RE: ADSactly On ADSACTLY - Part #38 - Taxation of Crypto - Part #1
This is a smart and encouraging post!
Just yesterday, a friend of my community, a steem witness, decided to leave steemit and all of the crypto world after a meeting with his lawyer and hearing what the government expect him to do in regard to taxing - he described a pretty insane proccess and requirements. I'm not sure he is entirely correct but there is a large degree of truth in what he told for sure.
People are worried about taxing and legality, but I think - like one can also understand from this article, that regulation aren't totally bad as it will force the authorities to accept crypto as fully legal which will boost things fast, we can see it already happening in some places in the world.
I hear that here in Israel, at least for those not trading but getting paid in crypto - taxing will be only when converting to fiat and it would be considered just like any other salary regarding tax matters.
I just hope people in the authorities that are open minded and freedom lovers will act from the inside to advance normal and fair solutions to this whole issue.
Folks are always going to try to find away around taxes. It's the eternal struggle.
If they accept crypto as a legal tender, and accept taxes to be paid in crypto - all good from this end ;)
This is also being discussed in the following part.
In my opinion also, the Cryptocurrencies should become legal tender money on global level so that we all can enter into the new age of digital money with smooth, because now Cryptocurrency is becoming an great freedom.
Stay Blessed.
I don‘t think that you have to leave crypto just because of taxes. There are possibilities to handle it within the actual Tax law. Maybe there is some work to do (for example: how to find out the correct taxable amounts). I have tried to get closer to this issue for German Tax law, since I am a German Tax Advisor. Have a look at my Blog, if you are interested.