June 2021, leading Crypto service comparison site – Cryptowisser, attempts to dissipate the cloud of confusion surrounding tax regulations on crypto currencies around the world. As the tax season comes to a close and a record amount of crypto traders are holding, how do you legally save your crypto?
It is no surprise that as the recent surges and as alt coins continue flooding the market, more and more people are seeing it as a potential way of making money. And the once fabled mysterious currency, is well, becoming more regulated. Like anything else, regulatory boards are catching on and impicating tax laws.
As the Cryptowisser tax essentials report states, the majority of crypto tax either comes from Income Tax or Capital Gains tax.
Tax free crypto conditions still exist –
The report clarifies Geo advantageous spots for crypto traders- Malaysia for example, does not tax crypto trading unless it is a registered business. Other crypto transactions such as donations and “gift sums” are tax free depending on the amount and location.