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These Countries Have the Best Crypto Tax Legislation: Research

These Countries Have the Best Crypto Tax Legislation: Research

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Digital asset exchange aggregator Coincub conducted a study to find out which countries offer their citizens the friendliest cryptocurrency tax policies. Germany ranked as the world’s crypto tax haven, while Italy and Switzerland ranked second and third respectively.

From the opposite angle, it can be stated that Belgium is the worst country for cryptocurrency taxation, followed by Iceland and Israel. Interestingly, India (where the government applies a 30 percent tax rate to income from digital asset operations) did not find a place in the top five in that statistic.

Germany leads the pack

The leading economy of the European Union – Germany – has recently been in the spotlight of the cryptocurrency market. A few months ago, the country’s Ministry of Finance said that the sale of Bitcoin and Ether will not be taxed if individuals hold the assets for more than a year.

Coincub estimates that this policy, combined with numerous other factors, put Germany in first place when it comes to countries that apply friendly cryptocurrency tax laws to their residents.

“Germany has a surprisingly progressive view of the crypto tax. Overall, it has embraced and formalized the crypto tax situation more than most leading countries. Very generous with no tax on profits if your crypto is held for more than a year seems to be completely in line with a country whose population has a long tradition of saving instead of spending,” the community stated.

In second place is Italy, where residents do not have to pay taxes if their profits from cryptocurrency activities have not exceeded $51,000.

The third is Switzerland, where taxation policy varies by canton. However, residents of most regions are tax-exempt. Singapore and Slovenia round out the top five.

Coincub also revealed which countries have the worst cryptocurrency taxation for residents. Belgium, where citizens derive 33 percent of their income from digital asset transactions, is the first. In addition, crypto profits considered professional income could be taxed up to 50%. Iceland, Israel, Philippines and Japan are the other four countries on the list.

In April this year, Indian authorities imposed a 30 percent tax rate on locals who receive income from cryptocurrency activities. Despite this legislation, the world’s second most populous country was not among the worst crypto tax jurisdictions.

Germany will become a crypto center

Earlier this year, Coincub conducted another study that found Germany to be the most crypto-friendly country in the world in the first quarter of 2022. Its lead was due to the country’s “acceptance of cryptocurrencies and the pioneering decision” to accept investments in the blockchain space, the organization explained.

An example of Germany’s pro-crypto attitude is Sparkasse (the largest domestic financial group) and its intention to offer digital asset services to its nearly 50 million customers.

Previous leader Singapore was second, while the strongest economy – the US – was third. Australia and Switzerland were fourth and fifth respectively.

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