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.
Seems reasonable enough.
It is like with stocks, if you buy a stock and it rises in value and then you sell that stock, you will be liable to pay taxes on the winnings.
But I am more confused on your statement on legal tender. I think it is the other way around. There would be no taxes if it was legal tender. Which it is not, therefore, taxes must be paid.