In the future, crypto assets are to be taxed like securities

Anyone who currently keeps crypto assets for more than a year does not have to pay taxes on profits from the sale.

who Kryptoassets how Bitcoins owns, could soon face higher taxation. Currently, crypto assets are generally considered to be objects of speculation, and those who keep them for more than a year do not have to pay taxes on profits from the sale. The eco-social tax reform now provides that cryptoassets like Securities to be taxed. So be 27.5 percent Tax on profits is due regardless of how long this assessment took. A general retention period had already existed until it was abolished in 2012. Such a measure may come back during the legislative period. Because the holding period is supposed to be abolished by the government’s proposed eco-social tax reform for crypto assets.

But the government program provides for the introduction of such a holding period for all derivatives. However, this is not now part of the program for the eco-social tax reform, according to a statement by the Ministry of Finance at the request of the APA. “Ideally, a corresponding new regulation will then apply to both ‘classic derivatives’ and crypto currencies,” said the Ministry of Finance. “If speculation is taxed on stocks, there must be appropriate measures for digital currencies as well. We will therefore examine further measures in Austria in order to achieve tax fairness with crypto currencies, ”said Minister of Finance Gernot Blümel (ÖVP) cited.

Money laundering and terrorist financing is a Europe thing

Apart from the tax change, the Ministry of Finance also points out the “according to the national risk analysis, very high risks in relation to cryptocurrencies”. It is not about a total ban, “however, crypto currencies must not be regulated significantly less than other payment options,” said Blümel. While tax questions are to be regulated nationally, questions are Money laundering and terrorist financing However, better to solve at European level, there is also a general tightening of the regulations for the crypto industry in the EU, noted the Ministry of Finance. The Ministry cites the current proposal as an example EU money laundering directive at. This provides for anti-money laundering regulations to be extended to all crypto system service providers. That would entail stricter transparency regulations and restrictions on anonymous crypto wallets and anonymous transfers in the crypto area. Everyone, including non-financial institutions, would then have to identify consumers and document their crypto assets and transactions.

Also the DAC-8 directive, (the eighth version of the EU administrative assistance directive “Directive on Administrative Cooperation”) could force crypto exchanges in the EU to provide data to tax offices. This would enable the correct taxation to be checked.
Currently, there is only an exception to the retention period for crypto assets if they are held as part of an interest-bearing investment. Then they are considered economic goods. In this case, bills of exchange into euros, other currencies or other cryptoassets as well as purchases with cryptoassets are taxable. “In such cases, the BMF affirms the applicability of the special tax rate (27.5 percent) for interest and exchange profits, but without a legal basis,” says the statement of the Ministry of Finance.

You can read more news about Bitcoin and other crypto currencies on our crypto channel futurezone.at/krypto.

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