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These Countries Won’t Tax Your Bitcoins Too Much

April 14, 2018 |

These Countries Won’t Tax Your Bitcoins Too Much

A growing number of governments can’t resists the temptation to get their hands on some of the bitcoins their citizens are making. Several states, however, think that leaving some breathing space for crypto users and entrepreneurs is a better idea in the long run. Crypto-friendly tax regimes can still be found around the world.

Also read: Tax Paying Americans Owe $ 25 Billion in Cryptocurrency

Tax Exemptions Offered Here:

Germany, Europe’s economic locomotive, has been quite careful with crypto taxation. Last month the Federal Ministry of Finance issued a notice which treats bitcoin as a currency. The Bundesrepublik is not going to tax cryptos when exchanged with euros. Purchases with bitcoin are subject to VAT, just like any other. No tax will be imposed, however, on long-term investments in cryptocurrency. If a trader sells a bitcoin more than a year after its purchase, the profit is exempt from taxation. The same applies to yearly profits of less than €600.

These Countries Won’t Tax Your Bitcoins Too MuchCapital gains of individual investors trading cryptocurrencies are not taxed in Slovenia. Its residents are not required to report them in their income tax returns. However, private individuals who receive their income in cryptocurrency, are obliged to declare the digital money and pay regular income tax. The country uses a progressive scale and rates vary from 16% on incomes of less than €8,000 a year to 50% on incomes exceeding €70,000.

Tax authorities in Denmark have said that fintech companies should pay taxes just like any other business. On the other hand, individual investors trading cryptos do not owe any tax on their gains.

Belarus has created a friendly environment for crypto investors, both corporate and private. Activities like mining, issuing, and trading coins were legalized in March. A presidential decree introduced tax exemptions for crypto incomes and revenues for a period of five years.

These Countries Won’t Tax Your Bitcoins Too Much

Gains from cryptocurrency transactions are still tax free in South Korea. The Finance Ministry and the tax authorities in Seoul are working on a legislation that is likely to change the situation. The new tax bill should be adopted in the first half of this year, according to officials. No concrete time frame has been set.

Buying bitcoin will save you taxes in Singapore. Digital coins are not considered commodities there and are not recognized as currencies. In the absence of special requirements, gains from crypto investments of private individuals are not taxed. Companies trading cryptocurrencies, however, are expected to pay taxes on their profits.

Incoherent Rules Govern Crypto Taxation

These Countries Won’t Tax Your Bitcoins Too MuchMany jurisdictions have yet to update their tax laws to encompass cryptocurrencies. Rules governing taxation are often incoherent and very different even in countries that are part of a common space. In the European Union, for instance, tax rates in member-states vary between 0 and 50%.

The Eurasian Economic Union is another example, with Belarus exempting crypto transactions from taxation, while Russia is collecting 13% tax on crypto incomes and 24% corporate tax on profits.

The situation in the US is also complicated. Several states have taken steps to become crypto-friendly jurisdictions. Wyoming passed a bill exempting cryptocurrencies from property taxation. Two other states want to legalize bitcoin as a payment option for tax purposes. Arizona has promised to become the first US state to start accepting taxes in cryptocurrency. Georgia may also allow its residents to pay taxes in bitcoin.

What taxes on crypto incomes and profits do you have to pay in your country? Tell us in the comments section below.


Images courtesy of Shutterstock.


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The post These Countries Won’t Tax Your Bitcoins Too Much appeared first on Bitcoin News.

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World’s 5 Most Unequal Countries on Same Continent

April 5, 2018 |

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March 27, 2018 |

It’s the biggest collective expulsion of alleged Russian intelligence officers in history, according to British Prime Minister Theresa May.
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Venezuela Claims Petro Cryptocurrency Has Raised $3bn from Investors in 127 Countries

March 1, 2018 |

Venezuela Claims Petro Cryptocurrency Has Raised $  3bn from Investors in 127 Countries

The Venezuelan government has made some new claims about the pre-sale of the country’s oil-backed cryptocurrency, the petro. After one week, President Nicolas Maduro said that the petro had raised $ 3 billion from 171,015 certified purchases, from investors in 127 countries. The majority of the orders were in dollars, followed by bitcoin and ether, according to Maduro.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Maduro Says 171,015 Purchases from 127 Countries

Venezuela Claims Petro Cryptocurrency Has Raised $  3bn from Investors in 127 Countries
Nicolas Maduro.

