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.
The application of the tax that we live now as the owner of the crypto of the amount in each transitis is subject to two types of taxes. The first tax imposed is a value added tax of 0.11% and the second type of tax imposed is an income tax of 0.1%.
This income tax is deducted directly when transactions conducted on the Exchange platform because we crypto status as commodity assets.