According to Deep Tide TechFlow, on December 24, reported by The Block, major global markets are strengthening tax regulation on cryptocurrencies. According to the latest policies, the US IRS classifies cryptocurrency assets as digital assets and adopts a taxation method similar to that for 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 salaries received in cryptocurrency are taxed as income.
The UK's HMRC imposes a maximum capital gains tax of 24% on cryptocurrency transactions, with a basic tax rate of 10% for taxpayers, who also enjoy a tax-free allowance of the first £3,000. Additionally, mining income and salaries paid in cryptocurrency are subject to personal income tax, and employers must pay national insurance on salaries paid in cryptocurrency.
The EU has not yet unified tax standards, and there are significant policy differences among member countries. Germany exempts cryptocurrency assets held for more than a year from taxes, while those sold within a year are subject to a maximum income tax of 45%, plus a solidarity surcharge of 5.5%. Spain imposes a unified tax rate of 19%-28% on cryptocurrency gains. Portugal, once considered a tax haven, has tightened its policies, with tax rates ranging from 14.5%-53%, where the standard capital gains tax rate is 28%.
Paybis CEO Konstantin Vasilenko pointed out that as the EU MiCA regulations and travel rules come into effect in 2025, regulators will further strengthen tax oversight on cryptocurrency assets. Brickken's General Counsel Elisenda Fabrega added that although the EU is working to promote regulatory coordination, core tax policies such as tax rates, thresholds, and exemptions are still determined by the member states themselves.