Czech Republic Eases Tax Burden for Bitcoin Holders
The Czech Republic has enacted legislation simplifying financial operations for crypto companies and introducing tax incentives for digital currency holders, reports DL News.
On 6 February, Czech President Petr Pavel signed a law abolishing capital gains taxes on Bitcoin, reports CoinDesk, citing a representative from the country’s Ministry of Finance.
The amendment also applies to assets acquired before 2025, provided they are sold in compliance with regulatory requirements.
Transactions under 100,000 crowns ($4,100) are exempt from mandatory reporting.
Cryptocurrency companies and investors are now guaranteed the right to open bank accounts. Additionally, the parliament has abolished capital gains tax on Bitcoin held for more than three years. Similar rules already apply to traditional financial instruments, such as stocks.
Jan Skopeček, Deputy Speaker of the Czech Chamber of Deputies, praised the potential of local innovative companies in the cryptocurrency and blockchain sectors. He believes that without a favourable legislative environment, they might leave the country.
Hodleři pozor. ? Ve Sněmovně jsme schválili časový i hodnotový test pro kryptoměny. Narovnáváme tak podmínky, které už dnes platí u akcií.
Navíc nebude hrozit, že podnikatelům v tomto odvětví budou banky rušit účty❌.
V ČR vznikla celá řada špičkových IT firem působících v… pic.twitter.com/4TcJWrLiP4
— Jan Skopeček (@Jan_Skopecek) December 6, 2024
“This is a step in the right direction that will modernise our economy and could attract entrepreneurs from around the world to the Czech Republic,” Skopeček wrote on X.
From 30 December, MiCA regulation, which standardises rules for cryptocurrency companies across the EU, will come into full effect.
Earlier, media outlets examined the attractiveness of European jurisdictions for industry representatives.
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