Austria to treat cryptocurrencies as securities for tax purposes

Starting from March 2022, Austria could introduce a capital gains tax on transactions with digital assets at 27.5%. This aligns with the rates applied to stocks and bonds, Bloomberg.

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According to the agency, the government aims to create equal conditions for investors across different asset classes. This will be the first such move at the level of the European Union.

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\”We will reduce distrust and prejudice toward new technologies\”, according to a statement from the Ministry of Finance.

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Assets acquired before it takes effect are not taxed at sale. The tax on speculative investments with a holding period of less than a year has previously been extended to cryptocurrencies.

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Under the proposed rules, tax obligations will not arise in the event of converting one digital asset into another. Investors will be able to count on compensation calculated to reflect potential losses on their sale.

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Earlier this year, the Slovenian Ministry of Finance opened a public consultation on introducing a tax on cryptocurrency transactions. It is proposed that rate will be 10% for conversions and payments in digital assets.

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