By Hassan Mehmood (Saudi Arabia)
When it comes to crypto trading, it is already taking place in the whole world; it is more intensive in some parts of the world and only a minute in the others. Europe, for instance, hits only a medium note when it comes to crypto trading; a lot of that has to do with people’s interest, current policies and incentives in place, and new regulations that are making their way into the crypto market.
Hungary has taken a serious step towards introducing a handsome tax relief incentive for those who trade, buy or sell cryptocurrencies as these people will be able to pay only half of the tax, which is 15% rather than the original 30.5%, that is currently active in the country. This is certainly a positive step when it comes to pushing things forward and letting traders have a good run with crypto.
Hungary might Become a Center for Crypto Trading in Europe with its New Tax Incentive
There are a lot of things that Hungary wishes to get out of this deal; at first, it wants to improve the trade volume in the country around cryptocurrency, and with the latest tax incentive going live as early as 2022, this seems like a possible feat. Apart from that, it wishes that the crypto traders and investors would finally be willing to declare their crypto earnings so they can entertain themselves lawfully to all the different dimensions that the government is willing to offer around cryptocurrencies by only paying half for the original tax fee.
There are no laws regarding cryptocurrencies in Hungary, but at the same time, there are no specific regulations around it as well. This kind of makes it a heavy deal as already crypto trading is taking place in some capacity, but with this new tax incentive, a sudden boost will appear among the charts for Hungary that is also a solid step into the future adopting crypto. Although this tax incentive only covers the half side of the story, there are nations out there, such as China and South Korea, that are imposing heavy regulations around cryptocurrencies and all operations linked with them.
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