Nevertheless, as current cryptocurrency users, we must contend with the europe of our respective lands as they stand nowlest we bitcoin tax offenses europe cause major headaches for ourselves down the road. How does tax work here? I have been looking up crypto friendly tax, and I found this bitcoin post. Bitcoin has no specific legal framework in Portugal. For the Netherlands the information is tax, or at least incomplete!
Retrieved 9 July Retrieved 8 August Blockchain — What is bitcoin? The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. Legal The use of bitcoins is not regulated in Cyprus. Move comes less than two weeks after high-profile digital currency exchange in Seoul was hacked and went bankrupt. Bitcoin is neither recognized nor regulated in Iran.
The use of bitcoin in Poland is not regulated by a legal act at present. On the other hand, Bitcoin transactions for personal tax are bitcoin from taxation under two conditions, namely, 1 if Bitcoin was used as payment for goods tax services for personal use, and 2 the europe of the transaction is lower than AUD The bosses of Goldman Europe and JP Morgan have criticised bitcoin as a vehicle to commit fraud and europe crimes. The fiscal treatment of Bitcoin for tax tax differs depending on EU bitcoin. And if you are not from these countries, then you might want to bitcoin there!
The State Bank of Vietnam has declared that the issuance, supply and use of bitcoin and other similar virtual currency is illegal as a mean of payment and subject to punishment ranging from million to million VND  , but the government doesn't ban bitcoin trading as a virtual goods or assets.
On 6 December , the Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that bitcoin is not illegal in Croatia.
Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization On 19 August , the German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country, meaning that purchases made with it must pay VAT as with Euro transactions.
It is not classified as a foreign currency or e—money but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry. The use of bitcoin in Poland is not regulated by a legal act at present. They added that trading virtual currencies in Poland does not violate national or EU law, however, having virtual "currencies", involves many risks: Financial institutions should be cautious about engaging and cooperating with virtual currency "trading" entities.
As of March , an official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system". In October , the National Fiscal Administration Agency ANAF declared that there is a lack of a legislative framework around bitcoin, and therefore, it is unable to create a tax regulation framework for it as well implying no taxation. The National Bank of Slovakia NBS , stated  that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control.
At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins. Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in such a scheme virtual currency is at your own risk.
Exchanges or purchases of virtual currencies represent the business risk of investors and investors' money are not protected. For any compensation of losses caused by such exchanges or purchases there is no legal entitlement. On 23 December the Slovenian Ministry of Finance made an announcement  stating that bitcoin is neither a currency nor an asset.
Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. In response to the parliament postulates, the Swiss Federal Council issued a report on virtual currencies in June In , Zug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies.
The use of bitcoins is not regulated in Ukraine. As of [update] , FSA says that doing business with bitcoin does not fall under its regulatory authority and therefore FSA does not prevent anyone from opening such businesses. In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government. The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method.
Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1, euros of the currency in a month. The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin. Finland  Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent to a contract for difference for tax purposes.
Purchases of goods with bitcoin or conversion of bitcoin into legal currency "realizes" the value and any increase in price will be taxable; however, losses are not tax-deductible. Mined bitcoin is considered earned income. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use as an unregulated method for the exchange of goods, or even as a crime.
According to a opinion, from the Central Bank of Iceland "there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland.
On 12 March , the Central Bank amended its rules. With the new rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No.
Bank of Lithuania released a warning on 31 January , that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it. The Norwegian Tax Administration stated in December that they don't define bitcoin as money but regard it as an asset. Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. The Norwegian government stated in February that they would not levy VAT on the purchase or sale of bitcoin.
As of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia. The decision has been appealed by the Swedish Tax Authority.
The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the EU and the rest of the world. The governmental regulatory and supervisory body Swedish Financial Supervisory Authority Finansinspektionen have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment.
There is not a single word in Bulgarian laws about bitcoin. No specific legislation on bitcoins exists in Greece. Italy does not regulate bitcoin use by private individuals. As of [update] , Malta does not have any regulations specifically pertaining to bitcoins. Bitcoin has no specific legal framework in Portugal. Transactions in bitcoins are subject to the same laws as barter transactions. The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time.
The French Ministry of Finance issued regulations on 11 July pertaining to the operation of virtual currency professionals, exchanges, and taxation.
The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins. The Commission de Surveillance du Secteur Financier has issued a communication in February acknowledging the status of currency to the bitcoin and other cryptocurrencies.
As of [update] , virtual currencies such as bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands. Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves.
However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency.
Profits and losses on cryptocurrencies are subject to capital gains tax. In December , the governor of the Reserve Bank of Australia RBA indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to.
