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Except for people who profited from the rise and cashed their profits on a foreign land, nope, crypto is not really good to avoid taxes. That and you eventually
by csomar 3y ago
Except for people who profited from the rise and cashed their profits on a foreign land, nope, crypto is not really good to avoid taxes. That and you eventually need to bridge with the traditional monetary system and suddenly crypto is worse than most alternatives out there. The thing is, crypto exchanges somehow are not banks and thus are not "technically" subject to CRS. This is kind of a CRS for crypto exchanges.
In reality, these laws are made to control money flows and not to improve taxation (the big corporations still avoid taxes and rich people still use expensive lawyers to nullify their tax bill). This will make the business environment for the average person worse. Which, surprise, might push people to actually use crypto as a medium of value transfer instead of speculation. Just hang in there and watch.
- adolph 3y agoBackground on CRS in case someone has the same question I did: The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities . . . The idea was based on the US Foreign Account Tax Compliance Act (FATCA) implementation agreements and its legal basis is the Convention on Mutual Administrative Assistance in Tax Matters (MCAA). 120 countries have signed the agreement to implement, and the MCAA remains open for more countries to adopt. https://en.wikipedia.org/wiki/Common_Reporting_Standard https://en.wikipedia.org/wiki/Common_Reporting_Standard