-crypto-capital-gains/?sh=2d42a37d71e2

personal opinion: i believe that when the mass adoption of cryptocurrencies occurs, taxes on cryptos will apply worldwide. (we have to prepare ourselves)
hero member
Activity: 3052
Merit: 606
April 25, 2021, 05:19:56 PM
#29
Tax is definitely normal, but a high tax could really make investors and traders panic, however, there's always a solution to that since tax laws are differs from country to country, so we just have to adjust and probably transfer for to a country with lower tax if we really see it as a burden.

This issue or rumor now was probably the reason of the big dump, but its already,  that's pretty basic or normal, and we are heading to a bear market for good, we should still benefit from this.

This is probably the news. https://www.reuters.com/technology/fears-biden-tax-blow-leave-cryptocurrencies-ether-bitcoin-ropes-2021-04-23/
full member
Activity: 1190
Merit: 111
April 25, 2021, 05:08:15 PM
#28
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I think this would depend if the cryptocurrency are based centralized system of course there is obviously have tax in it. But if it is decentralized, well, there is zero tax of course. Unless, the government of your country create a by laws regarding about cryptocurrency, I think it could be happen into reality in the future.
sr. member
Activity: 1484
Merit: 277
April 25, 2021, 04:45:29 PM
#27
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

What I am about to speculate this taxation rumors, it will probably add up with transaction fees or other miscellaneous stuff that triggers increase of commodities related with cryptocurrency. Though it's hard to think but, we should adopt on that because this is what's going to exist in the future. Government would soon incorporate crypto with our economy, so fiat and digital currency will be merged.
legendary
Activity: 2086
Merit: 1058
April 25, 2021, 03:40:07 PM
#26
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
Some countries are already imposing taxes for holding Bitcoin like in Germany but still, there are a lot of countries that didn't bother to ask for it
https://decrypt.co/43513/10-countries-that-dont-tax-bitcoin-gains

Well, If we could just think about how fiat rulers paying their taxes to a certain percentage, it quite similar chargers will also have to see in crypto(if possible). As the growing number of crypto investors, traders, and holders, the more it attracted the government to fully legalize forcing them to pay their taxes. Maybe not this time and the rumored that we have heard had come to possible in the near future. And could really affect the anonymity we have in this crypto market as they surely ask about our identity.
I think bitcoin wasn't this high for most of the time, which caused governments to be late about it as well. There are laws applicable like income tax, if you sell a product and get crypto in return, you still have to pay taxes on it, however if you do not sell anything and just buy bitcoin at low level and sell at high level, that is rarely ever taxed in most nations except a few ones. It means governments were too late to charge taxes on those.

I have to say I would obviously prefer if it was possible for me to not pay any taxes at all, not because I hate taxes, I actually like taxes, why? Because taxes are what makes a nation better, without taxes no nation would ever grow. However I just do not believe my government would ever use those taxes for anything good, they would just make themselves richer instead. If we consider that we may not want to, but if everything else in fiat world pays taxes, then we have to pay taxes as well, there is no way around it.
sr. member
Activity: 784
Merit: 251
April 25, 2021, 01:39:37 PM
#25
Imagining if a country really implements taxes for crypto assets, they may have a partnership with their local excahnge. Or probably they will count it once they are cashing out to the bank account. Well, this issue may be happening in certain countries. However, if it really happens, it may be implemented several percentages of our assets? It may be wow for the whales and many more people will probably ignore to save their assets in the local exchanges or do everything to avoid the taxes.
hero member
Activity: 2884
Merit: 579
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 25, 2021, 01:17:27 PM
#24
-snip-
I live in Indonesia. Here, crypto holders or traders are still no obligation to pay taxes for their crypto assets. But for crypto exchanges, there are quite strict regulations and must pay taxes. Yeah, you are probably correct, it is only about time that our government will apply taxes of crypto holders or traders. They must think about the potential income for our country from the crypto sector. Moreover, crypto investment or trading is going to be more popular currently.
Crypto exchanges really have to comply with taxation in country's that don't impose tax in crypto profits.

Because they are business and it doesn't matter whether they are in crypto or not, as long as it's declared as a business they should really have to comply the laws about it.

you are right. i think the tax free freedom that traders and investors have enjoyed is something that is not easy to let go. it all depends on each country. once it circulates, everyone should be prepared for it.
Yes, once it's being imposed everywhere, we have to accept it.
hero member
Activity: 1680
Merit: 535
Bitcoin- in bullish time
April 25, 2021, 08:00:52 AM
#23
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
Some countries are already imposing taxes for holding Bitcoin like in Germany but still, there are a lot of countries that didn't bother to ask for it
https://decrypt.co/43513/10-countries-that-dont-tax-bitcoin-gains

Well, If we could just think about how fiat rulers paying their taxes to a certain percentage, it quite similar chargers will also have to see in crypto(if possible). As the growing number of crypto investors, traders, and holders, the more it attracted the government to fully legalize forcing them to pay their taxes. Maybe not this time and the rumored that we have heard had come to possible in the near future. And could really affect the anonymity we have in this crypto market as they surely ask about our identity.
jr. member
Activity: 78
Merit: 1
April 25, 2021, 04:57:55 AM
#22
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely.  ?Grin

honestly the majority is not happy with the news, in developed countries they can track and work with exchanges if they want to do it. not all countries will be able to do this. on the long run its a good move but for start it isnt.
jr. member
Activity: 78
Merit: 1
April 25, 2021, 04:52:35 AM
#21
It depends to your country if they're going to put tax on it. In US, you see investors and traders have been responsible to file their tax gains.

