Re:Illicit activity a tiny part of cryptocurrency use
by ska on Thursday January 06, 2022 @05:07PM
(#29831029)
It's not really US-centric, although it is an assumption. At least a large fraction of jurisdictions require reporting of this, and may also require it for transfers, FX etc.
It's probably a reasonable assumption that a significant amount (majority?) of blockchain activity is breaking tax and reporting laws somewhere, albeit some of it a mostly technology-outpacing-legislation way rather than intentional.
Re:Illicit activity a tiny part of cryptocurrency use
by olliej on Thursday January 06, 2022 @05:28PM
(#29831341)
I suspect even the places with 0% tax on gains, you're required to report the income.
That said: The places with 0% gains are generally low population, as an individual you don't get to choose where to report taxes - you report taxes wherever you are resident. Getting to avoid taxes remains a privilege for corporations and those rich enough to justify exciting trust games.
That's really a US-centric view of things. There are places with 0% tax on capital gains and no need to report any.