In 2018, in the US, owners of crypto-currencies will have to pay tax on virtual coins that are in their ownership. Earlier, the state received deductions only during the operations of the exchange.
The US authorities believe that such a measure will cool the overheated market, increase revenues to the budget and help to get some of the coin holders out of the shadows. At the same time, analysts say that legislative innovations in the United States will not affect the exchange rate dynamics of digital money. A possible reaction of the global cryptology to the new law is in the RT material.
This year in the US, the exchange of one crypto-currency for another will be taxed. It is about the operations of "equivalent exchange", when, when selling one cryptocurrency, investors will not be able to invest all the earned funds into another Cryptocurrency, without paying a profit tax at the same time.
The thing is that in the United States, digital money is considered property (like gold or real estate), not currency. It is curious that earlier the IRS had levied a corporate income tax or corporate tax on electronic coins only if they were exchanged for traditional money.
"This measure is designed to cool the market a little crypt. The tax will make transactions with digital money a little less active. I do not think that this will greatly affect the course since it has little connection with economic fundamental reasons. Rather, it is the result of people's irrational behavior. Theoretically, the introduction of a tax may provoke difficulties for investors regarding the relationship with the tax inspection / The new tax rate will depend on the shelf life of the cryptocurrency. If the investor kept it for less than a year, then he will have to pay from 10% to 37%. The coin, which is stored for more than a year, will be subject to a privilege, the maximum rate of which will be 23.8%. "- commented on the RT legislative initiative of the US authorities head of the laboratory of the Institute of Applied Economic Research RASHiGS Alexander Abramov.
Founder Jury.Online Alexander Shevtsov recommends investors and just fans of the digital economy to wait for the official publication of the text of the law. The expert emphasizes that the market professionals still do not understand the mechanism of the new US tax collection. "One of the questions is how the identification will take place, which operations will be taxed, for example, transactions in the blockroom or exchange operations on exchanges," RT Shevtsov explained in a conversation with RT.
According to the expert, large exchanges have long refused to work with US residents, so this law will not affect the global market. However, innovation can scare people who are not very good at cryptocurrency technology and rely on public opinion.
"It would be strange if the courses of the Crypto-currency, a financial instrument designed to not depend on any single center, strongly fluctuated from state laws. The ban on holding the ICO in China in 2017 was a much more important event, which nevertheless did not have a strong impact on the market, "said Alexander Shevtsov.
The expert predicts that the prices for crypto-currencies will still depend primarily on investor sentiment. However, he is sure that the cryptology is not saturated yet, so the players expect the further growth of virtual money courses.
In the blockbuster bookbuilding platform ICOadm.in RT reminded that in most countries of the world it is necessary to pay tax only when exchanging crypto-currency for traditional (traditional) money. This principle now operates in many countries, for example in Japan and South Korea, where the tax on the output of crypto-currency in Fiat is at the level of 5-6%.
In Russia, participants in the digital market are waiting for a law on the regulation of crypto-currencies, which may appear in the first half of 2018. At the same time, at the end of 2017, the Ministry of Finance announced that it expects to levy a tax on the production of crypto-currency by analogy with the taxation of entrepreneurial activity.
In the UK, Australia, Brazil, Canada, and Germany, crypto-currency investments are taxed on capital gains (ranging from 0% to 25%), reports Bloomberg. In the UK and Switzerland, transactions with coins are exempt from a VAT, since the authorities of these countries equate "coins" with foreign currency. In Japan, bitcoin is officially recognized as a payment instrument.
Alexander Abramov explains that the introduction of a new tax on any market instrument is always very inconvenient for the investor.
"Someone can not pay taxes on time or pay wrong, that's why for people this is a big inconvenience with regard to the risk of possible tax claims," the economist believes.
According to Abramov's forecast, as early as the beginning of 2018, the players of the crypto-currency market will be very cautious, as they made the appropriate conclusions from the last story with the collapse of bitcoin.
"The drop in the bitcoin rate does not exclude the appearance of a new fruitful idea for crypto-currencies during 2018. For example, some central banks will start using coins. This market needs a new idea that would inspire people, because the primary interest based on the astronomical rise in the price of bitcoin and other crypto-currencies is already in decline, "concluded Alexander Abramov.
