Almost 100percent Cryptocurrency Investor Fail To Pay Tax In 2022

 

According to the report of a company that provides tax software for cryptocurrency traders and investors, last year's estimates give that only 0.53% of crypto investors globally paid tax on their crypto.

Since then global cryptocurrency market continues to grow, and governments find it easy to work toward the use of regulating its usefulness,  but if investors find it difficult to pay their tax makes it difficult for governments to regulate them effectively, but the rise of digital currency has led to the development of various tax policies.

It was made known that the report covers the tax policies of 38 countries with the strength and weaknesses of each country is necessary. 

According to the research shown the country that has the highest payment of tax rate on cryptocurrency is Finland while the Philippines has the lowest. 

As of last year, investors in the US declared their crypto tax to their authorities an estimated of 1.62percent, which makes them the 10th highest crypto tax payment among others.

According to the report shown in Asia, Japan had the highest tax payment in Asia, Japan had the highest tax payment. The effort of Japan government also facilitates the growth of tax payments on crypto. The Philippines' payment of crypto tax is mandated where there is regulation.  

This was made known that cryptocurrencies are banned completely in some countries while in some countries it is legal and regulated, also it is known that crypto varies from one country to another.

According to the report, most countries have not put more clarity on the payment of tax on cryptocurrencies that was why most investors antradersss are confused about tax payments.

 It was made known by the Global Crypto Tax Report that there is a need to be more clarity for consistent tax policies on crypto to enhance growth for government to facilitate their regulation.