Albania will tax revenue from cryptocurrency from 2023 onwards

Albania will tax revenue from cryptocurrency from 2023 onwards

Reported on Friday local pressThe Albanian authorities are working to finalize the legislation that It will allow taxation of income and profits from cryptocurrency investments. The tax liability is set to appear for the first time in 2023, after the law was approved by the legislature after consulting the public. The government is said to be planning to pass other laws that would allow for proper regulation of the cryptocurrency sector.

Albania regulates cryptocurrency in the name of anti-money laundering

This process is currently under public consultation, so it is enough to know a lot about the package. This will be the first legal definition in Albania for taxing crypto devices and what is a virtual asset. According to dairy lawmakers, the default device “The digital display of value that can be paid for, traded and transferred in digital form…. including but not limited to cryptocurrenciesIt is important to stress, however, that The definition of digital assets in the regulation does not include central bank digital currencies and central bank digital currencies. Although more and more financial authorities around the world are working on the digital version of their national currency today. Including great powers such as China, the United States, the European Union and Russia.

Albanian law also defines cryptocurrency mining, which has long been a gray area in the eyes of authorities and practitioners. Although there have been examples in the past of illegal miners being arrested and prosecuted by the police, the legal basis for these actions has not been fully established. From now on, all income from cryptocurrency or mining is considered as corporate revenue from commercial activities. Since the beneficiaries are individuals, the tax burden will be 15% on them. Albanian law now allows crypto trading platforms to operate legally, but there are many unlicensed companies operating in the country. According to some opinions, the Albanian authorities want to comply with the recommendations of the European Union in the fight against money laundering. But critical voices believe that the authorities will not have enough power to properly regulate the crypto sector, especially since they will not be able to take appropriate measures against money laundering in the financial sector either.

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