Israeli Draft Bill Would Nix Hefty Capital Gains Taxes on Bitcoin
The draft bill would define bitcoin and other cryptos as "currency" instead of an "asset" for tax purposes.
Israeli bitcoiners take note: A handful of Knesset members are seeking to ease Israel's hefty taxation of cryptocurrencies.
Four Knesset members from the nationalist Yisrael Beiteinu party on Tuesday introduced a draft bill that would effectively end Israel's 25% capital gains tax on bitcoin by redefining certain "distributed digital currencies" as currency, instead of a taxable asset.
- The proposed re-designation applies to cryptocurrencies with: a distributed issuance network, a 1 billion shekel ($288 million) market cap or more, a general use purpose and an independent origin story.
- Bitcoin and certain other cryptocurrencies meet these criteria, according to the bill authors: Oded Forer, Evgeny Sova, Yulia Malinovsky and Alex Kushnir.
- "This regulatory clarity will create commercial certainty and allow more digital currencies to enter the Israeli market," the lawmakers wrote in their proposal.
- Defining cryptos as currency would simplify Israeli bitcoiners' tax burden and make qualifying coins a more attractive payment mechanism, according to the measure.
- The Yisrael Beiteinu party is part of Israel's parliamentary opposition, making passage unlikely without backing from members of the majority.
- Forer did not respond to a request for additional comment.
Read more: Israeli Court Rules Bitcoin Is an Asset in Feud Over Tax Payment
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