penalties and interest. 133 swiss forex bank dukascopy bank sa On, the Central Bank amended its rules. 53 Uzbekistan Legal On September 2nd 2018, a decree legalizing crypto trading also making it tax-free and mining in the country came into force, making Uzbekistan a crypto-friendly state. 10 The European Commission also notably presented a "parallel" proposal aimed at preventing tax evasion techniques as revealed in the Panama Papers. 3 :Portugal Spain Legal Transactions in bitcoins are subject to the same laws as barter transactions. 71 In early 2018 India's central bank the Reserve Bank of India announced a ban on the sale or purchase of cryptocurrency.
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When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves. He also decided that bitcoins will not be regulated by hkma. "Vietnam Preparing to Legally Recognize Bitcoin". 135 Norway Legal The Norwegian Tax Administration stated in December 2013 that they don't define bitcoin as money but regard it as an asset. 106 107 Germany Legal On, the German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country, meaning that purchases made with it must pay VAT as with euro. Putting together all the above points, one may owe taxes on cryptocurrency even if they have never sold cryptocurrency for US dollars and never cashed out to their bank account. In other words, not only can you trade cash for cryptocurrency, you can also trade cryptocurrency for cryptocurrency. AFP (15 September 2014).