The U.S. House of Representatives will consider the Cryptocurrency Fair Taxation Bill, developed by Rep. David Schweikert.
The bill, introduced by David Schweikert, proposes to exclude cryptocurrency transactions from the tax base if the capital gain associated with them does not exceed $200.
As amended by the Tax Code of 1986, any profit must be treated as taxable income, regardless of its size. Schweikert’s position is shared by Rep. Susan DelBene.
“In the past few years, virtual currency has developed rapidly and we have more opportunities to use it in everyday life. This common sense law eliminates red tape and opens the door for further innovation, ultimately helping to grow our digital economy,” DelBen said.
It seems that at the beginning of 2022, the pendulum swung in favor of the cryptocurrency industry – two countries at once accepted conditions that improve the overall cryptocurrency climate. Thus, the Association of Japan Cryptocurrency Exchanges has obtained from the Japan Financial Services Agency to speed up the process of placing cryptocurrencies on trading floors. In addition, the Thai government refused to introduce a 15% tax on cryptocurrency transactions.
Source: Bits
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