And that could be the same as the other countries if they will impose a strict rule about crypto profits. It's not a rumor for some countries who have been applying that law already.

But to some, it will depend to the law that shall be made by your government.
you are right. i think the tax free freedom that traders and investors have enjoyed is something that is not easy to let go. it all depends on each country. once it circulates, everyone should be prepared for it.
legendary
Activity: 2282
Merit: 1041
April 25, 2021, 01:04:34 AM
#20
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I believe the market persists and makes bitcoin sideways, I know taxes have a huge effect on many stock markets, even cryptocurrencies. But will this be the same as 2018? where many regulations make bitcoin fall. I think this year was a little different, the giant businessmen came in - I didn't understand much about regulation. But everyone loves bitcoin.

I'm hopeful it's not like 2018 that it will drop terribly because of the adoption because there's paypal, Visa and MasterCard are already adopting BTC. But we shall see when there will exchanges that will be seized by governments.

It's not a good time for tax laws to be adjusted this high while the poor are suffering already. Investors will also be taxed as their investments grow and this will lead investors to hide their wealth.

sr. member
Activity: 1904
Merit: 256
Vave.com - Crypto Casino
April 25, 2021, 12:54:09 AM
#19
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I believe the market persists and makes bitcoin sideways, I know taxes have a huge effect on many stock markets, even cryptocurrencies. But will this be the same as 2018? where many regulations make bitcoin fall. I think this year was a little different, the giant businessmen came in - I didn't understand much about regulation. But everyone loves bitcoin.
legendary
Activity: 2562
Merit: 3477
April 24, 2021, 11:45:56 PM
#18
You may not believe me, but I believe that the tax hikes from Biden have almost nothing to do with the correction in the cryptocurrency market. Correction in cryptocurrencies occurs due to the fact that most of the assets are extremely overbought, traders are looking for a reason to take profits. Markets need a break in growth. This is only indirectly related to Biden's taxes. If the money printer continues to work, then the markets will continue to grow despite Biden's taxes.
sr. member
Activity: 2016
Merit: 283
April 24, 2021, 11:21:47 PM
#17
Government always want to grab some money everywhere. Lol and you know what in my country they also trying to put tax even in online business through social media when ppl try to push their stuff due to the pandemic.. How about crypto currency wherein very useful and more ppl can literally gain massive money in it? For me in my own opinion its very unfair i don't know if you all will agree on to what the government trying to do with crypto.. Because they're out of this business  indeed.
sr. member
Activity: 1190
Merit: 256
April 24, 2021, 06:45:21 PM
#16
Some countries, e.g. the US, have created regulatory policies that place a tax on cryptocurrency transactions, most especially the merchant and centralized exchanges. This to me is not offensive action against cryptocurrency but a model through which public adoption and usage to be controlled.

That is not even the main problem. The main problem is the fact that the tax on capital gains are about to get doubled which might not seem like a big deal to some people but it truly is. Crypto traders and holders can't get maximum profits from their crypto endeavours and end up paying all of it to the government. They just want to push the button and see how far we'd am react and we did react poorly by dumbing our bags  with other panic sellers.
legendary
Activity: 2394
Merit: 1131
April 24, 2021, 05:47:17 PM
#15
What news are we talking about here? You haven't shared any links talking about the "tax rumors"

In my opinion, I don't think the "tax rumors" can actually crush the market. The recent correction was inevitable after several green month candles and New Bitcoin all-time highs. In order for the market to stay normal, corrections must happen.

Besides most popular Countries in the crypto world tax crypto gains, so it's not something new.
It's not rumor but it's a fact. OP is reffering to "Biden tax" as you can read it on here https://www.investopedia.com/explaining-biden-s-tax-plan-5080766

Whales have sold their btc after this news on yesterday, that's why bitcoin price fallen to $47,000 on yesterday but it's already recovered a little.
sr. member
Activity: 826
Merit: 263
April 24, 2021, 05:41:17 PM
#14
-snip-
I live in Indonesia. Here, crypto holders or traders are still no obligation to pay taxes for their crypto assets. But for crypto exchanges, there are quite strict regulations and must pay taxes. Yeah, you are probably correct, it is only about time that our government will apply taxes of crypto holders or traders. They must think about the potential income for our country from the crypto sector. Moreover, crypto investment or trading is going to be more popular currently.

hero member
Activity: 2884
Merit: 579
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 24, 2021, 03:35:43 PM
#13
It depends to your country if they're going to put tax on it.
In my country, there is no tax for crypto investment yet. So, we don't need to worry about the crypto tax now. But if most countries in the world apply to put tax for crypto holders, I am sure our government will follow it. Then, finally, all people in the world will be affected by the tax. Actually, this is bad news, but I think it won't last. The big impacts may appear at the beginning of tax application among the countries around the world. Then, everything will be normal again as usual.

