The tax laws are similar elsewhere and it is an accounting nightmare. They treat the buying and selling of crypto like a security, ala stock. So each transaction is a taxable event.
This, of course, gets absurd for those who are doing a lot of swapping. It is why so many are ready to opt out of the system.
Personally I think there needs to be a few areas where privacy is provided and then it is game over.
We will see what developers come up with over the next couple years.
Posted Using LeoFinance Beta
How about just having to pay taxes on the actual profit at the end of the year or whatever. That would make things much easier. All this other crap makes it near impossible.
Posted Using LeoFinance Beta