USA The position on cryptocurrencies of various levels of gove | forsage_official

USA
The position on cryptocurrencies of various levels of government and individual ministries differs:

IRS Tax Office: Cryptocurrency - Property
Securities and Exchange Commission (SEC): Securities
Commodity Futures Trading Commission (CFTC): Commodity

The state of Wyoming is one of the most progressive in terms of cryptocurrency recognition. Last year cryptocurrencies were equated to money here. From July 1, 2020, a law allowing local insurance companies to invest in crypto assets came into force

1st cryptobank Avanti Bank & Trust with a federal license is also registered in Wyoming.

Recently the Miami City Commission supported the initiative of Mayor Francis Suarez and allowed paying salaries, taxes and fees in BTC.

GERMANY
Germany is considered the crypto capital of the EU. 2nd place in the world by the number of BTC nodes. The FRG authorities recognize that cryptocurrencies can be a means of exchange, they can be transferred, stored, and traded.

Yet Bitcoin and other crypto assets are not recognized as classic financial assets.

The Bundestag is now considering a bill that would allow every financial institution to store and trade cryptocurrencies

Cryptocurrency income is taxed only if the crypto assets were purchased less than 1 year ago. Since January 2021, a rule of law has been in effect that allows each bank to sell, buy, and store cryptocurrencies. There is a special license of a financial service provider for crypto entrepreneurs.

VAT does not apply to mining and exchanging crypto for fiat

Documents completed - no complaints.

FRANCE
Here cryptocurrencies are treated with caution. Users are allowed to use cryptocurrency, but digital money transactions are taxed as they are considered property

There are no restrictions on mining and trading operations. Users are required to declare their cryptocurrency transactions. Otherwise - a fine of up to 750 Euros. The declaration is submitted once a year electronically

Companies can obtain licenses for cryptocurrency activities, although this is not mandatory. In France, you can safely work with crypto if you do not violate the law.

To be continued...