Wednesday, September 22, 2021
HomeRegulationsHungary starts regulating cryptocurrencies. Reduced taxes for investors.

Hungary starts regulating cryptocurrencies. Reduced taxes for investors.

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The Ministry of Finance of the country recalled that digital money is still not considered as means of payment.
The Hungarian government is working to create a regulatory framework for regulating the digital money market. The authorities gathered a group of specialists to assess the legal, economic, security and other aspects of the cryptocurrency, according to a statement issued by the Ministry of Finance of the country.

The sector will begin to study representatives of the Ministry of Finance, the central bank, tax and other departments. They will have to develop a detailed legal regulation of digital money.

Under the current legislation, investors in cryptocurrencies must pay high taxes. This forces users to work with complex and risky investment schemes, according to analysts of the audit company Deloitte.

Currently, the profit from the operation with cryptocurrencies is related to other incomes, therefore it is necessary to pay 15% income tax and 22% contribution to the health fund from such transactions. Legal entities must pay 9% income tax and 2% business tax.

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