The increasingly widespread use of cryptocurrencies also brings legal regulations. However, taxation uncertainty still persists in cryptocurrencies.
How should taxation be in cryptocurrencies?
Nowadays, some countries are very sharp against cryptocurrencies, while some countries are pursuing strategies to support crypto currencies. However, cryptocurrencies can face legal regulations and uncertainties today.
We can say that the main source of this uncertainty is the difference in the way countries define cryptocurrencies. In some countries, cryptocurrencies are defined as financial instruments or assets, while in some countries they are described as commercial goods. This causes great uncertainty about taxation. For example, according to the definition of crypto coins, it is considered undefined in terms of the USA.
The OECD, Organization for Economic Development and Cooperation, has made a new call for taxing cryptocurrencies. The report published by the OECD emphasizes that policymakers should take into account the environmental impacts of cryptocurrencies. The OECD recommends that this issue be clarified with crypto-specific regulations.