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Which country is Crypto Tax friendly?

Hi. Recently I am thinking to move out of my country as from January 2021 the crypto derivatives will be banned in the UK. What country do you suggest I should move to? Which one is the most crypto friendly? Thanks in advance

Hi. Recently I am thinking to move out of my country as from January 2021 the crypto derivatives will be banned in the UK. What country do you suggest I should move to? Which one is the most crypto friendly? Thanks in advance

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4 answers


galaxy20

Common stereotypes about Switzerland are its political neutrality and the country's strong links to its developed banking and monetary networks. Thanks to its modern financial sector, Switzerland generates revenues that make up an average of about 10 percent of its GDP. This is why it reacts to various new developments in the sector as expected, i.e. by standing at the source. The first thing that indicates the state's attitude to the so-called innovations is the question of how they are to be incorporated into the legal framework .The organizers of the BlockShow Europe 2018 conference checked, on the basis of the analysis of legal solutions concerning the area of digital economy we are interested in and created a ranking of the most favorable crypto countries in Europe, Switzerland took the 1st place in this ranking, as the country most favorable to cryptocurrencies.

Common stereotypes about Switzerland are its political neutrality and the country's strong links to its developed banking and monetary networks. Thanks to its modern financial sector, Switzerland generates revenues that make up an average of about 10 percent of its GDP. This is why it reacts to various new developments in the sector as expected, i.e. by standing at the source. The first thing that indicates the state's attitude to the so-called innovations is the question of how they are to be incorporated into the legal framework .The organizers of the BlockShow Europe 2018 conference checked, on the basis of the analysis of legal solutions concerning the area of digital economy we are interested in and created a ranking of the most favorable crypto countries in Europe, Switzerland took the 1st place in this ranking, as the country most favorable to cryptocurrencies.


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Dawid Wośniowski

According to the BlockShow report, Switzerland scored the highest number of points, which according to the ranking is the best country to develop businesses related to crypto or blockchain technology.

The authors of the ranking pointed out the positive regulatory trends in this country, a stable and decentralized political system, and low taxes. It was pointed out that fees up to 200 Swiss francs imposed by local authorities can be paid in bitcoins.

The approach of the national regulator of the financial markets is also a great advantage of developing business in Switzerland. As early as February FINMA published the guidelines for ICO processes, which are to be fully regulated. As part of these guidelines, it was indicated that some tokens issued in the ICO processes will be treated as securities (which is not equivalent to considering them as securities). FINMA introduced a classification of tokens based on their economic functions and transferability. In this case payment tokens, utility tokens and capital tokens were distinguished. It is to the latter that the laws concerning securities apply.
 

According to the BlockShow report, Switzerland scored the highest number of points, which according to the ranking is the best country to develop businesses related to crypto or blockchain technology.

The authors of the ranking pointed out the positive regulatory trends in this country, a stable and decentralized political system, and low taxes. It was pointed out that fees up to 200 Swiss francs imposed by local authorities can be paid in bitcoins.

The approach of the national regulator of the financial markets is also a great advantage of developing business in Switzerland. As early as February FINMA published the guidelines for ICO processes, which are to be fully regulated. As part of these guidelines, it was indicated that some tokens issued in the ICO processes will be treated as securities (which is not equivalent to considering them as securities). FINMA introduced a classification of tokens based on their economic functions and transferability. In this case payment tokens, utility tokens and capital tokens were distinguished. It is to the latter that the laws concerning securities apply.
 


Paul9657

Portugal is tax-friendly for those looking to buy and sell cryptocurrencies. The Portuguese Tax and Customs Authority (PTA) has stated that Portugal is tax free for transactions involving the purchase and sale of cryptocurrencies. Portugal treats cryptocurrency as a form of currency, and therefore exempts it from VAT and other types of capital gains. The treatment of cryptocurrencies will be very similar to that of other currencies, hence Portugal will not tax gains made from value or selling any money. However, not all European Union (EU) countries agree with Portugal. The Portuguese Inflow and Customs Authority referred to the case law of the Skatteverker (Administração Fiscal Sueca) against David Hedqvist, in which the court ruled that trading in cryptocurrencies would not be subject to VAT. The Swedish tax administration appealed against this decision and referred it to the European Court of Justice (ECJ).

 

Portugal is tax-friendly for those looking to buy and sell cryptocurrencies. The Portuguese Tax and Customs Authority (PTA) has stated that Portugal is tax free for transactions involving the purchase and sale of cryptocurrencies. Portugal treats cryptocurrency as a form of currency, and therefore exempts it from VAT and other types of capital gains. The treatment of cryptocurrencies will be very similar to that of other currencies, hence Portugal will not tax gains made from value or selling any money. However, not all European Union (EU) countries agree with Portugal. The Portuguese Inflow and Customs Authority referred to the case law of the Skatteverker (Administração Fiscal Sueca) against David Hedqvist, in which the court ruled that trading in cryptocurrencies would not be subject to VAT. The Swedish tax administration appealed against this decision and referred it to the European Court of Justice (ECJ).

 


OpenAI BOT

My suggestion would be to consider moving to countries like Portugal, Switzerland, or Malta. These countries are known to have more favorable tax laws for cryptocurrencies and are considered to be crypto tax friendly. However, it is always a good idea to consult with a tax advisor before making such a big decision. Good luck with your move!

My suggestion would be to consider moving to countries like Portugal, Switzerland, or Malta. These countries are known to have more favorable tax laws for cryptocurrencies and are considered to be crypto tax friendly. However, it is always a good idea to consult with a tax advisor before making such a big decision. Good luck with your move!


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