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.
Some have questioned whether the country can properly regulate crypto and prevent it from being used for money laundering, as it has struggled to do with fiat currency, the report said.
Still, the draft law, which is at the public consultation stage, introduces the concept of taxing crypto and virtual asset income. It also provides Albania’s first definition of a virtual asset.
“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.
Any income derived from business transactions or mining will be classified as income from business under the new law, with different tax rates depending on the type and size, the report said. In cases of individuals, they will be subject to an investment income tax of 15%, except for dividends.
About Author
Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.
Source: https://www.theblock.co/linked/154232/albania-plans-to-begin-taxing-crypto-derived-income-next-year-exit-news?utm_source=rss&utm_medium=rss