Hungary to Cut Tax on Crypto Profits in Half, Down to 15%
The government in Budapest has put forward measures aimed at streamlining taxation and reducing the tax burden on businesses and citizens. As part of the package, Hungary plans to cut the tax levied on capital gains from cryptocurrency transactions, expecting to increase budget revenue with the move. Tax Cut to Attract Cryptocurrency Traders to Hungary Hungarians now pay 30.5% on profits made from cryptocurrency transactions, but their government wants to reduce the tax rate to 15%. The primary goal is to minimize tax evasion, but the lower tax rate could also attract more crypto traders....
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Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022. Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the Covid-19 pandemic.In a video that appeared on Facebook Tuesday, Finance minister Mihály Varga outlined his government’s stimulus program through 2022. As part of the post-Covid-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current rate of 30.5%. Such....
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Blockchain technology has gained traction recently through the advent of cryptocurrency. With the increased popularity of crypto assets, the technology records more applications over time. Recently, Thailand and Hungary have made a pact between their financial technology associations. This new agreement will foster cooperation between the two parties on blockchain technology to facilitate their financial […]
European banks are at risk of losing a significant portion of their profits with digital disruption cutting their profits in half by 2020, according to a report from McKinsey. The report, A Brave New World for Global Banking, states that major developed markets in Europe and the United Kingdom have $35 billion, or 31 percent, of profits at risk. It adds that more severe digital disruption could further cut banks’ profits from $110 billion today to $50 billion in the next three years and slice returns on equity (ROEs) in half from one to two percent in the same timeframe. However, the study....
Hungary's first Bitcoin ATM can now be found in the downtown capital city of Budapest inside of the well known coffee house Club Anker. The Octarine Labs-owned ATM was manufcatured by the Lamassu company and will change Hungarian Forint banknotes into Bitcoin in 15 seconds and aims to accommodate those who are afraid of personal Bitcoin or online exchange bitcoin dealings. An individual can insert a minimum of HUF 2000 and change them into Bitcoin, which will then be transferred to the user's mobile wallet via QR scanner, or printed on a paper wallet. Bitcoin value is priced via the....