Crypto tax is a grey area in most countries round the world. Some countries are further ahead at establishing a system than others. Some countries, such as Portugal, have no crypto taxes whatsoever and recently Germany has established a 0% capital gains tax in crypto held for over a year. Some other countries treat crypto similarly to property or stocks whereas assets such as NFTs have not been defined into an asset class as of today.
The Fight For The Most Competitive Crypto Taxes
One example of a country benefitting from low taxes is Ireland, they enacted an especially low corporation tax of 10%. Very shortly after they benefitted from huge inflows of foreign direct investment helping boost their economy and establish the country as a business hub. Countries will fight for the most competitively low crypto tax systems for this exact reason. Crypto is the fastest growing industry in the world and is following the exact trajectory of increases in monthly users as the internet was in 1998 and is not slowing down. The country with the best tax system will likely attract the most startups and in turn will likely become the largest crypto hub in the world provided it has the necessary infrastructure and workforce for the startups to run efficiently. The UK has announced they want to become a Crypto Hub of the world and are commenting this announcement with their own NFT mint. They have some of the best infrastructure in the world and one of the best work forces so they are certainly a front runner if they can keep taxes low.
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