The president of Venezuela announced this week that his nation’s cryptocurrency, the petro, had received “a total of 171,015 certified purchases,” Telesur reported.

According to the information posted on the website of the country’s vice president, Maduro further revealed that “40.8% has been offered in dollars, 6.5% in euros, 18.4% in ethereum, 33.8% in bitcoin and 0.2% in yuan,” adding that:

About 87,284 users made offers to acquire petros, of which 3,523 are companies and 83,761 people…127 countries have participated at the moment.

Venezuela Claims Petro Cryptocurrency Has Raised $  3bn from Investors in 127 Countries
Venezuelan government’s illustration of the petro’s certified purchases after one week.

The Venezuelan newspaper with government backing, Correo del Orinoco, has named some of the countries that its government claims to have participated in the sale so far. They include “Afghanistan, Albania, Germany, Andorra, Angola, Antigua and Barbuda, Saudi Venezuela Claims Petro Cryptocurrency Has Raised $  3bn from Investors in 127 CountriesArabia, Algeria, Argentina, Australia, Austria, Bahamas, Bangladesh, Barbados, Belgium, Belize, Belarus, Bolivia, Brazil, Bulgaria, Cambodia, Cameroon, Canada, Qatar, Chile, China, Cyprus, Colombia, South Korea, Costa Rica, Croatia, Cuba, Denmark, Ecuador, Egypt, El Salvador, United Arab Emirates, Slovakia, Slovenia, Spain, United States, Estonia, Philippines, Finland, France, etc,” the news outlet wrote.

Earlier this week, Poland refuted reports of its interest in the petro. The director of the Latin American Department of the Russian Foreign Ministry, Alexander Shchetinin, also told reporters this week that the petro “should be carefully studied before talking about the possibilities of its use by Russia,” Ria Novosti reported. Meanwhile, Russian startup Zeus reportedly helped Venezuela with the launch of the petro, according to Alexander Ruchyev, president of financial holding company Osnova.

Venezuela Says Petro Has Raised $ 3 Billion

The Venezuelan government announced on February 20 the start of the pre-sale for its national oil-backed cryptocurrency. Maduro claimed to have raised $ 735 million for it on the first day.

Venezuela Claims Petro Cryptocurrency Has Raised $  3bn from Investors in 127 Countries
Hugbel Roa

The country’s Minister of Education, Science and Technology, Hugbel Roa, subsequently clarified that the pre-sale will last 30 days. “After the pre-sale, [there will be] the sale of the digital asset [petro], which will last 15 days,” he described. “After 45 days that will last these two processes, we will start with great force to consolidate the entire exchange subsystem of the petro.”

According to the state-owned radio station Radio Mundial, Maduro said that “more than three billion dollars are reported after sales and transactions related to the Venezuelan cryptocurrency, the petro.” This was confirmed on the website of the Venezuelan Ministry of Popular Power for Communication and Information (Minci) which quoted Maduro:

In the first seven days, since its [petro’s] launch, the state has received 3 billion dollars, which will be used to cover the financial needs of the country.

Do you think Venezuela has raised $ 3 billion from investors in 127 countries as claimed? Let us know in the comments section below.


Images courtesy of Shutterstock and the Venezuelan government.


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The post Venezuela Claims Petro Cryptocurrency Has Raised $ 3bn from Investors in 127 Countries appeared first on Bitcoin News.

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35 Countries, EU and FATF Agree to Revise Global Cryptocurrency Standards

February 28, 2018 |

35 Countries, EU and FATF Agree to Revise Global Cryptocurrency Standards

Thirty-five countries and the European Commission have asked the Financial Action Task Force (FATF), responsible for setting global anti-money laundering (AML) policies, to revise its standards relating to cryptocurrencies. The organization promised to present its revised AML countermeasures for cryptocurrencies at the upcoming G20 meeting of finance ministers.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

35 Nations and EU Want Better Crypto AML Policies

35 Countries, EU and FATF Agree to Revise Global Cryptocurrency StandardsAt the Financial Action Task Force (FATF) meeting in Paris, held between February 18 and 23, members representing 35 countries and two organizations “urged the global body to improve the understanding of money laundering risks relating to cryptocurrencies,” Yonhap reported.

