In my country, the Philippines, crypto owners are urged to declare their crypto capital gains for annual tax filing. This means that we are urged to pay taxes, and I don't think this is reasonable enough since crypto was not yet considered a legal tender.
Crypto regulation in the Philippines is in a quasi-legal state as of now. It is not yet accepted completely, nor has been completely outlawed. Cryptocurrency transactions are legal in the Philippines , however, the crypto coins are not considered “legal tender”.
The Philippines government has implemented a capital gains tax of up to 15% on cryptocurrency transactions to regulate and tax the growing crypto market. The tax applies to profits made from selling or exchanging cryptocurrencies and purchases made using crypto.
source: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-philippines/
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.
Knowing Philippines is included into the list of corrupt countries then i dont get surprised about on what the government is trying out to do on here is that despite on being not still totally legal or lets say they are still on observation period but they had already made out some announcement into it citizens on having that 15% tax on every transactions made in crypto? I dont know if there's someone honest enough on trying out to pay up their taxes on their own will on which we know that since this isnt regulated yet then i doubt that citizens will really be doing that. One of the main reasons on why crypto had become that popular or being supported on which it is because you do have that full control of your funds or simply being decentralized and anonymous. It will really be just that totally laughable if they would be doing the opposite thing. Quote
Crypto regulation in the Philippines is in a quasi-legal state as of now. It is not yet accepted completely, nor has been completely outlawed. Cryptocurrency transactions are legal in the Philippines , however, the crypto coins are not considered “legal tender”.
The Philippines government has implemented a capital gains tax of up to 15% on cryptocurrency transactions to regulate and tax the growing crypto market. The tax applies to profits made from selling or exchanging cryptocurrencies and purchases made using crypto.
source: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-philippines/
As a citizen of such country then i would really be just that simply making up transactions without needing to worry about paying up taxes., as long it isnt regulated then there's no way that you are violating something. It is really just that they are trying out to convince people on doing such stuff. Its never been reasonable, it is really just that they do want to miss out any potential money or taxes on which they could get on with. Its not really shocking that they will really be making out such step for that very common purpose that they do have in mind. It just really sucks that once implemented then there's nothing we can do about it.