According to Foresight News, as reported by The Block, major global markets are strengthening tax regulation on cryptocurrencies. Under the latest policy, the US IRS classifies crypto assets as digital assets, applying a tax approach similar to that of stocks and bonds. Specifically, simply buying and holding is not taxed, but actions that 'realize gains' such as selling, exchanging between cryptocurrencies, and using cryptocurrencies for shopping are subject to capital gains tax; mining income, staking rewards, and wages received in cryptocurrency are taxed as income.
HM Revenue and Customs (HMRC) in the UK imposes a capital gains tax of up to 24% on cryptocurrency transactions. Basic rate taxpayers are subject to a 10% tax rate and benefit from an initial tax-free allowance of £3,000. In addition, mining income and remuneration paid in cryptocurrency are subject to income tax, and employers must pay national insurance on salaries paid in cryptocurrency.
The European Union currently lacks a unified taxation standard, with significant policy differences among member states. Germany exempts cryptocurrency assets held for more than a year from tax, while selling within a year requires a maximum income tax of 45%, plus a solidarity surcharge of 5.5%. Spain imposes a uniform tax rate of 19%-28% on cryptocurrency gains. Portugal, once considered a tax haven, has now tightened its policies, with tax rates ranging from 14.5%-53%, where the standard capital gains tax rate is 28%.
