Top 5 worst countries for cryptocurrency owners published

Coincub, a cryptocurrency analytics company, has published a ranking of the worst and best countries with taxes on digital assets. In the new study, Belgium is called the worst in the world in terms of cryptocurrency taxation. The country is known for its huge capital gains tax on cryptocurrency transactions (33%) and levies up to 50% of taxes on income from cryptocurrency trading. By the way, Belgium adopted strict cryptocurrency taxation rules back in 2017.

Iceland, Israel, the Philippines, and Japan are also considered bad countries for cryptocurrency investments. For example, in Iceland, any cryptocurrency profit of up to $ 7,000 is taxed at a rate of less than 40%, while higher profits will be taxed at a rate of 46%. According to Israel’s tax regime, the sale of cryptocurrencies is usually subject to a capital gains tax of up to 33%. If taxes are paid by a legal entity, it can reach up to 50%.

In the Philippines, there is no tax on cryptocurrency income if the amount is less than $ 4,500. With high incomes, the government levies taxes of 35% of the total amount of income. The country’s government is also discussing new cryptocurrency taxes that it wants to implement by 2024.

According to the study, Japan is among the five worst countries in terms of cryptocurrency taxation. The tax rate ranges from 5% to 45% depending on the amount of total profit. Among other countries with strict cryptocurrency taxation, Coincub also mentioned India, Austria, the United States, Norway, Denmark, and France.

The study also published a list of countries that provide citizens with effective tax incentives and offer favorable tax policies for cryptocurrencies. According to the rating, Germany tops the list, followed by Italy, Switzerland, Singapore, and Slovenia. In addition, Coincub mentioned countries where cryptocurrencies are introduced into financial circulation. These include the Bahamas, Bermuda, the United Arab Emirates, the Central African Republic, and Liechtenstein.