The Taxation Of Cryptocurrency Across The World

Dawid Paluch
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Money laundering is a significant problem worldwide. Politicians from G20 countries want to put it to sleep. In order to do that, they have called for the taxation of cryptocurrency.

Earlier that year, the cryptocurrency industry wondered what G20 thinks about crypto. At least now we know, that the most powerful countries in the world want to take profit from the crypto business.

Taxation of cryptocurrencies

The summit took place in Buenos Aires last weekend. The annual meeting of the world leaders gathered among others Donald Trump, the president of the United States, Vladimir Putin, the president of Russia. One of the most important topics was the legislation of cryptocurrency.

According to JiJi.com, a Japanese news outlet, G20 leaders have called for “a taxation system for cross-border electronic payment services.”

The publication clarifies that under current laws, firms which don’t have any office or factory in Japan, cannot be taxed by the country’s government. G20 leaders want to change that, creating a ‘taxation system for cross-border electronic services’.

A final version of regulations is expected to be ready before 2020. Right now, the members work on the new system. It’s possible that the new project will enter into force during 2019 when Japan will be the host of the summit.

 

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