Even though there is only one cryptocurrency currently operating in the private sector, individuals who receive income in cryptocurrency are still required to pay taxes. The tax obligations for cryptocurrency holders are similar to those for traditional assets and income. These individuals must report their cryptocurrency earnings and transactions to the appropriate tax authorities. Failure to do so can result in penalties and legal consequences. It is important for cryptocurrency users to keep accurate records of their transactions and consult with tax professionals to ensure compliance with tax laws.
HomeDIGITAL ASSETS REGULATORYbis_asset_updateIda Wolden Bache: The Impact of Fintech, Bigtech, and Cryptos on the...