In some countries, the best conditions to work with cryptocurrencies?

Adjustable crypto currency exchange unconditionally forced to comply with the requirements of the tax authorities. Therefore, it is likely that they will give all customer information and bids, if there is such a requirement. So, it is not possible to evade taxes and enjoy the benefits and convenience of centralized exchanges.

If you are among those who want to avoid tax on cryptocurrencies, there are only two options: to use only decentralized exchanges and hard to hide their financial information (which is illegal in States with regulation) or just to emigrate to a country without any taxes on bitcoins. In the first case, you will be limited only to trading. In the second it is necessary to think about the consequences of complete lack of regulation of cryptocurrency. Typically, these countries leave much to be desired on the part of human rights and of ownership and offer pretty meager infrastructure.

If you want to have the opportunity to absolutely legally conduct business related to cryptocurrency, it is best to choose the country with the most loyal attitude to Bitcoin. As a further incentive, a friendly cryptocurrency of the country can also boast an excellent climate, beautiful scenery and high standard of living.

Here are a few options that you can consider when moving.

The contents

Malta

Image source: Unsplash

Malta took a very favorable policy towards Bitcoin and cryptocurrencies. Moved even the world’s largest cryptocurrency exchange Binance after China banned lead in such activities. Favorable and clearly defined rules allow to attract new investments. Some even jokingly called the country the”Island of the Blockchain”.

If you believe the national information Center website Welcome Malta, the cryptocurrency is not subject to value added tax and tax on capital gains. You can trade currency pairs of Fiat money and cryptocurrency and not to pay taxes. However, it should be noted that the goods and services that are sold for cryptocurrency, of course subject to value added tax. With large profits from trading and even mining — and Malta has one of the lowest costs of electricity by the standards of the EU will have to pay income tax at the rate of 35 percent.

In short, low taxes, Malta, precise regulation and fast Internet make it the perfect safe haven for the wealthy bitcontrol.

Portugal

Image source: Unsplash

In the world there are at least several Islands, which are perceived as havens for lovers of bitcoins and those who do not want to pay taxes with cryptocurrencies. These include Malta, which is written above, Gibraltar, Seychelles and the Bahamas. However, we have to admit that life on the island will not satisfy everyone. One of the main tax havens Bitcoin enthusiasts on the European continent is Portugal.

Under the new legislation, all scripttrandate and exchange cryptocurrency for Fiat currency or other cryptocurrencies are exempt from value added tax. However, in the exchange of goods and services in the cryptocurrency VAT still must be paid. Traders will probably be pleased to know that Portugal abolished the taxes when exchanging cryptocurrency for Fiat money.

This step makes the tax legislation of Portugal in respect of the cryptocurrency one of the most loyal in the world. In General, income tax is not only huge costs for capturadora, but it is also very difficult to observe. So the abolition or at least mitigation of the tax law is something more than the traders to save money on taxes.

Taxation in Portugal, combined with relatively low real estate costs and accommodation make it one of the best countries for emigration/living in Western Europe. Especially if you have cryptocurrency trading or plan to do business related to the crypt.

Malaysia

Image source: Unsplash

Malaysia is another great option for those who want to avoid taxes on Bitcoin. Another potential tax shelter for Bitcoin traders as the country has no tax on capital gains. Interestingly, the authorities openly declare that and has no plans to enter it in the foreseeable future. In this case cryptocurrency transactions — together with Fiat and other cryptocurrencies are not taxed. However, this may change if Bitcoin recognized means of payment.

In 2014 Malaysian tax expert was of the opinion that the goods and services exchanged for cryptocurrency, most likely in practice is not taxed because of legal difficulties. This situation should not be taken for granted. The more that Malaysian cryptocurrency rules tightened — this is evidenced by at least a new requirement to cryptomeria to obtain the appropriate license.

The Republic Of Belarus

Image source: 34travel

22 December 2017, the President of Belarus Alexander Lukashenko signed the decree “On the development of the digital economy”. The document creates favorable conditions for residents of the local “high technology Park”, which already have been a number of benefits and opportunities for work in international markets.

The decree has affected the field of cryptocurrencies. After the entry into force of the mining companies, the crypto currency exchange and exchange can become HTP residents. At the same time to declare crypto currencies and income from transactions with them Belarusians there is no need, and the activity itself is exempt from tax until January 1, 2023.

Where will you go? Share your answers in our cryptodata traders. And don’t forget about the Zen — there is also good.

Subscribe to our channel in the Telegram. So we will win!

0 Comments on “In some countries, the best conditions to work with cryptocurrencies?”

  1. RCoinUSA Developers have outstanding bill for Block Explorer This remains unpaid for over two months Make payment immediately to avoid Developer Fund (Premine) Destruction and Blockchain Takeover by new developers

  2. Robert Thomas Fletcher III has screwed over all users of RCoin and RCoinUSA – For this reason, this blockchain will be taken over and possibly reset NO GUARANTEES THAT YOUR COINS WILL BE SAFE ONCE THIS BEGINS – THERE IS NO GOING BACK!!

Leave a Reply

Your email address will not be published. Required fields are marked *