Cryptocurrency Tax Period Begins in Albania

The Albanian government will start taxing cryptocurrencies as of next year under the new deposit.

Cryptocurrency Tax Period Begins in Albania. The Albanian government has announced that with the new deposit, cryptocurrencies will be taxed starting from 2023. The law titled "financial markets based on distributed ledger technology," which was designed and approved two years ago, represents a significant step for the nation's crypto industry. Regulating the crypto industry has split the community in two. While some welcomed the law, others reacted negatively.

Anti-Money Laundering

On the other hand, many illegal activities are carried out in Albania, especially the cocaine trade. Money laundering has become widespread thanks to cryptocurrencies. It is thought that this can be prevented thanks to the new deposits. With the regulation expected to come into effect in 2023, investors will have to transfer 15 percent of their annual earnings to the government. Profits from commercial purposes will be taxed separately for businesses.     Source: Coinkolik