The millennial Bitcoin/crypto HODLers and investors are mildly suffering from anxiety during their wait to see if the tax-free crypto countries will no longer be tax-exempt.
It is generally considered that because cryptos our bought with money already taxed they should not be taxed either so the same money will not be taxed twice.
Bitcoin and cryptos, in general, are considered private money in Germany. The trade of cryptocurrencies, under the rule 23 EStG it is a tax-free private sale.
If germans to not earn more than 600 Eur from trading cryptos, then no tax will be paid. The people who also sell the currencies will not need to pay taxes if the cryptos are sold after one year of owning them.
To be more specific, as a German if on 1st of August 2015 you bought 1 BTC and another one on 1st of September, then on 2nd of September 2017 you sold the 1 BTC bought in August 2015 you will not need to pay capital tax.
Denmark is considered one of the most Bitcoin/crypto friendly countries at the moment. The Danish rule exempts the tax on BTC, and the trades are not taxed either. Denmark allows this because it aims to be the first cashless economy in the world.
Singapore has been good with capital regulations throughout the history, and it does not consider Bitcoin a commodity or a currency. If you are a long-term regular Singaporean investor, who cashes out, you will not be taxed.
Belarus has admitted its liberality regarding the digital currencies. Alexander Lukashenko, the president of the country has legalized the smart contracts and cryptocurrencies on 22nd December last year. Trading, mining and capital gains on cryptocurrencies will also be tax-free until the first day of 2023.
In Slovenia, Bitcoin is not counted as individual income and are not taxed but employees receiving their salaries in Bitcoin and businesses are.
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.