Albania Intends To Start Taxing Income From Cryptocurrencies Next Year

Albania is set to begin taxing income derived from cryptocurrency next year, according to a draft law, local English-language website Exit News reported on Friday.

According to the paper, some have questioned whether the nation can effectively control cryptocurrency and stop it from being used for money laundering, as it has struggled to do with fiat currency.

Nevertheless, the draft law, which is currently undergoing public debate, offers the idea of taxing the revenue from cryptocurrencies and virtual assets.

It also offers the first definition of a virtual asset in Albania

“A digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies” the draft reads, according to Exit News.

According to the new rule, all revenue received from business dealings or mining will be categorized as income from business, with various tax rates based on the type and amount, the article added. Individuals will be subject to a 15% investment income tax, with the exception of dividends.

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