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Czech Republic to Eliminate Taxes on Long-Term Crypto Gains
The country's central bank is also looking at whether or not to add bitcoin to its reserves.
Feb 6, 2025, 6:07 p.m.
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What to know:
- Czech President Petr Pavel signed a bill on Thursday exempting crypto users from paying taxes on crypto assets held for three years.
- Transactions up to CZK 100,000 [$4,136] per year will also not need to be reported to tax authorities.
Czech President Petr Pavel signed a bill on Thursday exempting crypto users from paying taxes on long term gains, a spokesperson from the country's Ministry of Finance told CoinDesk on Thursday.
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"The principle is if cryptoassets are held for more than three years, their sale will not be taxed, or transactions up to CZK 100,000 [$4,136] per year will not be obliged to report in the tax declaration, similar to securities," the spokesperson said.
The Czech Republic's Digitalization of the Financial Markets Act is now at the final stage of the legislation process and will take a week or two to be officially published. The country is a member of the European Union (EU).
One week ago, a proposal by Czech National Bank Governor Aleš Michl that the central bank consider adding additional assets, like bitcoin, to its reserves was approved by the bank board.
The move was not well received by the president of the European Central Bank, Christine Lagarde, who said she's confident bitcoin won't be entering the reserves of any of the EU central banks.
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Crypto group counters Wall Street bankers with its own stablecoin principles for bill
After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
What to know:
- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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