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\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023<\/a><\/p>\n\n\n\n

The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Up until December 31, cryptos in Italy were subject to a tax policy under foreign currencies for any portfolio not more than 51,646.68 euros. That legislation has since changed, and since January, Meloni's administration has treated digital assets like other financial assets besides government-issued bonds.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023<\/a><\/p>\n\n\n\n

The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The policy shifts, which took place this year, followed the passing of the country's Budget Law last December. It applies to any gains above 2,000 euros on all crypto transactions, including staking, a term referring to the locking of assets by investors to help validate transactions in a blockchain for a return. The report<\/a> first appeared on the local news outlet, L\u2019Economia.<\/p>\n\n\n\n

Up until December 31, cryptos in Italy were subject to a tax policy under foreign currencies for any portfolio not more than 51,646.68 euros. That legislation has since changed, and since January, Meloni's administration has treated digital assets like other financial assets besides government-issued bonds.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023<\/a><\/p>\n\n\n\n

The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Italian government has introduced a 26% tax rate for digital assets applicable to individual and institutional investors.<\/p>\n\n\n\n

The policy shifts, which took place this year, followed the passing of the country's Budget Law last December. It applies to any gains above 2,000 euros on all crypto transactions, including staking, a term referring to the locking of assets by investors to help validate transactions in a blockchain for a return. The report<\/a> first appeared on the local news outlet, L\u2019Economia.<\/p>\n\n\n\n

Up until December 31, cryptos in Italy were subject to a tax policy under foreign currencies for any portfolio not more than 51,646.68 euros. That legislation has since changed, and since January, Meloni's administration has treated digital assets like other financial assets besides government-issued bonds.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023<\/a><\/p>\n\n\n\n

The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

\"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
  • Industry experts are raising concerns the law could make the nation unattractive for crypto investors.<\/li>\n<\/ul>\n\n\n\n

    The Italian government has introduced a 26% tax rate for digital assets applicable to individual and institutional investors.<\/p>\n\n\n\n

    The policy shifts, which took place this year, followed the passing of the country's Budget Law last December. It applies to any gains above 2,000 euros on all crypto transactions, including staking, a term referring to the locking of assets by investors to help validate transactions in a blockchain for a return. The report<\/a> first appeared on the local news outlet, L\u2019Economia.<\/p>\n\n\n\n

    Up until December 31, cryptos in Italy were subject to a tax policy under foreign currencies for any portfolio not more than 51,646.68 euros. That legislation has since changed, and since January, Meloni's administration has treated digital assets like other financial assets besides government-issued bonds.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023<\/a><\/p>\n\n\n\n

    The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

    The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

    Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

    See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

    As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

    On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

    \"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

    Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

    While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

    The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

    Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

    When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

    If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

    As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

    Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

    The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

    Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

    Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

    The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

    At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

    The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

    The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

    The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

    The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

    The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

    \"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    Twitter Instagram Youtube LinkedIn Facebook RSS
    ADVERTISEMENT
    \n
  • The levy applies to all crypto operations, including staking.<\/li>\n\n\n\n
  • Industry experts are raising concerns the law could make the nation unattractive for crypto investors.<\/li>\n<\/ul>\n\n\n\n

    The Italian government has introduced a 26% tax rate for digital assets applicable to individual and institutional investors.<\/p>\n\n\n\n

    The policy shifts, which took place this year, followed the passing of the country's Budget Law last December. It applies to any gains above 2,000 euros on all crypto transactions, including staking, a term referring to the locking of assets by investors to help validate transactions in a blockchain for a return. The report<\/a> first appeared on the local news outlet, L\u2019Economia.<\/p>\n\n\n\n

    Up until December 31, cryptos in Italy were subject to a tax policy under foreign currencies for any portfolio not more than 51,646.68 euros. That legislation has since changed, and since January, Meloni's administration has treated digital assets like other financial assets besides government-issued bonds.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023<\/a><\/p>\n\n\n\n

    The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

    The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

    Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

    See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

    As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

    On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

    \"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

    Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

    While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

    The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

    Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

    When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

    If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

    As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

    Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

    The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

    Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

    Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

    The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

    At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

    The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

    The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

    The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

    The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

    The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

    \"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    Twitter Instagram Youtube LinkedIn Facebook RSS
    ADVERTISEMENT
    \n
      \n
    • The levy applies to all crypto operations, including staking.<\/li>\n\n\n\n
    • Industry experts are raising concerns the law could make the nation unattractive for crypto investors.<\/li>\n<\/ul>\n\n\n\n

      The Italian government has introduced a 26% tax rate for digital assets applicable to individual and institutional investors.<\/p>\n\n\n\n

      The policy shifts, which took place this year, followed the passing of the country's Budget Law last December. It applies to any gains above 2,000 euros on all crypto transactions, including staking, a term referring to the locking of assets by investors to help validate transactions in a blockchain for a return. The report<\/a> first appeared on the local news outlet, L\u2019Economia.<\/p>\n\n\n\n

      Up until December 31, cryptos in Italy were subject to a tax policy under foreign currencies for any portfolio not more than 51,646.68 euros. That legislation has since changed, and since January, Meloni's administration has treated digital assets like other financial assets besides government-issued bonds.<\/p>\n\n\n\n

      See Related: <\/em><\/strong>Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023<\/a><\/p>\n\n\n\n

      The New Taxation Policy Rubs The Crypto Community The Wrong Way<\/h2>\n\n\n\n

      The crypto community has negatively received the new tax regime from the Italian authorities. Many fear it could render the country uncompetitive for digital asset investors who may shift focus overseas. There are also concerns that the tax policy could influence other jurisdictions to take similar steps.<\/p>\n\n\n\n

