How is Crypto Taxed Around The World in 2024?
Wondering how crypto is taxed in your country? Join us on a trip around the world as we explore crypto taxes for individuals around the world! 🌎
How is crypto taxed around the world?
In general, crypto is subject to Capital Gains Tax or Income Tax - but it all depends on the rules where you live and the transactions you've made. Let's do a quick whistle-stop tour around the globe to take a look at how each country has dealt with crypto taxes.
United States
Crypto is viewed as property and subject to Capital Gains Tax or Income Tax
Disposals of crypto like selling, swapping, and spending crypto are subject to Capital Gains Tax
Earning crypto, like mining or staking rewards, is subject to Income Tax
Buying crypto with USD, holding crypto, transferring crypto, and gifting crypto is tax free
Donations of crypto to qualified charitable organizations may be deductible
You'll pay between 10% to 37% tax on short-term gains or income from crypto
You'll pay 15% to 20% tax on long-term gains from crypto, or 28% for NFTs deemed collectibles
You can offset capital losses against gains, carry losses forward, and offset $3,000 in losses against ordinary income each year
You can use FIFO, HIFO, or LIFO cost basis methods
Learn more about US crypto taxes.
Canada
Crypto is viewed as a commodity and subject to Capital Gains Tax or Income Tax
It all depends on whether you're an individual investor or earning business income
For investors, only half of any capital gain from disposing of crypto is subject to tax
Disposals of crypto include selling, swapping, spending, and gifting crypto
Earning crypto, like staking or mining rewards, may be subject to Income Tax
Buying crypto with CAD, holding crypto, and transferring crypto is tax free
You'll pay up to 33% in Federal Income Tax on crypto, plus State Income Tax
You can offset losses against gains and carry losses forward, but only half of any loss is deductible for individual investors
You must use the Adjusted Cost Basis method when calculating crypto gains and the Superficial Loss Rule applies
Learn more in our Canada Crypto Tax guide.
Australia
Crypto is viewed as property and subject to Capital Gains Tax or Income Tax
Disposals of crypto like selling, swapping, spending, or gifting crypto are subject to Capital Gains Tax
Earning crypto, such as staking rewards, is subject to Income Tax
Buying crypto with AUD, holding crypto, and transferring crypto is tax free
Donations of crypto to deductible gift recipients may be tax deductible
You'll pay up to 45% tax on short-term gains and income from crypto
Long-term gains from crypto receive a 50% Capital Gains Tax discount
You can offset capital losses against gains and carry losses forward to offset in the future
Individual investors may use FIFO, HIFO, or LIFO cost basis methods
Learn more about crypto taxes in Australia.
United Kingdom
Crypto is viewed as property and subject to Capital Gains Tax or Income Tax
Disposals of crypto like selling, swapping, spending, or gifting crypto are subject to Capital Gains Tax
Gifts of crypto to your spouse are tax free
Earning crypto, such as mining and staking rewards, is subject to Income Tax
Buying crypto with GBP, holding crypto, and transferring crypto is tax free
You'll pay 10% or 20% on capital gains from crypto depending on your Income Tax band
You'll pay up to 40% on income from crypto
There is a £3,000 tax free allowance for capital gains from 2024 onward
You can offset registered losses against gains and carry losses forward to use in the future
Investors must use the share pool accounting method
Learn more in our UK crypto tax guide.
Germany
Crypto is viewed as a private asset and is subject to individual Income Tax
Short-term gains and income from crypto are subject to Income Tax
You'll pay up to 45% on taxable crypto gains and income
Long-term gains are tax free
Annual gains of up to 600 per year or additional income of up to €256 a year do not need to be reported
Buying crypto with EUR, holding crypto, and transferring crypto is tax free
Losses from crypto can be offset against gains and carried forward
The default cost basis method used in Germany is FIFO
Learn more in our German Crypto Tax Guide.