To be honest, I really hope the crypto tax to not apply in my country. It is enough that the government orders the exchanges to pay tax.
In which country you're living?

Your country don't impose tax for crypto profits and yet they're supporting it. I think if there are other crypto investors that are living in those countries that have been imposing huge tax and might read what you've said, they might want to migrate there.  Tongue

It's only a matter of time that your country will impose the same as others.
sr. member
Activity: 2520
Merit: 280
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 24, 2021, 10:29:30 AM
#12
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
If you are talking about the US president Biden's double tax for the capital gains amd the price crash then you are wrong. Because it is not going to affect a normal trader who are making in thousands because it's only for millionaires.
newbie
Activity: 13
Merit: 0
April 24, 2021, 06:48:22 AM
#11
I don't worry that much in taxation in my country, as long as I am on the threshold that doesn't have to file taxes, I am safe from all of this not to mention that the tax bureau in my country will probably enforce this kind of thing for about 3 months max and then after that, that is faded into obscurity.Some countries, e.g. the US, have created regulatory policies that place a tax on cryptocurrency transactions, most especially the merchant and centralized exchanges....
member
Activity: 518
Merit: 45
April 24, 2021, 03:42:18 AM
#10
Some countries, e.g. the US, have created regulatory policies that place a tax on cryptocurrency transactions, most especially the merchant and centralized exchanges. This to me is not offensive action against cryptocurrency but a model through which public adoption and usage to be controlled.
hero member
Activity: 1106
Merit: 501
April 24, 2021, 01:05:35 AM
#9
Tax is kind of hard to implement in some countries without good technologies, and senates still has to study cryptocurrencies in general before taking any actions regards it, assuming they're interested on it a discussion still is guaranteed so it will surely take a while, and as far as I am concerned the pandemic is still in effect so their priority is still in it even though most countries are over it.

Another thing is that cryptocurrencies are hard to regulate so I assume it won't be applied individually instead they might focus on exchanges by applying the tax indirectly.
hero member
Activity: 3038
Merit: 617
April 24, 2021, 12:29:06 AM
#8

The tax rumor is just for the US rich people's increase of the capital gains tax rate. It's simply just for the government to be able to print more money for distribution and then they make the rich pay for it. This is really something to be afraid of if you are rich and from US, that is why it's not surprising for rich individuals to dump their coins.

If you are looking for the URL, its this one https://taxfoundation.org/biden-capital-gains-tax-rates/
member
Activity: 868
Merit: 63
April 24, 2021, 12:13:49 AM
#7
Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely.  ?Grin
I don't worry that much in taxation in my country, as long as I am on the threshold that doesn't have to file taxes, I am safe from all of this not to mention that the tax bureau in my country will probably enforce this kind of thing for about 3 months max and then after that, that is faded into obscurity.
full member
Activity: 1904
Merit: 138
★Bitvest.io★ Play Plinko or Invest!
April 23, 2021, 07:00:03 PM
#6
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely.  ?Grin

Not many governments can implement right away about tax regulations with regards to crypto. As many of these lawmakers don't have the grasp of what crypto is, they will find it hard how to formulate a law towards crypto. So I think, it will take time for the governments to finally release tax regulations when it comes to crypto. Right now, enjoy this opportunity of dealing with crypto without strict tax regulations from your government.
legendary
Activity: 3122
Merit: 1140
April 23, 2021, 06:59:30 PM
#5
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely.  ?Grin
sr. member
Activity: 826
Merit: 263
April 23, 2021, 06:56:24 PM
#4
It depends to your country if they're going to put tax on it.
In my country, there is no tax for crypto investment yet. So, we don't need to worry about the crypto tax now. But if most countries in the world apply to put tax for crypto holders, I am sure our government will follow it. Then, finally, all people in the world will be affected by the tax. Actually, this is bad news, but I think it won't last. The big impacts may appear at the beginning of tax application among the countries around the world. Then, everything will be normal again as usual.

To be honest, I really hope the crypto tax to not apply in my country. It is enough that the government orders the exchanges to pay tax.
copper member
Activity: 2114
Merit: 1814
฿itcoin for all, All for ฿itcoin.
April 23, 2021, 06:32:23 PM
#3
What news are we talking about here? You haven't shared any links talking about the "tax rumors"

In my opinion, I don't think the "tax rumors" can actually crush the market. The recent correction was inevitable after several green month candles and New Bitcoin all-time highs. In order for the market to stay normal, corrections must happen.

Besides most popular Countries in the crypto world tax crypto gains, so it's not something new.
hero member
Activity: 2884
Merit: 579
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 23, 2021, 06:20:54 PM
#2
It depends to your country if they're going to put tax on it. In US, you see investors and traders have been responsible to file their tax gains.

And that could be the same as the other countries if they will impose a strict rule about crypto profits. It's not a rumor for some countries who have been applying that law already.

But to some, it will depend to the law that shall be made by your government.
jr. member
Activity: 78
Merit: 1
April 23, 2021, 07:45:20 AM
#1
with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
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