Wednesday, June 12, 2024

On the heels of El Salvador’s Bitcoin narrative, Argentina implements a crypto tax scheme

Argentina is officially on the list of countries to have a clear taxation policy with respect to cryptocurrency. Few other countries in the world have already implemented an unambiguous taxation law. Under Argentina’s new taxation law, crypto exchanges will charge 0.6% for every digital asset transaction.

In another part of the world, South Korea had decided to put a 20% tax on cryptocurrency capital gains, but only if the amount exceeded 2.5 million won. In South Korea, NFTs do not fall under this tax bracket. Apart from obvious El Salvador, Switzerland and Portugal also have crypto-friendly taxation policies and are becoming a destination of choice for cryptocurrency entrepreneurs.

How things will play out in the Argentinian cryptocurrency sector is still subject to speculation, but the experts agree that revised taxation policies will ease business operations in the country. At the same time, the United States of America is at a tumultuous place with crypto taxation rules. The recently passed infrastructure bill makes it very difficult for crypto entrepreneurs to progress in the business. It also has an extreme reporting requirement for all crypto transactions exceeding $10,000.

With every country implementing new taxation policies, the pressure around other countries grows under the fear of economic advantage. After Argentina, we can expect many more countries to implement crypto taxation charges. India is on the brink of a cryptocurrency taxation policy, and other countries like Peru and Sri Lanka might join the list.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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