Topic: Will crypto exchanges be banned/taxed ? - page 2. (Read 551 times)
Implementing taxed to exchanges is much better the banning it. If the government applies charges to those exchanges then it is pretty much a good sign that they accept crypto currency rather than pushing to banned it. And in fact these companies of exchanges are already have a permit to regulate the exchanges of cryptocurrency in their country so, eventually crypto currencies will be legalized sooner or later.
The govs don't want common people to make money or escape from their poverty, so they are trying to hinder the crypto ecosystem in general.
For example we hear about crypto exchanges to be banned in some countries, or be heavily taxed so that the govs take significant earnings without doing nothing.
"Regulation" after all is just an extorsion: if you , Bitstamp (for example) , don't give me a good part of your earnings, you can't operate.
And the gov is not going to give any service in return, they just take their slice of the pie for nothing.
And at the end of the day it is not Bitstamp the one who is losing money due to "regulation".
We are.
Because Bitstamp and all regulated exchanges will be raising their fees due to the taxes and we are the ones who must pay the gov to keep the exchange alive.
What can we do to avoid this issue?
The solution that is gaining popularity are decentralized exchanges like Waves or Streamity ,
which are good for crypto-only trading.
But what about FIAT deposits?
How do "decentralized FIAT deposits" work , if they exist?
i can think of 2 solutions to this problem:
- Use FIAT to buy GPUs, mine coins with them, then use the mined coins to trade on DEX (decentralized exchange) platforms
- Buy crypto with FIAT directly from other people, that you can meet in forums or online announcements, Localbitcoins.com and similar sites
Well i know it's more "comfortable" to just do a bank transfer to an exchange's account , but this will have a cost for you: the gov will know what you are doing with that money, how many coins you bought , etc., so they may tax you because they think you are making profit.
While if you buy GPUs they cannot assume you are mining. You say you are just playing video games.
So your earnings are anonymous.
They don't even know you bought GPUs if you buy them at local shops with cash.
Being anonymous is worth the struggle even if it takes a bit of "discomfort" , as you are going to avoid a lot of nuasances.
Crypto exchanges will not be banned and that’s for sure. They will surely be taxed on the other hand. Exchanges might close under pressure from government, but they wont be banned from operating. But most importantly all crypto exchanges will get regulated in the near future that will give government all transparency and help them stop any illegitimate activities taking place of track down any terrorist funding that is happening. Moreover people will no longer be able to hide their income in form of cryptos and will have to pay the taxes one way or the another. Though there will remain anonymous exchanges, but sooner or later people will convert their holding to fiat money.For example we hear about crypto exchanges to be banned in some countries, or be heavily taxed so that the govs take significant earnings without doing nothing.
"Regulation" after all is just an extorsion: if you , Bitstamp (for example) , don't give me a good part of your earnings, you can't operate.
And the gov is not going to give any service in return, they just take their slice of the pie for nothing.
And at the end of the day it is not Bitstamp the one who is losing money due to "regulation".
We are.
Because Bitstamp and all regulated exchanges will be raising their fees due to the taxes and we are the ones who must pay the gov to keep the exchange alive.
What can we do to avoid this issue?
The solution that is gaining popularity are decentralized exchanges like Waves or Streamity ,
which are good for crypto-only trading.
But what about FIAT deposits?
How do "decentralized FIAT deposits" work , if they exist?
i can think of 2 solutions to this problem:
- Use FIAT to buy GPUs, mine coins with them, then use the mined coins to trade on DEX (decentralized exchange) platforms
- Buy crypto with FIAT directly from other people, that you can meet in forums or online announcements, Localbitcoins.com and similar sites
Well i know it's more "comfortable" to just do a bank transfer to an exchange's account , but this will have a cost for you: the gov will know what you are doing with that money, how many coins you bought , etc., so they may tax you because they think you are making profit.
While if you buy GPUs they cannot assume you are mining. You say you are just playing video games.
So your earnings are anonymous.
They don't even know you bought GPUs if you buy them at local shops with cash.
