Members of parliament in the European country of Slovakia voted in favor of lowering cryptocurrency taxes, among additional measures affecting cryptocurrency holders.
On June 28, the Slovak parliament voted pass an amendment that will reduce personal income tax for profits made from the sale of cryptocurrency that the user has held for at least one year.
Taxes will be reduced to 7%, which is a significant decrease from the current sliding scale of taxes of 19% or 25%. Payments received in cryptocurrencies up to 2,400 euros, approximately $2,622.20, will not be subject to tax.
Furthermore, the bill excludes income in the form of cryptocurrency from a 14% health insurance contribution.
according to a report From a local Slovak media, the Ministry of Finance anticipates a financial impact of the amendment of around 30 million euros per year.
This amendment comes a few weeks after parliament approved another amendment to the constitution, which He codified the right of the citizen. use cash as a method of payment in light of the talks on the digital euro.
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Slovakia is one of the 27 member states of the European Union, which has been proactively monitoring developments in the crypto industry across the region.
More recently, the EU signed its historic Markets in Crypto-Assets (MiCA) the regulations became law on May 31. The set of regulations was created with the aim of making Europe a hub for digital asset activity.
MiCA came to the table in 2020 and has been praised by companies in space to provide regulatory clarity.
This is in contrast to the situation in other major markets, such as the United States, which has yet to implement comprehensive industry guidelines. American Republicans proposed a Bill "Market structure of digital assets"which is currently under review for its potential impact on the industry.
On June 29, US Securities and Exchange Commissioner Hester Peirce appeared remotely at Australian Blockchain Week and delivered a message reminding regulators that crypto laws should not assume that "everything is a financial asset."
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