Established in 1989, the FATF is an inter-governmental body whose objectives are to set standards and promote effective implementation of measures to combat money laundering, terrorist financing, and other related threats, its website describes.

The FATF currently comprises 35 member jurisdictions and two regional organizations. Member countries include China, France, Germany, India, Japan, South Korea, Russia, South Africa, Sweden, Turkey, United Kingdom and the United States. The two organizations are the European Commission and the Gulf Co-operation Council.

35 Countries, EU and FATF Agree to Revise Global Cryptocurrency Standards
FATF meeting.

At the meeting last week, “Member countries were worried that the anonymity and money laundering risks of cryptocurrency transactions had grown with electronic wallets” and mixing services that hid the identity of their owners, Sedaily described. The Hankyoreh elaborated:

The FATF discussed the need to revise its own international standards…along with the revision of the virtual currency guideline created in June 2015, and agreed to report the response to the G20 Finance Ministers’ Meeting in March.

In addition, China was elected as the next vice-chairman at the meeting, effective from July 2019 to June 2020, the publication noted.

Korea – First to Draw Up AML Guidelines

35 Countries, EU and FATF Agree to Revise Global Cryptocurrency StandardsDuring the meeting, South Korea briefed the FATF on “its obligations related to cryptocurrency transactions to tackle money laundering,” Korean officials said on Monday.

The country’s Financial Services Commission (FSC) said in a statement that “South Korea’s anti-money laundering guidelines for cryptocurrency trading were the first to be drawn up” among the FATF members, the news outlet wrote.

South Korea has banned anonymous trading of cryptocurrencies and introduced the real-name system which went into effect on January 30. The country’s Financial Intelligence Unit (FIU) also published anti-money laundering guidelines for financial institutions. They are required to properly verify their customers, Yonhap detailed, adding that they are also obligated to closely monitor financial transactions and “conduct enhanced customer due diligence if a virtual currency exchange is suspected of using employee accounts for virtual currency-related financial transactions.”

What do you think of these countries asking the FATF to revise the global anti-anti-money laundering standards? Let us know in the comments section below.


Images courtesy of Shutterstock and FATF.


Need to calculate your bitcoin holdings? Check our tools section.

The post 35 Countries, EU and FATF Agree to Revise Global Cryptocurrency Standards appeared first on Bitcoin News.

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February 15, 2018 |

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Venezuela Invites OPEC Countries to Jointly Develop Oil-Backed Crypto Platform

February 7, 2018 |

Venezuela Solicits OPEC Countries to Jointly Develop Oil-Backed Crypto Platform

Venezuela’s president Nicolas Maduro has invited all OPEC nations to jointly develop a platform for the trading of oil-backed cryptocurrencies. Venezuela is preparing for a pre-sale of the petro, its oil-backed cryptocurrency which can be used to pay national taxes, fees, and public services.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Inviting OPEC Nations

During the meeting on Tuesday with Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo, Maduro proposed for all OPEC nations to come together and develop a platform for the trading of oil-backed cryptocurrencies.

Venezuela Solicits OPEC Countries to Jointly Develop Oil-Backed Crypto Platform
Meeting between Maduro and Mohammed Barkindo.

OPEC consists of 14 nations: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. “I will officially send all the OPEC producers a proposal,” Maduro announced and extended the invitation to non-OPEC countries, saying:

I will officially propose to the OPEC and non-OPEC countries that we adopt a joint cryptocurrency mechanism backed by oil.

Venezuela recently published the whitepaper for its own oil-backed cryptocurrency. A private pre-sale of the petro will be held on February 20, followed by an initial coin offering (ICO) in March.

In addition to “5 billion barrels of oil support the petro,” Maduro confirmed that “we will also support our cryptocurrency with precious minerals from our land,” adding:

I have explained to Mohammed Barkindo the goodness of the petro. The cryptocurrency is the world of the future. I am very excited as well as the people of Venezuela.

