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Category: Europe

Financial Administration In Slovenia Proposes Special 10% Tax On Crypto Income

Slovenia, though small, is one of the fastest-growing nations in Europe, especially in the business and economic contexts. After its successful economic succession from Yugoslavia, it was the first to join the European Union in 2004 and is the wealthiest Slavic nation, as measured by per capita GDP. Crypto adoption in Slovenia has rapidly grown over the years. The awareness of cryptocurrencies among its citizens is relatively high. The Proposed Crypto Tax Bill According to reports by local media, the Financial Administration of the Republic of Slovenia (FURS) has put forward a proposal to change the crypto taxation rules in the country. This proposal aims to introduce a 10% taxable income bill on cryptocurrency asset activity in the near future. The country’s tax authority claims that this change would significantly simplify the way crypto-related income is taxed. Total crypto market rises to $2.28 Trillion | Source: Crypto Total Market Cap from TradingView.com Currently, the authority has to analyze an individual’s crypto activity on a case-by-case basis. It examines numerous transactions made by a taxpayer between the purchase and sale of the digital currency as well as the various cryptos they have bought and sold or converted. If the amendments are introduced, the financial administration elaborated that it would no longer have to go through this stagnant and tedious crypto administrative process. Related Reading | Making Money in Bitcoin Markets? Don’t Forget About Crypto Taxes “We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.” FURS said according to the media. Crypto Adoption In Slovenia In recent times, Slovenia has projected itself as a hotspot for blockchain and cryptocurrency-related activities. With an estimated population of 2 million, the country contains more physical locations accepting cryptocurrency payments than the entire United States. Related Reading | Slovenia’s Bitcoin City to Become World’s First Fully Crypto Friendly Lifestyle Center According to GoCrypto, in 2020, more than 1,000 locations now allow cryptocurrency payments, including cafes, restaurants, dentists, hair salons, and hotels. At the beginning of 2019, it was also the only country in the world where you could survive solely on cryptocurrencies. Featured image from The Slovenia Times, Chart from TradingView.com
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Spanish Authorities Warn Cryptocurrency Exchanges For Unregistered Services

Cryptocurrency businesses have continued to receive pressure globally from different regulatory bodies. For example, the Spanish National Securities Market Commission (CNMV) recently released a warning to many financial markets and crypto-related businesses. The warning is on unregistered services which they offer. From the official document from CNMV, about 11 entities received the warning from the regulatory body on August 16. The document stressed the non-compliance of these entities with the registry of the commission. Among the listed entities are some prominent crypto trading platforms like Bybit and Huobi. However, this Spanish regulatory body maintains that the unregistered entities have no authorization to provide investment services in the country. Related Reading | Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record According to CNMV’s consulting page, the mandate to provide security-related services is only for registered companies in Spain. Though CNMV has no power to ban a company from operating in Spain directly, it can put forth a court appeal. Through a November report, Crypto Company Guide in Spain disclosed that about 120 crypto businesses are registered and operational in Spain. Spain’s Move So Far With Cryptocurrency A review of some activities from last reveals that Spain has created a friendly environment for crypto businesses. First, there was the approval of a law to develop a sandbox for financial technologies by the Committee on Economic Affairs and Digital Transformation. In his speech, Professor Ismael Santiago from the University of Seville confirmed the sandbox would enhance new jobs with increased value. Also, it will bring economic competitiveness and technological development. Moreover, the professor confessed that implementing the sandbox will be a push-up for Spain by making it a reference point in Europe. In fact, such an establishment catalyzes the crypto ecosystem while attracting more national and international talent. The daily chart shows that the crypto market has taken a dip after setting new records | Source: Crypto Total Market Cap on TradingView.com There’s a recent move from the Spanish Socialist Workers’ Party via the introduction of a non-law proposition. This has to do with launching a national digital currency following experimentation of the digital euro by the European Central Bank. Related Reading | Ukraine’s Security Service Closes Illegal Cryptocurrency Exchanges According to the proposal, when there’s a necessity for a monetary expansion, a national digital currency would allow higher liquidity. It will enable a more direct process through the provision of liquidity into current accounts. In addition, such a process will create instantaneous transfers without using any intermediaries or third parties. Furthermore, the use of digital currency ends banks’ privilege over money. This implies that there’ll be no nationalization of credit or nationalization of the banking system. Featured image from Pixabay, chart from TradingView.com
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