In the world of cryptocurrencies are becoming more popular for investment and payments. Over the past few years, several countries have made a significant contribution to the development of this market, legalizing cryptocurrency and creating a regulatory framework for its use.
Most countries recognize its legality, more than 60% of states have legalized the use of digital money.
The features of cryptocurrency are anonymity and decentralization, which complicates the legalization of electronic money.
For example, as a paymenter of bitcoins is taken in Salvador (bitcoin is a payment tool with automatic conversion into US dollars).
In 2022, the Central African Republic (Tsar) initially recognized Bitcoin with an official payment, but later canceled the decision.
The EU recognizes bitcoin and other cryptocurrencies with cryptoactives, but European banks say that cryptocurrency transactions are beyond its control, so they do not carry risks.
Cryptocurrency trade is allowed in the US, Australia, Canada, Japan. The tax system operates here.
In the US, when selling or exchange of cryptocurrency, the investor is obliged to pay a capital increase. The tax rate depends on the term of ownership of virtual money. Similar rules were introduced by Canada.
In the United Kingdom, cryptocurrency is equated with shares and is subject to both capital increase and profit tax depending on the transaction.
Germany does not introduce capital tax on cryptocurrency transactions. Not taxed: long -term profit from the sale, exchange or spending of cryptocurrency owned by more than one year, annual income of less than 600 euros and additional income less than 256 euros.
In addition, you do not have to pay tax when buying cryptocurrency, storage and gift.
Japan recognizes cryptocurrency by a legal means of payment. Cryptocurrencies and crypto exchangers are subject to mandatory state registration. Cryptocurrency companies pay consumption tax from cryptocurrency.
Cryptocurrency is forbidden:
Afghanistan, Algeria, Egypt, Bangladesh, Bolivia, Burundi, Cameroon, Chamber, China, China, Republic of Congo, Ethiopia, Gabon, Iraq, Lesoto, Libya, Northern Macedonia, Morocco, Mynnoma, Nepal, Cathar, Sierra.
Causes:
• fears due to the instability of the course and lack of centralized management;
• threat to national monetary systems;
• Anxiety because of potential use to support illegal activities, such as drug trafficking, money laundering and terrorism.
China believes that cryptocurrencies violate the state financial system, used in money laundering. But 4.08% of China's population (58 million people) have cryptocurrency - second place in the world.
In some countries, cryptocurrencies are not officially prohibited, but there are some restrictions: mining, transactions or payments, and more (Kazakhstan, Indonesia, Malaysia, Tanzania, Thailand, Israel, Turkey).
Cryptocurrency in Ukraine
is not prohibited in cryptocurrency in Ukraine, but the rules for its use have not yet been settled.
In 2022, the Law on Virtual Assets was signed, which should fully legalize digital money. However, it will come into force when amendments to the Tax Code will be adopted, in particular in the issue of cryptocurrency tax rules.
In 2023, two relevant draft laws were introduced to the Council, but they are still under consideration.
In addition, the National Bank stated that Ukraine as a candidate for EU members plans to approve European rules for regulating crypto assets markets for consumer protection. It is a regulation of cryptoactive markets (Mica).
The NBU does not consider cryptocurrency a payment tool and has fears of its use.
