1. Exemption of Tax for Small Transactions: transactions below $300 will be tax free with a yearly maximum of $5000
2. Deferral of taxes of mining and staking until the moment of assets sale. This addresses the issue of double taxation.
3. Tax Exemptions for crypto loans and charitable contributions in digital assets.
This is a very good draft, and it truly understands the retailer's concerns about running their business, which are often hampered by high taxes. The minimum threshold certainly provides flexibility for transactors, and honestly this method should serve as an example for other countries opening up to crypto. The bill aims to provide the necessary special space. I believe transactions under $300 are more than enough to continue to receive full public support.
Because like it or not, people are heading to crypto market and it is better to have such regulations in dealing with this market. So instead of chasing these crypto people away, why not charge them with taxes or other related fees if they go beyond the reasonable limit? And in that manner, it is a win-win situation as the crypto people can continue doing their thing and at the same time, they can collect taxes from them.