A draft bill in Ukraine has proposed a 5% tax on crypto earnings for the first five years, with no VAT
Cryptocurrencies will not be considered legal tender under the amendment, but they will be accepted as a medium of exchange for some transaction types.
While every other sector of the crypto industry has become better with time, taxation continues to be unnecessarily difficult thanks to regulatory ambiguity and outdated technology.
The U.S. Internal Revenue Service (IRS), the agency responsible for collecting federal taxes in the country, is tackling cryptocurrency.
There’s no doubt that the cryptocurrency ecosystem carries with it a lot of implications tied to legal issues, financial issues and even tax issues.
The lack of understanding in the technology builds resistance that is baseless and somewhat encourages fear of the unknown.
After once banning cryptocurrency, Kyrgyzstan has change its stance drastically once they discovered that taxing it would be more profitable.