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Albania will start taxing cryptocurrency earnings from next year

Albania will start taxing cryptocurrency earnings from next year

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Answer Albania will start taxing cryptocurrency earnings from next year

Albanian authorities have decided to apply taxes on profits generated from cryptocurrency trading.

The legislation is supposed to enter into force from the beginning of 2023.

Crypto in Albania:

Albania, officially known as the Republic of Albania, is a country in the Balkans region in southeastern Europe.
In 2020, the Balkan country demonstrated its intentions to regulate the domestic cryptocurrency sector by passing a law called “Blockchain-Based Financial Markets.”

The legislation caused significant controversy as some welcomed it, while others doubted that Albania had the experience to impose such a comprehensive regulatory framework on the emerging crypto sector.

In addition, the country is known to be a major participant in the global cocaine market, and many experts have warned that criminals can use cryptocurrencies to launder profits from such illegal activities.

Read:A new collaboration between Coinbase and Visa to launch crypto bank cards

Last year’s MONEYVAL report confirmed these concerns, saying:

Albania’s following monitoring report concluded that the country has not significantly improved its measures to combat money laundering and terrorist financing in accordance with the recommendations of the Financial Action Task Force.

Among other issues, the report examined new international standards applied to virtual assets, including cryptocurrencies, and the providers of these assets.

Recently, the Albanian authorities decided to re-enter the cryptocurrency industry, and intend to tax individuals who generate income from dealing with the digital asset class.

Profits made from commercial purposes will be taxed, while investors will have to give 15% of their annual profits to the government.

The legislation did not mention digital currencies issued or backed by central banks such as China’s e-CNY and Nigeria’s eNaira.

Read:The demand for Ethereum is weakening and there is a serious imbalance between buying and selling it…according to one of the analysts

It is worth noting that Albania has not yet introduced its own digital currency.

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