Being anonymous is worth the struggle even if it takes a bit of "discomfort" , as you are going to avoid a lot of nuasances.
China is going to introduce official wallet and thus control the industry. It’s their style: fisrt ban and then create their own
And that shows how hypocritical they are. I thought their plan all along was to ban cryptocurrency, so why would they want to create their own? However, I am not sure if the official wallet you said they are creating is going to be for their centralized cryptocurrency or general multi cryptocurrency wallet and would you mind sharing the source of this as I could not get anything online? Nevertheless, I know what it would all ball down to is the exchanges being regulated and taxed. This can happen in the future. The government may impose taxes and seals on the crypto trading floors, where transaction fees will increase significantly. They can force the investors to voluntarily accept the transaction fee + tax. With investors it is too difficult for them to impose and manage individual taxes.
If they can force the people to pay the tax + transaction fee for any transaction then nobody will do buy any cryptocurrency from the exchange. for selling, if they collect tax maybe some people can pay but for buying no one will ready to pay. If this rule implemented means automatically the crypto demand will fall.
This can happen in the future. The government may impose taxes and seals on the crypto trading floors, where transaction fees will increase significantly. They can force the investors to voluntarily accept the transaction fee + tax. With investors it is too difficult for them to impose and manage individual taxes.
Tax is something we cannot run for and as long as we are converting to fiat via exchanges, I see no reason why we should want to run away from it. Taxing is something we know the government is definitely going to use to benefit from the evolution that blockchain technology has done and as long as people will always find it necessary to still make use of fiat and the exchanges, then tax will be definite. Your concerns are right but crypto trading will not be banned as there tons of money has been invested. It will be regulated and taxed for sure and we will have to pay the tax. As of now we need the exchange or platform which will provide easy to use one stop solution suitable for individual or businesses regardless their level of experience by respecting tax rules and avoiding any case of money laundering.
The governments know the only way they can let things go smoothly is to regulate the exchanges rather than trying to ban them. Everyone have a reason why they want to make their transaction in cryptocurrency or why they want to invest and if they feel it is a problem or threat to them, they can create an environment that would make life easy for everyone with fiat which I am sure they won't. I believe exchanges will be taxed and not banned in the long run. 
How will this effect DEXs? Will they have to register as well?
I know your not openly suggesting tax evasion are you now? If you are saying they are taxing us unfairly well welcome to the real world where shit isn't fair. We all are aware of that, but how would anybody prevent getting taxed? They will throw your ass in jail right away 
.
.Taxes are unavoidable. Sooner or later the investors and traders which are avoiding the tax system are being caught. I wouldn't want to play with the taxes. If you look this situation from the financial aspect you can maybe regret that you have reported the tax system but in the end, you will be glad because you will not fear of the possible revealing that you are no - payer.
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Tax evasion is currently popular in the countries with the high tax outcomes but what can you do; the law is law and it is regulated for the security of the country, not for the fun.
Well some yeah it could be possible example like china here is some insights
South korea have manage to tax it
https://news.bitcoin.com/south-korea-tax-cryptocurrencies-current-law/
Here are some news about china and a possible disaster may come just look on the site https://cryptovest.com/news/china-freezes-all-foreign-crypto-trading/
Last one link might not be helpful to you but hey this might affect the crypto values and I'm sharing this for our sake and be aware of the coming disasters.
South korea have manage to tax it
https://news.bitcoin.com/south-korea-tax-cryptocurrencies-current-law/
Here are some news about china and a possible disaster may come just look on the site https://cryptovest.com/news/china-freezes-all-foreign-crypto-trading/
Last one link might not be helpful to you but hey this might affect the crypto values and I'm sharing this for our sake and be aware of the coming disasters.
Crypto exchanges will not be banned. Government especially the tax collectors are know making a proposal that they will put a tax on cryptocurrency transactions.
