Post
Topic
Board Bitcoin Discussion
Re: Is this reasonable?
by
avikz
on 23/02/2025, 05:22:02 UTC
I'm not sure if this is also happening in your country. Is anyone honest enough to declare his/her crypto assets? For me, taxes should be considered ONLY if it is officially accepted and become legal tender.

This statement makes complete sense! If crypto is not yet a legal tender and you can't use to purchase goods or services, then it shouldn't be taxed. But unfortunately, that's how government works! In my country as well, crypto is not a legal tender. However, government has imposed 30% tax on crypto assets and it is ongoing since last 2 years now.

If you are not using any local crypto exchange, I don't think you should be declaring your crypto assets at all. But if you are already using a local exchange, then you data is already available with the government. So if you don't declare, you may receive a tax notice. I will suggest you to speak to a professional tax lawyer to understand the situation in a better way and decide accordingly.