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[Mar20]

The taxation and regulation of transactions involving Bitcoin and other cryptocurrencies vary by country and can be subject to change. In general, governments around the world are still trying to determine the best way to regulate the cryptocurrency industry.
In the United States, for example, the Internal Revenue Service (IRS) classifies Bitcoin and other cryptocurrencies as property for tax purposes. This means that transactions involving Bitcoin are subject to capital gains tax, with the amount of tax owed depending on how long the investor held the Bitcoin and the difference between the purchase price and the sale price.
In Europe, the European Union (EU) has implemented the Fifth Anti-Money Laundering Directive (5AMLD), which aims to prevent the use of cryptocurrencies for illegal activities such as money laundering and terrorism financing. The 5AMLD requires cryptocurrency exchanges and wallet providers to implement know-your-customer (KYC) and anti-money laundering (AML) measures to ensure the identity of their users.
In Japan, the government has taken a more proactive approach to cryptocurrency regulation, legalizing Bitcoin as a form of payment in 2017. The Japanese government has also established a licensing system for cryptocurrency exchanges, with the goal of protecting consumers and promoting the growth of the cryptocurrency industry.
Overall, the taxation and regulation of transactions involving Bitcoin and other cryptocurrencies are still evolving, and it is important for investors to stay informed about any changes that may impact their investments. In some cases, it may also be necessary to seek professional advice, such as from a tax specialist or financial advisor, to ensure that you are in compliance with the relevant laws and regulations.

 

[Gamer01]

It will definitely make more of the people go away from trading as it will reduce the amount of interest in there hearts so when they know more profits will mean more taxes who will want to work in the field actually indeed .

 

[Wisdom01]

It will definitely make more of the people go away from trading as it will reduce the amount of interest in there hearts so when they know more profits will mean more taxes who will want to work in the field actually indeed .

Yeah when people sees that all their trading profits is been taxed ,that interest of trading would definitely reduced , all these factors could be motives for government to push out cryptocurrency trading

 

[Gamer01]

Yes that is right they do not want the crypto sector to grow and they want to make sure that each of their plans go about perfect and for that to happen out correctly they are ready to go out any lengths actually .

 

[Wisdom01]

I think most of the time , the transaction are been taxed so that the profits could be made more , I think most government does this , but most times it have its set back , as it could chase a lot from cryptocurrency investment

 

[Gamer01]

That is right taxing culture should be okay but it should never be so much high that it may lead to a person having problems with trading crypto which might consider with him the thought of leaving trading all together actually indeed .

 

[Eltemizy]

The taxation and regulation of transactions involving Bitcoin and other cryptocurrencies vary by country and can be subject to change. In general, governments around the world are still trying to determine the best way to regulate the cryptocurrency industry.
In the United States, for example, the Internal Revenue Service (IRS) classifies Bitcoin and other cryptocurrencies as property for tax purposes. This means that transactions involving Bitcoin are subject to capital gains tax, with the amount of tax owed depending on how long the investor held the Bitcoin and the difference between the purchase price and the sale price.
In Europe, the European Union (EU) has implemented the Fifth Anti-Money Laundering Directive (5AMLD), which aims to prevent the use of cryptocurrencies for illegal activities such as money laundering and terrorism financing. The 5AMLD requires cryptocurrency exchanges and wallet providers to implement know-your-customer (KYC) and anti-money laundering (AML) measures to ensure the identity of their users.
In Japan, the government has taken a more proactive approach to cryptocurrency regulation, legalizing Bitcoin as a form of payment in 2017. The Japanese government has also established a licensing system for cryptocurrency exchanges, with the goal of protecting consumers and promoting the growth of the cryptocurrency industry.
Overall, the taxation and regulation of transactions involving Bitcoin and other cryptocurrencies are still evolving, and it is important for investors to stay informed about any changes that may impact their investments. In some cases, it may also be necessary to seek professional advice, such as from a tax specialist or financial advisor, to ensure that you are in compliance with the relevant laws and regulations.

I think this is the best way to prevent crypto fraudulent activity

 

[fiery phoenix]

but most times I wonder why the government would really want to introduce huge taxes on cryptocurrency , I think it usually have positive effect on the traders lives , it would have made them less interested in trading

but most times I wonder why the government would really want to introduce huge taxes on cryptocurrency , I think it usually have positive effect on the traders lives , it would have made them less interested in trading

Crypto is a threat to the old financial system so high taxes by governments are a way to make citizens deem crypto as unfavourable assets/investments
It is also a way of limiting the growth of the crypto space as high taxes will cut out high liquidity from crypto markets so that crypto market does not become too big to make people undermine the old financial system
High taxes are also a way of saying the governments do not believe crypto to be real assets that can be counted as part of a nation's GDP but just a mere bubble that can burst at any time

 

[Wisdom01]

Crypto is a threat to the old financial system so high taxes by governments are a way to make citizens deem crypto as unfavourable assets/investments
It is also a way of limiting the growth of the crypto space as high taxes will cut out high liquidity from crypto markets so that crypto market does not become too big to make people undermine the old financial system
High taxes are also a way of saying the governments do not believe crypto to be real assets that can be counted as part of a nation's GDP but just a mere bubble that can burst at any time

Yeah its a threat and I think the government don't mind introducing huge taxes since they have seen that it's actually a big threat ,and some government are actually not really ready to see the development tally

 

[Bigron]

Bitcoin transactions are subject to different taxes and regulations depending on the nation, and occasionally even the state or province within the nation. Countries are using various tactics for regulating and observing the cryptocurrency sector. While some nations have built legal frameworks to control the market, several nations have outright banned or severely restricted the usage of cryptocurrencies.

 

[Wisdom01]

Bitcoin transactions are subject to different taxes and regulations depending on the nation, and occasionally even the state or province within the nation. Countries are using various tactics for regulating and observing the cryptocurrency sector. While some nations have built legal frameworks to control the market, several nations have outright banned or severely restricted the usage of cryptocurrencies.

Yeah in some countries , the government there are actually charging taxes and others for transaction execution ,they actually charges more money for taxes , and I think this could actually be some kind of Burden to tax payers

 

[Oluwatoyin]

The taxation and regulation of Bitcoin transactions vary by country and jurisdiction. Generally, governments classify Bitcoin as a type of property, commodity, or currency for tax and regulatory purposes.

In the United States, the Internal Revenue Service (IRS) considers Bitcoin and other cryptocurrencies as property. This means that any transaction involving Bitcoin, such as buying, selling, or trading, is subject to capital gains tax. The amount of tax owed depends on the difference between the purchase price and the selling price of the Bitcoin, and whether the asset was held for more than a year or less than a year.

 

[Wisdom01]

Bitcoin transaction are taxes by the government as they have seen that they have that opportunity to actually benefit more from cryptocurrency , the profit in tax and others , they could make is what makes them more interested in benefiting more

 

[microunit]

Usually they aren't, but in countries where there are regulations usually they are taxed and regulated in cryptocurrency exchange sites that are recognized by the government, as far as I know the exchange sites are the one responsible for taxing and regulating them and they report it to the government for X amount of period

 

[Ming98]

Bitcoin and other cryptocurrencies are treated differently by governments and tax authorities all over the world. In the United States, the Internal Revenue Service (IRS) considers Bitcoin to be property, and transactions involving Bitcoin are subject to capital gains taxes. Other countries have different regulations, so it depends on your local tax authority to understand how Bitcoin is treated. In terms of regulation, some countries, like China and Nigeria have banned Bitcoin, while others, like Japan, have embraced it and created a framework for its use. And some, like the United States, are still figuring out how to regulate it.