Petro’s Promises

According to the petro’s whitepaper:

The Bolivarian Republic of Venezuela guarantees that it will accept petros as a form of payment of national taxes, fees, contributions and public services.

Venezuela Solicits OPEC Countries to Jointly Develop Oil-Backed Crypto Platform“The Venezuelan government is committed to promoting the use of petro in the domestic market and making efforts to stimulate its acceptance throughout the world,” the whitepaper reads. “The State will actively assume the commitment to promote the adoption of petro, encouraging the growth of its national and international user base.”

In addition, “The use of petro will be promoted by PDVSA and other public and joint ventures, as well as national public entities and regional and local governments,” the whitepaper also revealed. On Tuesday, the Superintendency of Cryptocurrencies announced that the “PDVSA will use the petro in its business relations.”

Furthermore, the Superintendency gave additional information about the previously announced Petro Container, stating that they are “for the massification of mining farms in high schools, universities, university villages and popular sectors.”

What do you think of Maduro’s invitation to the other OPEC countries? Let us know in the comments section below.


Images courtesy of the Venezuelan government.


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The post Venezuela Invites OPEC Countries to Jointly Develop Oil-Backed Crypto Platform appeared first on Bitcoin News.

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Russia Urges 4 Other Countries to Develop Common Approach to Cryptocurrencies

February 3, 2018 |

Russia Urges 4 Other Countries to Develop Common Approach to Cryptocurrencies

The Russian Prime Minister Dmitry Medvedev has asked the leaders of the Eurasian Economic Union countries to jointly develop a common approach to cryptocurrencies. Both the Russian central bank and the prime minister believe that cryptocurrencies should not be restricted to one nation’s framework.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

A Common Approach to Cryptocurrencies

Russia Urges 4 Other Countries to Develop Common Approach to Cryptocurrencies
Dmitry Medvedev at the Friday forum.

Russia’s prime minister Dmitry Medvedev urged the countries of the Eurasian Economic Union (EAEU) to develop a common approach to cryptocurrencies, Tass reported. At “The Digital Agenda in the Era of Globalization” forum on Friday, he expressed the necessity of bringing together “approaches to cryptocurrencies within the framework of the EAEU.”

The EAEU has five member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Other than Medvedev, the meeting was attended by Prime Minister of Armenia Karen V. Karapetyan, Prime Minister of Belarus Andrei Vladimirovich Kobyakov, Prime Minister of Kazakhstan Bakytzhan Abdirovich Sagintayev, Prime Minister of Kyrgyzstan Sapar Dzhumakadirovich Isakov, and Chairman of the Board of the Eurasian Economic Commission Tigran S. Sargsyan.

Russia Urges 4 Other Countries to Develop Common Approach to Cryptocurrencies
Representatives of the EAEU countries and Chairman of the Board of the Eurasian Economic Commission.

Regarding cryptocurrencies, Medvedev told the other EAEU leaders:

We should not be locked into the framework of the national model…It is impossible to implement these principles within one country; we need to bring our approaches closer to the level of the Union…Otherwise, all this will be under a completely different angle to develop and will not look completely understandable and legitimate.

Citing that some of his peers said that “it would be possible to pay with cryptocurrencies,” Medvedev was quoted saying, “Let’s take a closer look because our economies are too tightly and closely related.” The prime minister also suggested preparing international conventions of cryptocurrencies, stressing the need to “synchronize efforts in this area with the EAEU countries.”

Russia Urges 4 Other Countries to Develop Common Approach to Cryptocurrencies

Russian Central Bank Agrees

In late December, First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, said that the bank supports the idea of issuing a supranational cryptocurrency in the territory of EAEU or within the BRICS countries. She was quoted by Vedomosti:

The introduction of the national digital currency seems to us not entirely justified from the point of view of macroeconomics…The question that seems to us worth discussing on the site with our colleagues is the introduction of a digital currency in the territory of the Eurasian Economic Union or within the BRICS.

Do you think the Eurasian Economic Union countries should develop a common framework for cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock and the Russian government.


Need to calculate your bitcoin holdings? Check our tools section.

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