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Crypto Slovakia

Slovakian Lawmakers Vote To Reduce Crypto Income Tax Rate

Scott Matherson
by Scott Matherson
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Lawmakers in Slovakia recently voted to confirm legislation to regulate and tax cryptocurrency income at a lower rate. Starting in effect, crypto income on assets held for at least a year will only be taxed at 7% instead of the current rates of 19% or 25%.

The lower rate puts Slovakia on par with other crypto-friendly countries in the region like Slovenia and Switzerland. The Ministry of Finance estimated the financial impact of the amendment at approximately 30 million euros per year.

Lawmakers Introduce Tax Exemptions For Crypto Payments

The country’s Ministry of Finance estimates the budget exceeds the state’s tax and levy revenues by 300 million euros this year. Lawmakers have gone ahead to make tax laws favorable for the crypto industry. However, the amendment includes other changes in investment savings. 

Related Reading: Binance’s European Banking Partner, Paysafe, To Withdraw Support On September 25

Earlier today, the National Council of Slovakia, which is the legislative body of the country, made modifications to the country’s crypto tax legislation. Lawmakers voted 112-2 in support of the revision, and the change went into effect immediately.

According to the amendment, cryptocurrency payments of up to 2,400 euros will be exempted from income tax. This essentially establishes a tax-free threshold for small, everyday crypto payments. Also, the bill excludes crypto income from health insurance tax of 14%.

Crypto total market cap chart from TradingView.com (Slovakia)

The total market cap crosses $1.13 trillion | Source: Crypto Total Market Cap on TradingView.com

Implications And Impact: A Win For Adoption In Slovakia

Slovakia is one of the many EU member countries monitoring the development of the crypto industry, but a robust crypto regulatory framework is yet to be introduced. 

Lawmakers recognize that the crypto industry is here to stay, and they want to create an environment where it can thrive. With cryptocurrency adoption growing around the world, countries are competing to dominate the blockchain industry. Today, the bill giving regulators the power to supervise crypto and stablecoins in the UK was finalized today after receiving royal assent. 

Related Reading: Bitcoin Long-Term Holder Spending Spikes, But How Does It Compare With Last Bull Market?

The reduction in the tax rate is intended to assist in attracting more crypto companies and encourage the widespread usage of cryptocurrencies within the country. With many countries in Europe trying to establish themselves as a cryptocurrency hub, similar amendments to crypto tax could also be introduced by other European countries.

Tax policies are one-way governments are trying to gain a competitive edge and attract crypto business. Other countries are expected to follow Slovakia’s lead and lower their crypto tax rates to compete on a global level. 

Featured image from Unsplash, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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