It will really be stupid of the governments anyway to ban something they can greatly benefit from which is what I am sure they have realized to start making steps in implementing regulation and the target being the exchanges since they are basically centralized. Unless you are making use of these exchanges, there is absolutely no way they can easily put tax on cryptocurrency to cryptocurrency transaction, except to fiat transactions, so everything balls down to the use of the exchanges.Unfortunately in some countries, the payment of tax does not reflect much on the citizens and at the end of the day, you start asking where the whole tax has really been going to. I guess it is just the pocket of those people we placed in power. This is what happening with tax money and at the same time you do not expect them to just keep quiet on it and allow everyone to go about their daily activities evading tax and all. Because tax is the only major source for many countries.
The cryotocurrencies are already taxed by the many governments but I don't think the exchanges can be taxed but if the government want they can shut down that exchange in that country.But exchanges are owned by private parties so government may not involve in this in my opinion.
Well like they say, nobody escapes tax (and death); not even in the crypto world which is suppose to be free and decentralized.
Being taxed would not make the crypto world turn to a centralized entity, the thing is that as long as we are all still going to be making use of exchanges, and converting to fiat, we cannot avoid it.If you even say you want to buy your house or car by paying directly in bitcoin, for some countries where everything is monitored, you may have to explain how you were able to purchase them, moreover, you will still be paying tax on the properties anyway except if you are in a country where the tax laws are not that crazy.
Crypto exchanges will not be banned. Government especially the tax collectors are know making a proposal that they will put a tax on cryptocurrency transactions.
Crypto exchanges will not be banned and it is possible really to impose tax for the government that atleast they could earned from crypto. The thing that we should be is to be prepare in any circumstances because government will follow the laws and regulation but we dont know when it will be. I believe crypto exchanges should be regulated properly. They are not following proper rules, most of them are cheating their clients. If crypto exchanges violate rules then they should be fined heavily and in some cases should be banned.
It is possible to regulates but impossible for now to be taxes.Crypto exchanges will not be banned. Government especially the tax collectors are know making a proposal that they will put a tax on cryptocurrency transactions.
Bitcoin owner was too much knowledgeable, so I think even the government are corrupt they can't trick the crypto currency owner. i think its a long run of time before crypto currencies become taxable.residing.
I think Poloniex will set a precedence after it's bought by Circle. Now securities token can be traded in Poloniex as well. Wall Street is having a stake in the crypto pie as well
This is going to be the next we can expect from the government but don't know exactly how long they are going to take for this legal activity. Once crypto exchanges are legalized then almost cryptocurrency is legalized.
It would not take long for regulation to start taking place and I am sure they would have started thinking the earlier the better which is why so far, they are trying hard to implement it quickly. One thing is that the government cannot watch us all get the freedom we have so much desired and we really have no choice since they are the ones enforcing the laws and always looking for scape goats at the end of the day. We have had our filled time without taxes, so, I guess for everyone to win and for the whole FUD about clamping down on cryptocurrency to subside, regulation as well as taxation will just have to occur.
I believe crypto exchanges should be regulated properly. They are not following proper rules, most of them are cheating their clients. If crypto exchanges violate rules then they should be fined heavily and in some cases should be banned.
It is possible to regulates but impossible for now to be taxes.Crypto exchanges will not be banned. Government especially the tax collectors are know making a proposal that they will put a tax on cryptocurrency transactions.
Bitcoin owner was too much knowledgeable, so I think even the government are corrupt they can't trick the crypto currency owner. i think its a long run of time before crypto currencies become taxable.I believe crypto exchanges should be regulated properly. They are not following proper rules, most of them are cheating their clients. If crypto exchanges violate rules then they should be fined heavily and in some cases should be banned.
It is possible to regulates but impossible for now to be taxes.Crypto exchanges will not be banned. Government especially the tax collectors are know making a proposal that they will put a tax on cryptocurrency transactions.
Bitcoin owner was too much knowledgeable, so I think even the government are corrupt they can't trick the crypto currency owner. i think its a long run of time before crypto currencies become taxable.
I believe crypto exchanges should be regulated properly. They are not following proper rules, most of them are cheating their clients. If crypto exchanges violate rules then they should be fined heavily and in some cases should be banned.
Crypto exchanges will not be banned. Government especially the tax collectors are know making a proposal that they will put a tax on cryptocurrency transactions.
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