      Gianluigi Guida, the general manager of Binance Italy, commented: \"In the absence of a fine-tuning, this legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for.\"<\/em><\/p>\n\n\n\n

      See Related: <\/em><\/strong>30% Digital Mining Energy Tax; White House Advisors Push For Regulation<\/a><\/p>\n\n\n\n

      As digital assets evolve, several jurisdictions are considering taxing the fast-growing sector, while others are taking a favourable stance to reap the economic benefits. Germany, for instance, currently applies no capital gain tax on digital assets.<\/p>\n","post_title":"Italy Imposes Punitive 26% Tax On Crypto Profits","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-imposes-punitive-26-tax-on-crypto-profits","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:11","post_modified_gmt":"2023-05-04 03:06:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11478","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11451,"post_author":"12","post_date":"2023-05-03 17:39:09","post_date_gmt":"2023-05-03 07:39:09","post_content":"\n

      On Tuesday the White House's Council of Economic Advisors (CEA) discussed<\/a> that a Digital Asset Mining Energy (DAME) excise tax<\/a> should be imposed. The announcement reads; <\/p>\n\n\n\n

      \"After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining.<\/em><\/p>\n\n\n\n

      Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.<\/em><\/p>\n\n\n\n

      While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.\u201d<\/em><\/p>\n\n\n\n

      The CEA's announcement suggests that crypto mining, even when using clean power, adversely affects the climate as other people using electricity are forced to use dirtier sources. Although the bill targets the negative effects on the environment, it doesn't state how this would protect the environment other than paying their share of energy use.<\/p>\n\n\n\n

      See Related: <\/em><\/strong>Biden\u2019s Administration Outlines Roadmap to Mitigate Crypto Risks<\/a><\/p>\n\n\n\n

      Limiting Mining Moves It Elsewhere<\/h2>\n\n\n\n

      When China banned cryptocurrency mining in 2019, which hosted 3\/4 of all Bitcoin mining, a steep drop of 38% in mining activity was witnessed. Although, a 20% increase only months later meant that equipment was relocated elsewhere where these limitations don't exist.<\/p>\n\n\n\n

      See Related:<\/em><\/strong> Economist Huang Yiping Urges China To Re-Evaluate Its Cryptocurrency Ban<\/a><\/p>\n\n\n\n

      If an unpleasant environment surrounding crypto mining is established in the United States, then this activity may relocate. Currently, the United States is the largest country for crypto mining activity. In relation to this, the CEA stated that; \"To ensure that cryptomining is not simply pushed from one local community to another, a national policy is needed.\"<\/em><\/p>\n\n\n\n

      As one user on Twitter named Scott Wolfe said<\/a>; \"This tax would be prejudicial and would be overturned by Courts. It would also simply push Bitcoin mining to Russia & other countries. [United States] would lose economic advantage and ability to influence energy sources used. Fossil fuel use would [increase] and climate crisis would accelerate.\"<\/em><\/p>\n","post_title":"30% Digital Mining Energy Tax; White House Advisors Push For Regulation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"30-digital-mining-energy-tax-white-house-advisors-push-for-regulation","to_ping":"","pinged":"","post_modified":"2023-05-04 13:06:37","post_modified_gmt":"2023-05-04 03:06:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11451","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8630,"post_author":"13","post_date":"2022-12-03 23:04:50","post_date_gmt":"2022-12-03 12:04:50","post_content":"\n

      Italy has proposed a 26% capital gains tax on digital assets for profits above 2,000 euros (USD 2,062.3), according to a report<\/a> by Bloomberg. Part of the proposed legislation, subject to the Italian parliament's approval, includes a stamp duty on the asset class.<\/p>\n\n\n\n

      The proposal includes an option to pay 14% for the eligible individuals who declare their holdings before January 1, 2023 - a step aimed to encourage more disclosures among the Italian investors. <\/p>\n\n\n\n

      Italy will impose a fixed tax rate of 26% on profits from digital assets to investors \u2013 whose cumulative crypto holdings were more than 51,645.60 euros ($54,000) for over seven consecutive days during the tax year - if the proposal gets the parliamentary approval.   <\/p>\n\n\n\n

      Italy Joins Portugal In Taxing Digital Assets<\/h2>\n\n\n\n

      The Italian government led by Prime Minister Giorgia Meloni is hopeful that the new proposal would help to net the fast-growing digital asset adoption. According to data<\/a> provided by Triple A, about 2.3% of the Italian population, or 1.3 million people, own cryptocurrencies. Similar steps have been taken by Portugal \u2013 another European country that recently changed its tax-friendly crypto policies to include a 28% tax deduction.<\/p>\n\n\n\n

      At the same time, Italy is keen to attract more players in the cryptocurrency space. Cryptocurrency exchange Gemini was recently registered<\/a> as a Virtual Currency Operator and custodial wallet provider by the Italian Organismo Agenti E Mediatori. Binance, Coinbase, and Crypto.com are other exchanges licensed to offer crypto services in the island nation.<\/p>\n\n\n\n

      The licenses were issued considering anti-money laundering laws and the curbing of fraudulent transactions. Notably, the European Union (EU) plans to roll out MiCA legislation in 2024.<\/p>\n","post_title":"Italy to Introduce 26% Capital Gains Levy On Cryptocurrencies In 2023","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"italy-to-introduce-26-capital-gains-levy-on-cryptocurrencies-in-2023","to_ping":"","pinged":"","post_modified":"2022-12-04 00:36:57","post_modified_gmt":"2022-12-03 13:36:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

      The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

      The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement((https:\/\/www.bancaynegocios.com\/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba\/)), depending on who is moving the money and why they are doing so.<\/p>\n\n\n\n

      The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.<\/p>\n\n\n\n

      The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

      \"it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.\" the bill<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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