Portugal and Thailand Choose To Exempt Tax on Bitcoin and Cryptos

Portugal and Thailand Choose To Exempt Tax on Bitcoin and Cryptos
  • Portugal and Thailand have chosen to exempt tax on Bitcoin and cryptos.
  • India will take 30% tax from income made from crypto sales transactions.
  • More and more countries are slowly taking steps to accept the use of cryptocurrencies. 

It seems the time for crypto and Bitcoin to be legally accepted by world governments is finally dawning this 2022. According to multiple announcements, many nations are taking active steps to acknowledge the use of Bitcoin and other cryptos. 

According to Blockworks’ multiple tweets, many nations are slowly taking official steps to accept the use of cryptocurrencies. Most recently, the crypto news and insights account tweeted about how Portugal made crypto and Bitcoin tax-free. 

Similarly, Thailand too made the decision a couple of days ago. In detail, Thai authorities got pushback from traders in one of Asia’s biggest south-eastern markets for digital currencies. Thus, Thailand removed its plans to tax Bitcoin and other crypto transactions. 

In contrast, countries like India made the opposite decision. Just yesterday, India’s Finance Minister announced a tax on income made from crypto transactions. Presently, social media is swarming with memes suggesting the unhappy reaction of India’s citizens. 

Considering India’s hot and cold relationship with cryptocurrencies, we may see changed policies once again. Perhaps similar to how Thailand changes its mind. Still, this is an official move from India to accept crypto trades as legal ones. 

As for Portugal’s decision to exempt tax on crypto, this was a call made from viewing cryptos as just another currency instead of an asset. Since Portugal did not see cryptos fitting into income categories like capital gains or yields, crypto holders can enjoy tax-free profits.  

Lastly, India also reveals the fact that it will reveal its digital Rupee by April 2022. In other news, Japan’s $1 trillion crypto market will likely make it simpler to soon list digital tokens. This means crypto exchanges can list more than a dozen coins at once at a speedier pace. 

Meanwhile, America’s investment banking titan — Morgan Stanley, is placing its bets on the Metaverse. Many other companies like Meta are also expecting a shift from the mobile internet to the Metaverse. Indeed, the tech and finance spaces seem to be gearing towards exciting developments this 2022. 

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