Horizon mining site of ancient scroll 5

1.

In 2020, it is very likely to start the tide of Taxation of crypto digital currency. Now digital economy has become the trend, and more and more countries begin to pay attention to the challenges brought by crypto digital currency. The taxation system of cryptocurrency has become one of the major directions

why is the tide of crypto digital currency taxation in 2020?

first summarize the data of the crypto digital currency market from 2019 to 2020. According to the data of Dede think tank, as of 24:00, December 31, 2019, Beijing time, the global crypto digital currency market has a total market value of US $192.769 billion, with a total increase of 53.35% in the whole year of 2019

up to January, 2020; 5⽇， There are 4993 digital currencies in the global cryptocurrency market, with a total market value of US $1997.68 billion. Compared with the total market value of US $125.708 billion at the beginning of 2019;, The whole cryptocurrency market rose by 74.06 billion US dollars, up 58.91% year on year

It can be seen from this that the crypto digital money market is graally expanding in the global scope, especially in 2019 when the growth rate is obvious, and the digital trend is irresistible

in 2019, although Libra is an overseas project worthy of heated discussion, the progress of China's blockchain technology and the research and development of the central bank's digital currency also affect the hearts of governments and people in the instry from another angle

the R & D of Libra has brought a huge impact. Under the leadership of China, governments around the world have successively expressed their positions on the central bank's digital currency. At the same time, they have also announced the progress of the R & D of the central bank's digital currency, and the global central bank's digital currency is ready to come out

with the stimulation of the central bank's digital currency and the significant increase of the global cryptocurrency market value, countries around the world have to speed up the management of the cryptocurrency market. How to manage the cryptocurrency market in a more compliant way, the improvement of the cryptocurrency taxation system seems to become an important part of the management of the cryptocurrency market

the tax policies of cryptocurrency in various countries are graally improving

on February 14, a news that the IRS exempted taxpayers from the tax liability of using cryptocurrency for game transactions spread like wildfire. It also makes us pay great attention to the tax policy of cryptocurrency in various countries

the United States: the IRS exempts taxpayers from the tax liability of using cryptocurrency for game transactions

the United States issued the "2014-21 notice" in 2014, which warned cryptocurrency holders that they would be punished if they did not pay taxes for cryptocurrency transactions

in October 2019, the US Internal Revenue Service (IRS) issued tax guidelines on cryptocurrency and made it clear that for federal income tax purposes, airdropped / forked tokens are only recognized when investors are able to dispose of their assets

once the taxpayer obtains the ability to transfer, sell or exchange cryptocurrency, it will be regarded as accepting cryptocurrency. When trading through cryptocurrency exchanges, the value of taxable transactions is the amount recorded by the platform in US dollars. In addition, the taxpayer's purchase and sale price will determine whether the gain or loss has occurred and its ration

In February 2020, the Internal Revenue Service (IRS) revised the wording on its website, and US taxpayers have been exempted from the tax liability of using cryptocurrency for game transactions. According to a report by the US Government Accountability Office (GAO), US taxpayers are still in a fog about how to deal with cryptocurrency holdings and transactions. Taking tax avoidance of digital assets seriously will make tax declaration more important in 2020

UK: take tax avoidance of digital assets seriously, tax declaration becomes more important in 2020. The guide sets out some important details of how the UK Department of revenue and customs views cryptocurrency. Many see the guide as a prelude to stricter taxation of encrypted digital assets

in November 2019, the UK once again issued a new cryptocurrency Tax Guide for enterprises. The UK Department of Taxation and customs has also sent requests to some major digital asset exchange centres (including bitcoin companies) to obtain trading information of UK investors in the exchange in August 2019. The UK Department of revenue and customs seems to be taking tax avoidance of digital assets very seriously. This means that tax returns will become particularly important in 2020

In an interview with the Bangkok Post on November 25, 2019, patchara anuntasilpa, director of Thailand's State Administration of Taxation, said that Thailand's tax authorities will change the current tax refund practice by introcing a blockchain based tax refund system, and hope to implement the system by the middle of 2020

according to foreign media reports last month, Thai Finance Minister apisak tantiorawong announced the tax framework adopted by the Thai government for cryptocurrency. This time, the tax scope of the Thai government for cryptocurrency is very broad, covering all investment returns and retail transactions of cryptocurrency

investors need to pay 7% VAT after cryptocurrency transactions, in addition to 15% capital gains tax. At present, the Thai cabinet has approved two draft decrees on cryptocurrency transactions

South Korea: Tax on cryptocurrency transactions is expected to start in 2020

according to the Korean times, there is no direct tax framework for capital gains from the sale of cryptocurrency digital assets in 2019. South Korea's Ministry of economy and finance is working on the measure, which will become a tax bill from 2020

an official of South Korea's Ministry of economy said: "relevant discussions have begun. The revised bill will be drafted in the first half of 2020. "

the national assembly of South Korea has also been studying a cryptocurrency tax bill. The final bill will increase transparency in all aspects of the cryptocurrency trading process. But to be sure, South Korea will tax capital gains from the sale of encrypted digital assets

China: the court described bitcoin as a virtual asset, and China's tax authorities may issue encryption tax policy

in July 2019, a Chinese court formally described bitcoin as a virtual property, thus obtaining legal recognition

The ruling is part of a dispute between a closed exchange and a user who lost money. At present, China has no specific provisions on cryptocurrency tax, but the court's attention to cryptocurrency as an asset may lead to the introction of cryptocurrency tax policy by China's tax authorities. In 2020, the crypto digital currency market will continue to be hot, and it may be this year that China will introce the crypto digital currency tax policy

in addition to the above countries' tax policies on cryptocurrency, there are plans or actions in 2020. Many other countries have already introced relevant tax policies for cryptocurrency

many countries, including Bermuda, Iran, France, New Zealand, Japan and so on, have promulgated cryptocurrency tax policies. Of course, some countries have indicated that they will not tax the cryptocurrency market for the time being

the "advantages" and "disadvantages" of cryptocurrency Taxation

however, government tax and other managers tend to introce KYC (know your customer) guidelines into exchanges and then ask for access to these records. This will lead to the exposure of everyone's identity, without the concealment originally proposed by the blockchain

this is indeed a malpractice, but in fact, absolute freedom is a hidden danger. Today's world civilization is acquired after thousands of years of practice, and the supervision and laws of various countries are the top priority of maintaining social civilization and security. In fact, decentralization does not mean absolute decentralization

at present, the relevant policies of various countries are not perfect, and may eventually reach a global default rule, but this requires business accumulation based on cryptocurrency, and then these taxes are distributed according to the jurisdiction by some distribution method

To put it another way, in fact, the tax policies of various countries for crypto digital currency just represent that crypto digital currency is graally recognized by the world, the government has recognized the legitimacy of digital currency to a certain extent, and the national supervision also has greater protection for users

nowadays, the preciseness of the encryption market is not comparable to that of the legal currency market, and it has the characteristics of anonymity. Digital currency is often used in smuggling, drug trafficking, money laundering, underground transactions and other fields, and has been wandering on the edge of the law

the global acceptance of crypto digital currency transaction is also increasing, and the transaction volume and amount are graally increasing. Effective supervision of crypto digital currency transaction is a problem that governments at all levels must face and solve. As an important means of supervision, reasonable tax policy will naturally be put on the agenda

in 2020, the crypto digital currency market should get more attention and popularization, and the whole world is likely to start the tide of tax policy for crypto digital currency