Crypto gains and local taxes

[anon32464289]

Making a separate thread for this

@anon32464289

I had this chat a couple of times those last few days and I’m sorry to bring the hard talk…

Save yourself some future troubles and read this please

–

No big deal this is their job but… in MOST countries governments are working actively to regulate cryptocurrencies.

When your crypto-money is in crypto-space there is no taxes applicable though…

Once you convert your crypto into fiat (local currency) and bring them into your bank account, you are subjected to local taxes

…

In France per instance, you’ll have to declare the GAINS you’ve made and provide PROOF for it.*

Then they apply a 30% tax on the gains only.

…

Make sure to keep your accounting straight and do your research in your own countries…

You don’t want to have issues with your local tax authorities. This is well-known that once they have you in sight as a potential frauder, no matter your country this is no fun.

–

*I am hoping to be able to use Teespring and Gumroad for those. Crypto.com won’t be an issue.

[anon32464289]

(reserved)

[MonkeyOwl]

@anon32464289

Once you convert your crypto into fiat (local currency) and bring them into your bank account, you are subjected to local taxes

Yes, exactly.

Besides, e.g. in my country once you have an account, inc. on platforms like binance, with over ~10 000 eur you’re supposed to declare that too (though unrealised gains aren’t taxed ofc).
Fyi

[anon32464289]

@MonkeyOwl

Besides, e.g. in my country once you have an account, inc. on platforms like binance, with over ~10 000 eur you’re supposed to declare that too (though unrealised gains aren’t taxed ofc).
Fyi

Meaning this is coming for us as well
Thanks for the heads-up Monkey.

[valor787]

in tokyo there are actually a few places that take crypto now for food, apartment and a few other stores. Guess a person could just keep their crypto and never pay tax if they lived in such areas. The strictest regulations havent hit yet.