Ireland
Crypto is viewed as property and subject to Capital Gains Tax or Income Tax
Selling, trading, and spending crypto is a disposal and gains are subject to Capital Gains Tax
Earning crypto, like mining or staking rewards, is subject to Income Tax
You'll pay 33% tax on capital gains from crypto
There is an annual Capital Gains Tax tax free exemption of €1,270
You'll pay up to 40% on income from crypto
Gifting crypto in Ireland is subject to Capital Acquisitions Tax at 33%
You can offset losses against chargeable gains and carry forward losses
You should use the FIFO cost basis method
Learn more in our Ireland crypto tax guide.
Switzerland
Crypto is a private wealth asset
Private investors are not subject to Capital Gains Tax, only Wealth Tax if applicable
Sole traders and businesses have different tax rules
Each canton has its own Wealth Tax rate
Capital losses cannot be offset as gains are not taxable
Earning income, like mining or staking rewards, may be subject to Income Tax
Learn more in our Switzerland crypto tax guide.
France
Crypto is a moveable asset and subject to Income Tax
Buying crypto with EUR, trading crypto, holding crypto and transferring crypto is tax free
Occasional traders will pay a flat 30% tax on profits from selling crypto for EUR, staking rewards, and potentially other transactions
Professional traders pay a BIC tax of 45%
Mining crypto is subject to a BNC Tax of 45%
Crypto capital losses can be applied to gains made in the same financial year and cannot be carried forward
The default cost basis in France is the Weighted Average Acquisition Price (PMPA)
Learn more in our France crypto tax guide.
Spain
Crypto is a commodity and may be subject to general Income Tax, Income Savings Tax, and Wealth Tax
Any capital gain from selling or swapping crypto is subject to Renta del Ahorro (Income Savings Tax) at up to 28%
Earning crypto, such as mining or staking rewards, is subject to Renta General (Income Tax) at up to 47%
Wealth Tax may be applicable depending on the total value of your assets and may be up to 4% depending on your region
If you receive crypto as a gift (or as an inheritance), this may be subject to Gift and Inheritance Tax
You can offset losses against gains and carry losses forward
Spain uses the FIFO cost basis method
Learn more in our Spain crypto tax guide.
The Netherlands
Crypto is see as an asset and tax payers are taxed based on an assumed gain in value throughout the financial year
This is due to change in the coming years
Day traders are not subject to the same rules and may pay Income Tax on their crypto instead
You'll pay no tax if the total value of your assets is less than the personal exemption amount (€57,000 for 2024)
You'll pay 36% tax on a presumed gain of 6.04% (for 2024) from your assets
Your cost basis for each held asset is set at the start of the financial year on January 1st
Learn more in our Netherlands crypto tax guide.
Austria
Austria had a crypto tax reform, so some of the rules on crypto depend on when you acquired your crypto
You'll pay a flat 27.5% tax on taxable crypto transactions
Taxable transactions include selling crypto, spending crypto, staking rewards, mining rewards, and DeFi investments
There is no tax on crypto to crypto trades
Legacy holdings acquired before February 28th, 2021, are still tax free when sold
Losses can be offset against capital gains
Direct rewards from staking as part of a consensus mechanism are tax free (not through third parties)
If your net capital gain is under €440, this is tax free and you don’t need to declare it
Investors can specifically identify each crypto asset to calculate their cost basis, or use FIFO
Learn more in our Austria Crypto Tax Guide.
Finland
Crypto is a virtual currency and subject to Capital Gains Tax, Income Tax, and Gift Tax
Capital income from elling crypto for EUR, trading crypto, and spending crypto is subject to Capital Gains Tax
You’ll pay either 30% or 34% on capital gains depending on how much capital income you have, with a €1,000 tax free allowance
Losses can be offset against crypto gains and other capital income, as well as carried forward for up to five years
Crypto income from mining rewards, play to earn rewards, and more is subject to Income Tax of up to 44% plus Municipal Tax
You should use the FIFO or determined acquisition method to determine cost basis
Learn more in our Finland crypto tax guide.
