Although the history of the existence of the crypto currency is less than 10 years, even today the ideas underlying it, as well as the unprecedented growth of the popularity of this kind of money among the population, attracted the attention of the regulatory bodies and forced feverishly somehow to justify the legal status of the crypt in the financial sphere of the state. The rise in the cost of major crypto-currencies hundreds or even thousands of times in a year or two, the emergence of a huge number of different kinds of cryptographic money has led to the fact that representatives of large international companies have begun investing billions of dollars in the development and study of this phenomenon.
The increased influence of the crypto-currency on economic processes makes one attract the attention of the state, which is forced to somehow indicate its position on this issue. In this sphere, not only individual persons are interested, but also numerous representatives of big business who need clear and understandable rules for playing the game on the development of strategies for investing in the crypto-currency market.
Most countries have not yet clearly decided how to treat crypto-currencies, and took a wait-and-see attitude. Although in most countries the crypt was not officially recognized as a substitute or alternative to the legal means of payment of this state, some of them defined the legal field for the use of bitcoin and established at least some control over its use.
Countries where crypto currency is allowed
Australia. She recognized bitcoin as a means of exchange. The website of the tax service of this state describes the ways in which the crypto currency can be used and the tax levied. They can be used for personal transactions, business and exchange. In the tax return it will be necessary to specify the date and time of the operation, its purpose, the equivalent in the national currency according to the extract from the exchanger for this number and the recipient's data. Crypto currency, according to the laws, here does not apply to money as such, including to foreign currency, as well as various types of goods and services. It is an intangible asset that brings profit to its owner.
Germany. In early 2018, this country officially recognized bitcoin as a payment facility, which is equal to the usual currency that is not taxed in exchange. Exchanges will pay taxes, if this is its main activity, if it is just a platform for currency exchange, then the tax will not be levied. The government believes that every citizen is free to decide what to do with his money, honestly earned.
Sweden. Crypto currency is officially recognized as a digital currency. Miners are taxed if their earnings for the year are more than 25 beats in equivalent. Income is levied as a labor activity, not entrepreneurial.
USA. In this country, the crypt has several approaches: in 2013, the cue ball was recognized as a virtual currency, then the Securities Commission said it was a commodity, and a court in one of the states ruled that it was money, in the usual sense of the word. Taxes are calculated as in transactions with ordinary property, in the sale it is considered that profits are obtained from capital gains, and not from exchange rate differences.
Canada. Crypto-currencies are treated as commodities, transactions as barter, and the resulting profits are considered income from own business. The amount of tax depends on the objectives of the transaction: making an investment or a bargain. The exchanges are considered to be the companies that conduct financial transactions and operate in the legal field for this type of activity. In 2015, the government declared the principle of non-interference in the ecosystem of crypto-currency.
Japan. Crypto currency is recognized as an official payment facility that can perform currency functions, companies can perform mutual settlements in the crypto currency that they want to buy - they can buy as goods. Crypto-exchange exchanges are subject to mandatory licensing and their status as residents of Japan. The income from their activities is subject to taxation both on profits and on capital gains, just like in ordinary business.
Countries where crypto currency is prohibited
Indonesia. The central bank of this country plans to introduce a complete ban on the crypt and conduct any monetary transfers with it. This is explained by the need to preserve the sovereignty of the national currency of this country - the rupee.
Iceland. It is prohibited to trade crypto-currencies (as, in principle, other foreign currencies) under the pretext of reducing the outflow of capital from the country. Although the activity of the miners has not yet received any obstacles, and because of the favorable climate and cheap electricity, a significant part of the capacities for the production of crypto-currency is located in Iceland.
Bolivia. The government of this country considers crypto-currencies as financial pyramids and they are completely banned in this country, as are transactions with them. In 2017, a wave of arrests of crypto-enthusiasts and just people flaunting their studies with crypto currency swept across the country.
China. Banks, and any financial institutions are not allowed to do anything at all, which has to do with the crypto currency, although the usual
And soon, India will join the list of countries where cryptocurrency is allowed.
According to an unknown employee of the Indian Ministry ofFinance, in September this year the government will introducethe basics of crypto-regulation.
It is also known that such bodies as the Reserve Bank of India(RBI), the Securities and Exchange Commission of the country(SEBI), and the local association of mobile technologies (IAMAI) are involved in the development of laws.
And in the autumn, thanks to their efforts, there will be lawsthat will control the sphere of pre-tax. Also, they are likely tocancel the current ban on servicing crypto-currency companies. That is, the authorities intend to simply legitimize and controlthe activities of crypto-currency companies, rather than banningthem. And this is logical, because, as the practice of bans shows, they are not effective.
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