Foresight News reports that according to The Block, major global markets are strengthening their tax regulation of cryptocurrencies. According to the latest policies, the US IRS will classify crypto assets as digital assets and apply similar taxation methods as stocks and bonds. Specifically, simply buying and holding is not taxed, but "realizing gains" such as selling, exchanging cryptocurrencies, and using cryptocurrencies for shopping will be subject to capital gains tax; mining income, staking rewards, and wages received in the form of cryptocurrencies will be taxed as income.
The UK's HMRC levies a capital gains tax of up to 24% on crypto transactions, with a basic rate taxpayer subject to a 10% rate and a tax-free allowance of the first £3,000. Additionally, mining income and wages paid in cryptocurrencies are subject to personal income tax, and employers must pay national insurance contributions on wages paid in cryptocurrencies.
The EU currently lacks a unified taxation standard, with significant policy differences among member states. Germany exempts crypto assets held for more than a year from tax, while those sold within a year are subject to income tax of up to 45%, plus a 5.5% solidarity surcharge. Spain applies a uniform tax rate of 19%-28% on crypto gains. Portugal, once seen as a tax haven, has tightened its policies, with tax rates ranging from 14.5% to 53%, including a standard capital gains rate of 28%.
