CryptoTaxMap.org Shows Global Cryptocurrency Taxation in Interactive Map
CryptoTaxMap.org is an Interactive Map Showing Cryptocurrency Taxation Worldwide
Which country pays the cheapest tax rate on crypto profits? A new website called CryptoTaxMap.org wants to answer that question.
As announced by a press release earlier today, CryptoTaxMap.org is an interactive map providing a global overview of tax regulations for crypto traders. The open platform already features information for several countries, with plans to continue expanding based on user input and consultations with tax advisors.
Obviously, staying up to date on crypto regulations can be difficult. It seems like cryptocurrency regulations change on a near-daily basis, and no country has definitively determined how to handle crypto. Japan, for example, has labeled bitcoin as an official currency. In the United States, bitcoin is mostly treated as property for legal purposes.
To solve this problem and help users stay up-to-date, Austrian crypto accounting startup Blockpit released its CryptoTaxMap.org project. The interactive map explains how financial authorities worldwide are handling cryptocurrencies.
So far, the map features regulatory information for the United States, the UK, Germany, Japan, and other countries. The ultimate goal is to fill the whole map with accurate, up-to-date crypto regulation information.
CryptoTaxMap.org is totally free to access. Users can register for the website to receive news alerts via email – say, if you want to stay updated on crypto regulation changes in a certain country.
Users Get Rewarded for Contributing Regulatory Information
CryptoTaxMap revolves around the use of TAX tokens. If you join the community and submit new information, for example, then you’ll receive 50 TAX tokens.
To ensure information is legitimate, CryptoTaxMap has a team of tax accountants who add their own information and verify new information submitted by users.
“Thanks to interaction and global cooperations the CryptoTaxMap stays up to date with latest adjustments or releases from governments or the European Parliament,” explains the press release announcing the project.
The token sale for TAX tokens has been underway throughout this summer.
Access the Map for Free Today
You can access the map for free today at CryptoTaxMap.org. Search for your country, then get specific information about which tax laws apply to you.
You can see under which category crypto is regulated in your country, for example – like capital gains. You can also see the tax rate for your crypto profits – which is 0 to 37% in the United States, depending on your tax bracket and tax period.
You can subscribe to regulatory updates on your country. If you subscribe to regulatory updates, then you’ll get an email every time regulations in your country change.
Who’s Behind CryptoTaxMap?
CryptoTaxMap was created by the team at Austrian startup Blockpit. Blockpit is a web-based and mobile cryptocurrency tax reporting and portfolio monitoring application. You can use Blockpit to generate tax reports and get clarity on the tax status of your crypto gains and losses.
An open beta version of Blockpit first appeared online in January 2018. The company’s token sale for TAX tokens continues to take place. They’re seeking to raise €12.5 million.