What to Know:
- Czech President Petr Pavel signed a bill on Thursday, exempting crypto users from paying taxes on assets held for three years.
- Transactions up to CZK 100,000 ($4,136) per year will not need reporting.
Czech President Petr Pavel endorsed legislation allowing for tax exemption on long-term cryptocurrency gains, as confirmed by a spokesperson from the Ministry of Finance to CoinDesk on Thursday.
“The principle is if crypto assets are held for more than three years, their sale will not be taxed, or transactions up to CZK 100,000 ($4,136) yearly won’t need to be reported in the tax declaration, similar to securities,” said the spokesperson.
“Принцип заключается в том, что если криптоактивы удерживаются более трех лет, их продажа не подлежит налогообложению или транзакции на сумму до CZK 100,000 ($4,136) в год не будут обязывать к отчетности в налоговой декларации, аналогично ценным бумагам.”
The Czech Republic’s Digitalization of the Financial Markets Act is nearing the end of its legislative process and expected to be officially published within a week or two. As a member of the European Union (EU), this move is significant within the region.
Moreover, a proposal put forth by Aleš Michl, the Governor of the Czech National Bank, regarding the consideration of adding Bitcoin to the bank’s reserves was recently approved by the bank’s board.
This plan was met with skepticism from Christine Lagarde, the president of the European Central Bank, who expressed confidence that Bitcoin would not be included in the reserves of EU central banks: “Я уверена, что биткойн не войдет в резервы ни одного из центральных банков ЕС.”
