Crypto Regulation and Taxes by Country
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The crypto market may be global, but every country has taken its own approach to this new financial industry. Some countries make it easy for crypto businesses and investors to operate in order to promote growth. Others take a harder line and have laid out many hoops for crypto users to jump through.
In this article, we’ll take a closer look at crypto regulation and crypto taxes in Estonia, Lithuania, Czech Republic, Poland, Slovakia and Bulgaria.
Estonia has positioned itself as one of the best countries for tech startups in Europe. The country initially brought its startup-friendly approach to the crypto industry, but has changed its tune in recent months.
The country’s new regulations took effect on June 15, 2022. Now, crypto companies in Estonia must meet stringent transparency and anti-money laundering requirements. They cannot have anonymous accounts, which were previously allowed.
In addition, there are minimum capital requirements for crypto businesses. Exchanges, wallet services, and token issuers must have at least €100,000 in capital. Transfer services must have at least €250,000 in capital.
To receive a license from Estonia’s Financial Intelligence Unit, the country’s financial watchdog, companies must pay an application fee of €10,000 and hire an internal auditor. The business must also have a physical, registered office in Estonia.
Right now, it is estimated that acquiring a license will take 4-5 months. The country awarded its first crypto license under the new regulations in September.
Crypto businesses in Estonia are taxed the same way as other corporations. Most companies pay no taxes on profits. Instead,
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