Thoughts on Crypto Taxes

I want to know people's thoughts on crypto taxes. I know that no one loves to pay taxes, but I think this topic is going to be of growing importance and could possibly make or break crypto as a whole. Some of course may think cryptos shouldn't be taxed at all, but I think it is somewhat of an inevitability.

I myself am still a crypto beginner and am definitely no expert in financial law, so I can't really make any strong judgements or predictions about this. So I want to know what others that may know more than me think about this topic.

As of now, crypto taxes of course vary mostly depending on the jurisdiction. In some countries, like the US, cryptos are treated as property and subject to capital gains tax. In other countries, like Singapore, cryptos are not taxed unless they are used for business purposes.

What I think is that financial law itself is going to have to evolve beyond what it is now. I think idealistically, we should have laws pertaining to each crypto individually (maybe this will be easier when the market isn't so saturated with shitcoins) and each should vary depending on how that crypto operates and what it's purpose is. I think there will need to be whole committees established to create these laws. I know that's a pretty sizable undertaking but I (as I think many of us) believe crypto is the future and therefore something like this needs to happen.

So what are people's thoughts on the future of crypto taxes? I would love to hear from varying perspectives about this topic.

 

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