The Reserve Bank of New Zealand states: From Wikipedia, the free encyclopedia. For a broader coverage related to this topic, see Bitcoin. This section needs expansion. You can help by adding to it. Relevant discussion may be found on the talk page. Accessed 25 September Retrieved 25 February Court of Justice of the European Union.
Retrieved 6 December Retrieved 23 October Retrieved 5 March Market, economics and regulation" PDF. European Parliamentary Research Service. Bitcoin regulation or plans therefor in selected countries. Retrieved 18 February Retrieved 8 July Guidance for a risk-based approach. Retrieved 6 March Retrieved 30 October South African Reserve Bank.
Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Trinidad and Tobago Guardian. Retrieved 23 February Banco Central do Brasil. Retrieved 17 November Superintendencia Financiera de Colombia. Retrieved 20 October Banco Central del Ecuador. Retrieved 22 October National Bank of the Kyrgyz Republic.
Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency. How close Bitcoin to be Legalized in Iran? Retrieved 16 December We're Not Giving Up Yet". Retrieved 19 December Retrieved 8 November Archived from the original on 9 February Retrieved 6 October Retrieved 10 January Retrieved 18 January Archived from the original on Bitcoin is not Currency in Japanese ".
Retrieved 28 April Retrieved 26 February Retrieved 21 September Retrieved 9 July Retrieved 17 April The central bank does not regulate it but the public is advised not to speculate on it ". Retrieved 15 October Retrieved 3 December Retrieved 2 March Retrieved 11 January Retrieved 7 May Retrieved 27 December Retrieved 29 October Retrieved 1 November Retrieved 25 August Retrieved 19 March Retrieved 14 December Retrieved 8 August Bitcoin nie jest nielegalny".
Retrieved 18 December Retrieved 28 January Retrieved 31 July Retrieved 3 February Retrieved 24 March Swiss Financial Market Supervisory Authority.
Retrieved 16 April Retrieved 28 November Archived from the original on 20 September Retrieved 20 September Make quick and easy purchases with Bitcoin".
Retrieved 5 January Archived from the original on 17 December Retrieved 24 December Retrieved 15 March Retrieved 15 November The Central Bank of Iceland. Retrieved 8 January Deal Book New York Times. New Yotk Times Company. Retrieved 9 December The Ministry of Finance. Retrieved 5 June Retrieved 31 January Retrieved 2 April Retrieved 20 December Retrieved 16 September Retrieved 25 April Retrieved 6 June Commission de Surveillance du Secteur Financier.
Retrieved 19 October The Australian Financial Review. Retrieved 10 May History Economics Legal status. List of bitcoin companies List of bitcoin organizations List of people in blockchain technology. Lists of countries by laws and law enforcement rankings. Legality of euthanasia Homicide by decade Law enforcement killings Legality of suicide Legality of assisted suicide.
Censorship by country Book censorship by country Film censorship by country Internet censorship by country Map censorship Political censorship Video gaming censorship by country.
Freedom of movement by country In the air Abode. Corporate Corporate liability Competition Mergers and acquisitions Monopoly Legality of bitcoin by country or territory. List of international rankings List of top international rankings by country Lists by country.
Retrieved from " https: The UK and other EU governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion.
The Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation. Traders will be forced to disclose their identities, ending the anonymity that has made the currency attractive for drug dealing and other illegal activities. Under the EU-wide plan, online platforms where bitcoins are traded will be required to carry out due diligence on customers and report suspicious transactions.
Bitcoin is the first, and the biggest, "cryptocurrency" — a decentralised tradable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard but not impossible to trace a bitcoin transaction back to a physical person.
The rules are expected to come into effect in the next few months. The Treasury said digital currencies could be used to enable and facilitate cybercrime. The bosses of Goldman Sachs and JP Morgan have criticised bitcoin as a vehicle to commit fraud and other crimes. But Sir Jon Cunliffe, a deputy governor of the Bank of England, last week said the digital currency was too small to pose a systemic threat to the global economy.
He told the Daily Telegraph: We expect these negotiations to conclude at EU level in late or early
1 Jan So if you are in Singapore, you can bypass capital gains of Bitcoin/cryptos by bypassing these determining factors of trading. On analyzing these factors, it appears that a long-term regular investor won't be taxed when he/she cashes out. #4 Belarus. Belarus, a landlocked country in Eastern Europe has. 4 Dec The Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation. Traders will be forced to disclose their identities, ending the anonymity that has made the currency attractive for drug dealing and other illegal. wearebeachhouse.com Davidgerits; if you are going to exchange the crypto currency to euros they could see it as money laundering so you should start a legitimate company with your income being how much you make in euros. if you keep the crypto currency on the.