This topic has been discussed in our local board. Due to the lack of regulations pertaining to tax on cryptocurrencies, some would argue that the absence of the law means they are not subject to tax. While others would also say it is still taxable since it is still an income and all types of income are taxable unless it's stated that they're not.
I tend to agree with the second argument. I also think those who never filed their crypto profits will be required to pay sooner or later with huge penalties.
This may lead to several possible outcomes, which all have a huge impact on cryptocurrencies as such:
1) If you have used cryptocurrency for buying something, you may be forced to present invoice/receipt for such action/contract. Here we can argue - should companies have in such case registered wallets working more or less in the same way as bank accounts? What about defining the cryptocurrency value for VAT purposes? With fiat currencies, these are usually foreign exchange rates as published by the central bank. In this scenario there is a slight chance, the authorities could start accepting tax payments in crypto (eg. 23% of BTC amount, not its value in eg. USD).
2) Taxation reforms - as speaking of the price itself, should taxation apply to profit made per each transaction, or annual summary? What in situation like this: you bought 10 BTC at the 2018 bottom ($4000/1BTC) and sold it at 2019 highs ($12000/1BTC), next bought at the end of the year 15 BTC for $8000 each. In this case what should be taxed? The total value of BTC at the end of the year, its price per each coin?
