Things to know about EU taxation laws for Cryptocurrency

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Although there are several countries around the world that has banned or placed numerous restrictions on cryptocurrencies, EU taxation laws are surprisingly more permissive.

There are a lot of tax-free cryto countries in the EU, where regulation on cryptocurrencies is non-existent. Below are some EU countries that don’t collect taxes on crypto-based businesses:

DENMARK

Denmark considers crypto transactions as private and are therefore not taxed and the gains tax-exempted.

GERMANY

Crypto transactions in Germany are tax exempted if the capital gains are under €600. The capital gains from selling cryptocurrencies after more than one year are also tax exempted.

BELARUS

The country legalized cryptocurrencies, ICOs and smart contracts in December 2017 after Belarus’ president Alexander Lukashenko, signed the decree “On the Development of Digital Economy”.

The country will also be making cryptocurrency trading, ICOs, capital gains and crypto mining tax-free until January 1, 2023.

SLOVENIA

Based on Slovenia’s Corporate Income Tax Act of 2013, capital gains are not taxed for individual investors with regards to cryptocurrency. However they are taxed for businesses or if individuals are receiving incomes as cryptocurrency.

THE FUTURE OF CRYPTOCURRENCY

Regardless of whether it’s tax-free or not, regulations are necessary when it comes to cryptocurrency. Some people may use cryptocurrencies for criminal activities such as tax evasion and theft.

Cryptocurrencies are gaining more attention and big companies like IBM, Cisco, American Express, Barclays, Bosch, BNY and Western Union have already started to adopt this technology.

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