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Among cryptocurrencies, even dogs don’t pay taxes: willingness to pay 0.53%

Among cryptocurrencies, even dogs don’t pay taxes: willingness to pay 0.53%

According to the latest Divly research The global willingness to pay tax on crypto assets is just 0.53%. The data from a crypto tax automation software company may come as a surprise, but it also supports the hypothesis that many crypto investors are using cryptocurrencies due to their aversion to government control.

Bitcoin and cryptocurrencies are often mistakenly considered as a means of payment for criminals around the world, which mostly stems from a lack of understanding of technology and fear of new digital innovations. In fact, blockchain technology provides much greater protection against crime than cash, for example, as evidenced by the fact that it is in the home NAV has also admitted to operating the contract on many of the most popular blockchains.

Based on this, Divly’s results can be interpreted in several ways, but according to their research, the global cryptocurrency tax willingness rate ranges from 0.03% to 4.09%. The report took a novel approach to estimating willingness to pay taxes: rather than surveying a limited number of respondents, it used a combination of official government data, search volume data, and global crypto ownership statistics to determine the level of willingness to pay tax among crypto-asset holders in a given country.

The highest rate was recorded in Finland, where just over 4% of cryptocurrency investors advertised their cryptocurrency, while Australia came in second with 3.65% of users. Between 2.43 and 2.75 percent of investors in Austria, Germany, the United Kingdom and Norway declared their cryptocurrency.

In the United States, which has the largest number of cryptocurrency users in the world, only 1.62 percent of owners have paid taxes, which puts the United States just below Canada, where 1.65 percent of investors have paid. Close the line are countries in South and Southeast Asia such as India, Indonesia and the Philippines, where, with a slight exaggeration, no one taxes their cryptocurrency.

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This low rate of willingness to pay cryptocurrency taxes worldwide is likely due to several factors. According to Divly, regulations and user knowledge of the laws vary greatly from country to country. The company also notes that higher rates in Japan and Germany may be the result of increased government enforcement. As a result of the proliferation of tax calculators and other tax services, paying taxes has become an established habit for users.

Cryptocurrency taxation is a major concern for regulators around the world, and it is, among other things european union, the United kingdom, And that The United States is working too – Introducing regulations that impose increased willingness to pay taxes. Relatively advantageous and simple regulations came into force in Hungary starting from the 2021 tax year, Unfortunately, however, Divly’s research did not examine our country, so we have no information on how much this boosted the willingness to pay taxes.

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