Crypto News | Belgian Crypto Tax Surprises Investors

The prolonged saga of governments in general, and tax authorities in particular, being very inconsistent when it comes to their stance towards cryptocurrencies has gotten a new chapter. The fact that cryptocurrencies are not regulated in Belgium may have lulled the country’s investors into a false sense of security. It seems almost like that was the intention of the Special Tax Inspectorate, which launched a surprise investigation into several cryptocurrency investors, who are now expected to pay the Belgian crypto tax of 33%. And that is for individuals only. For businesses that profit from crypto trading, the tax can be as high as 50%. Monitoring who the investors are has been very challenging for Belgian tax authorities, since the majority of crypto trading takes place abroad, on foreign exchanges. Besides, it is still unclear whether the Belgian crypto tax can even be legally enforced, considering the fact that the legal status of cryptocurrencies in Belgium remains very unclear.

However, no matter how bleak things may seem in Belgium at the moment, they will probably never get as bleak as they are in Ecuador. The country has been waging an all-out war on cryptocurrencies and crypto traders since 2014. As it often happens (look up Venezuela’s petro, and Iran’s proposed ICO), when countries crack down on decentralized, free cryptocurrencies, they are usually planning on pushing their own, state-sponsored crypto. Still, hardcore Bitcoin enthusiasts will have none of it. To show their distaste for the government’s policy, they rebelled and opened their own crypto ATMs. With the Central Bank of Ecuador joining in to ban the new ATMs, it seems like the unrest is only now picking up pace. 

After all, this is not some irrelevant issue. Who controls cryptocurrencies and who gets access matters. 2018 is set to become another spectacular year for crypto startups. In 2017, close to $1 billion were put towards ICOs, developing cryptocurrency exchanges and putting infrastructure in place. In just two months of 2018, Ledger got $75 million, $18 million was invested in QUASA, and $10 million in Harbor Platform of San Francisco. And this is only the beginning. Telegram’s ICO plans on receiving $2.5-3 billion in funding. Crypto’s grown up, and now everybody wants to come and play, including the brutish bad guys. Will we let them play, or better yet, will they let us play?


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Author: Max Rothstein

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