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Ideal Crypto Tax Rate

  • Thread starter Thread starter BrolySSJ
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BrolySSJ

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There are a lot of countries at the moment that are working in order to regulate the use of cryptocurrency in the country and to try and legalize its use in stores. However, as part of this there is likely going to be a tax that is applied to these coins as well, including its use, trade or even just holding these coins as well. For many people this will eat into the profits that they are generating from crypto and may offset their interest in these coins as well. Therefore, if the tax is too high I think that it could have the adverse effect on the crypto market and how popular it is as well. What are your thoughts on this, and how will this affect the number of people that are interested in crypto? What do you think would be an ideal tax rate for cryptocurrencies?
 
Crypto is speculative and similar to the gambling it should be high taxed. Something around 20 to 30 percent is a fair tax. Crypto is not some debt asset for the middle class or lower middle class. Only those who have money to burn should be playing with the crypto and should have higher taxes for the same.
 
There is no determination by us because each country imposes the tax they want regardless the people are satisfied or not with such tax means we could express our feeling no more than that.
 
Nova said:
Crypto is speculative and similar to the gambling it should be high taxed. Something around 20 to 30 percent is a fair tax. Crypto is not some debt asset for the middle class or lower middle class. Only those who have money to burn should be playing with the crypto and should have higher taxes for the same.
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I've always thought that 30% is too high before this. However, that's reasonable but it can discourage some people from going into it especially in third world countries where tax has never been taken so seriously.
 
Lunatyc said:
I've always thought that 30% is too high before this. However, that's reasonable but it can discourage some people from going into it especially in third world countries where tax has never been taken so seriously.
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This is because most of the people when calculating their earnings and taxes will find themselves paying from their pocket money or loser in most of the cases this is the reason behind this.
 
I think a 10 percent taxes on the profit (not on trading volume) can be idea tax rate.
 
The taxes levied on cryptocurrencies in countries with regulatory framework are humongous and needs adjustment.
 
BrolySSJ said:
There are a lot of countries at the moment that are working in order to regulate the use of cryptocurrency in the country and to try and legalize its use in stores. However, as part of this there is likely going to be a tax that is applied to these coins as well, including its use, trade or even just holding these coins as well. For many people this will eat into the profits that they are generating from crypto and may offset their interest in these coins as well. Therefore, if the tax is too high I think that it could have the adverse effect on the crypto market and how popular it is as well. What are your thoughts on this, and how will this affect the number of people that are interested in crypto? What do you think would be an ideal tax rate for cryptocurrencies?
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It actually depends on the country and it also depends on the amount that the person is using to trade.
 
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