A bill “On fair taxation of cryptocurrencies” has been submitted to the US Congress – Bits Media

The US House of Representatives will consider the bill “On fair taxation of cryptocurrencies”, developed by Rep. David Schweikert.

Bill, submitted by David Schweikert (David Schweikert), proposes to exclude from taxable base of cryptocurrency transactions in case of, if capital gain, related to them, does not exceed $200.

As amended by the Tax Code 1986 year, any profit must be taken into account as taxable income, regardless of its size. Schweikert's position is echoed by Rep. Susan DelBene. (Suzan DelBene).

“Over the past few years, virtual currency has developed rapidly and we have more opportunities to use it in everyday life.. This law, common sense, eliminates bureaucratic delays and opens the door to further innovation, which ultimately contributes to the growth of our digital economy", - DelBene said.

Looks like, In the beginning 2022 of the year, the pendulum swung in favor of the cryptocurrency industry – two countries immediately accepted the conditions, improving the overall cryptocurrency climate. So, The Association of Japanese Cryptocurrency Exchanges has obtained from the Financial Services Agency of Japan the acceleration of the process of placing cryptocurrencies on trading platforms. Besides, The Thai government has refused to introduce 15% tax on cryptocurrency transactions.