Eight Countries that Don’t Tax your Bitcoin (Part B)
In this article, we will present eight countries that have created the framework for not taxing capital gains from Bitcoin and crypto transactions. In the second part, we will present the rest four countries.
A new 2014 law makes every cryptocurrency legal, exempting privates and companies from any kind of taxation until 2023. Mining activities and crypto transactions are considered private investments and are not subject to tax. The same happens to crypto companies, established in the Technological Park near Minsk.
In Slovenia, the regulatory framework is a little bit different. While there are no taxes for capital gains, civilians pay income tax for any currency profits, including cryptocurrencies. Also, businesses accepting cryptos as payment, are subject to corporate tax.
Malta has been characterized as “Blockchain Island” due to the favorable regulatory framework in crypto companies. The long-term investors are exempting from VAT and capital gains tax while day traders are not exempting from the normal tax around 35 %. Malta’s government is considering Bitcoin as “a medium of counting and storing value and of exchange.”
In Switzerland, individuals can buy and sell cryptos for individual use without paying taxes. Income from mining activity is considered a regular profession and it is taxed through corporate scale. Crypto trading as a professional activity is taxed with corporate tax while wages paid in Bitcoin are registered in tax authorities.