22.08.2018 / Blockpit Insights
Missing a unified approach when it comes to crypto tax regulations, every country has its own ideas on how to impose taxes on cryptocurrencies. This makes it quite impossible to keep up to date about regulatory changes worldwide. With our latest project, a “interactive map for cryptotaxes” we aim to create a platform that provides country-specific details on tax laws to give an overview for the global crypto community.
Started from our personal wish to stay in the know about crypto tax laws around the world, we inititated a map, an interactive world map which at the click of a button displays the most important tax info for each country. Nearly 50 countries already contain details for example on tax category or tax rates but the goal is to fill all the blank spots around the world and give a complete picture of the fiscal treatment of cryptocurrencies around the globe.
Building the Map
It is a community project which grows through user participation. Not only is the map accessible for free but also open for feedback and user contribution. Everybody who has new information can submit it to Blockpit which reviews the details with the help of partnering tax advisors. As each country has different tax laws when it comes to cryptocurrencies it is vital to create the possibility for contributing information to the project. The contribution is set up easily as a form to be filled in with information and sources you have. Verified and new information then can be implemented in the map by Blockpit and will be rewarded with 50 TAX token. This way the map stays up to date in the constantly changing crypto market.
Additionally to user contribution, the project is partnered by tax advisors all around the world. European tax advisors already are on board, also submitting tax info from their country as well as information about regulations from the European Parliament. Displayed in the map they can also be found by crypto traders who are looking for a personal contact. In this upcoming area it is still difficult to find a tax advisor who is specialised on crypto taxation, hence the map should provide a network that combines relevant contacts. With partnering verified tax consultants, Blockpit ensures that information not only is up to date but also accurate. The map is constantly open for further partnerships to maintain accuracy and qualitative content in each country. Therefore, advisors interested in collaborating can get in touch and become a partner.
Countries and their crypto laws
To add more detailed information on country specific crypto regulations we will open a new section of blog articles on “Countries and their crypto laws”. Regular posts on different countries will keep you informed about the differences and regulatory particularities of cryptocurrencies worldwide. Stay up to date on our blog or social media channels!