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How much is crypto taxed in US/UK/Aus/NZ? The United states You'll pay up to 37% tax on short-term capital gains and crypto income and between 0% to 20% tax on long-term capital gains - although NFTs deemed collectibles may be taxed at 28%. The amount of tax you'll pay on crypto in the USA depends on how much you earn, the specific transaction, and how long you've held the asset The United Kingdom For capital gains from crypto over the £12,300 tax-free allowance, you'll pay 10% or 20% tax. For additional income from crypto over the personal allowance, you'll pay between 20% to 45% in tax. The exact amount you'll pay will depend on the transaction you've made, the tax that applies, and the Income Tax band you fall into. Australia For crypto investments in Australia, Capital Gains Tax applies. Report gains and losses in your Income Tax Return and pay Income Tax on net gains. Hold for a year and receive a 50% discount. Declare crypto in your ATO tax return if you've sold, traded, or earned it in the past financial year NZ In Newzealand, cryptocurrency is subject to normal income tax rates.You'll pay 10.5-39% depending on your annual income. #Write2Earn #innocence #cryptotax #letuslive #ftl

How much is crypto taxed in US/UK/Aus/NZ?

The United states

You'll pay up to 37% tax on short-term capital gains and crypto income and between 0% to 20% tax on long-term capital gains - although NFTs deemed collectibles may be taxed at 28%. The amount of tax you'll pay on crypto in the USA depends on how much you earn, the specific transaction, and how long you've held the asset

The United Kingdom

For capital gains from crypto over the £12,300 tax-free allowance, you'll pay 10% or 20% tax. For additional income from crypto over the personal allowance, you'll pay between 20% to 45% in tax. The exact amount you'll pay will depend on the transaction you've made, the tax that applies, and the Income Tax band you fall into.

Australia

For crypto investments in Australia, Capital Gains Tax applies. Report gains and losses in your Income Tax Return and pay Income Tax on net gains. Hold for a year and receive a 50% discount. Declare crypto in your ATO tax return if you've sold, traded, or earned it in the past financial year

NZ

In Newzealand, cryptocurrency is subject to normal income tax rates.You'll pay 10.5-39% depending on your annual income.

#Write2Earn #innocence #cryptotax #letuslive #ftl

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Binance Enhances Safety Standards Amid Regulatory Pressure Binance, a prominent player in the crypto exchange arena, is strengthening its safety measures to improve user security amid increasing regulatory pressures. Notably, the crypto exchange has recently introduced mandatory identity verification underscoring Binance’s dedication to reinforcing compliance norms. Meanwhile, this move comes amid intensified regulatory scrutiny, particularly in Nigeria, where the exchange faces allegations of money laundering and tax evasion. Binance Implements Stricter Verification Procedures In response to escalating regulatory pressures, Binance has rolled out mandatory identity verification requirements for all sub-accounts created under the Binance Link Program. These enhanced compliance standards aim to ensure that only verified and compliant users have access to their sub-accounts in the crypto exchange. In addition, Binance has also said that failure to provide the necessary Know Your Customer (KYC) documentation by May 20 this year will result in full account restrictions. Meanwhile, the implementation of stringent verification measures reflects Binance’s proactive approach to addressing regulatory concerns and safeguarding its user base. By mandating compliance with KYC protocols, the exchange aims to avoid risks associated with illicit activities such as money laundering and fraud. Notably, this strategic initiative aligns with Binance’s broader objective of fostering a secure, transparent, and user-friendly trading environment.
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