The United States, Britain and Europe strengthen cryptocurrency tax supervision, and investors need to remain proactive

With tax authorities such as the IRS and HMRC currently stepping up their scrutiny, and new frameworks such as the EU MiCA being introduced, investors must remain proactive and informed. Konstantin Vasilenko, CEO of Paybis, advises: "Many people involved in cryptocurrencies initially do not know that they need to file tax returns and hold them. However, with the tax system scheduled to increase scrutiny from 2025, proactivity is crucial." In the United States, cryptocurrencies are considered digital assets, and the sale or exchange is subject to capital gains tax, with the tax rate depending on the holding period and income level; miners and staking income are subject to income tax, and exchanges will need to report user data from 2025. In the UK, the sale or exchange of crypto assets is subject to capital gains tax, with a tax rate of up to 24%, and a tax exemption of £3,000 per year; mining income and crypto salary income are subject to income tax and national insurance contributions. In the EU, tax rates vary from country to country, and the MiCA regulations that come into effect in 2025 will unify some rules and enhance tax transparency. (The Block)