Denmark
Crypto is a personal asset and taxed if you’re investing for ’speculative purposes’
Income Tax or Capital Gains Tax may apply
Profits from selling, trading, spending and earning crypto (like mining or staking) are subject to Income Tax of up to 52.06%
The Labour Market Tax (State Tax) of 8% does not apply to crypto
Selling or trading stable coins specifically is instead viewed as capital income and subject to tax of up to 42%
Losses in some instances are deductible - but the rules are very specificÂ
Buying crypto with DKK, holding crypto, and transferring crypto is tax free
Investors should use the FIFO cost basis method
Learn more in our Denmark crypto tax guide.
Italy
Crypto is subject to Capital Gains Tax at 26%
Only gains equal or greater than €2,000 are taxable
Taxable transactions include selling crypto for EUR, trading crypto, and spending crypto
You should use the LIFO method to calculate cost basis
Losses are greater than €2,000 are deductible and may be carried forward for up to five years
The guidance is unclear but some transactions may also be subject to Income Tax at up to 43%
Learn more in our Italy crypto tax guide.
Poland
Crypto is a digital representation of value
You’ll pay a flat 19% tax on any gain from converting your crypto to fiat currency, like Euros
Taxable transactions include selling crypto for PLN/EUR, spending crypto, and settling liabilities with crypto
Crypto losses are deductible and you can carry them forward as long as you account them for expenses in the subsequent year
The Polish tax office is yet to clarify whether income from crypto may be taxed differently
Learn more in our Poland crypto tax guide.
South Africa
Crypto is an asset of an intangible nature and Capital Gains Tax or Income Tax may apply
Selling, swapping, spending, or gifting crypto is a taxable disposal
But the tax you’ll pay depends on whether you have a capital gain or revenue income
Investors with capital gains will pay an effective tax rate of up to 18%
Traders with revenue income will pay Income Tax of up to 45%
Losses can be offset against gains and carried forward
Buying crypto with ZAR, holding crypto, and transferring crypto is tax free
Earning crypto - like mining or staking rewards - is revenue income and subject to Income Tax
Investors should specifically identify the cost basis of assets or use FIFO
Learn more in our South Africa crypto tax guide.
Japan
Crypto is property and generally taxed as Miscelleanous Income
Miscellaneous income from crypto is subject to Income Tax of up to 55%
Taxable transaction include selling crypto for JPY, trading crypto, spending crypto, mining rewards, and more
If you earn less than 200,000 JPY from investments like crypto and you are not filing for a tax deduction, you don't need to include your crypto profits as part of your annual Income Tax return
Losses are not deductibleÂ
Buying crypto with JPY, holding crypto, and transferring crypto is tax free
Investors should use either the total average method or moving average method to determine cost basis
Learn more in our Japan crypto tax guide.
India
Crypto is a virtual digital asset (VDA)
Profits from selling, swapping, or spending VDAs are subject to a flat 30% tax
Losses are not deductibleÂ
A 1% TDS (Tax Deducted at Sale) may apply when buying crypto
This is deducted automatically by Indian exchanges, but for P2P platforms and international exchanges, the buyer is responsible for deducting TDS
Income Tax of up to 30% may apply to transactions like mining rewards, staking rewards, and airdrops
Holding, transferring, and receiving some crypto gifts is tax free
Learn more in our India crypto tax guide.
Brazil
Crypto is movable property
Profits from the disposal of crypto are subject to Capital Gains Tax of up to 22.5%
Disposals of crypto include selling crypto and ‘like-kind exchanges’
You will only have to pay tax if the total volume of transactions exceeds R$35,000 in the same month in which you made a profit
Currently, these rules only apply to assets located and sold in Brazil, though this looks like it will expand to assets internationally soon
The new order will apply a tax of up to 22.5% to any individual with cryptocurrencies valued at more than R$6,000 internationally
The guidance is unclear, but some transactions -like mining rewards - may be subject to Income Tax of up to 27.5%
Learn more in our Brazil crypto tax guide.
