10 C
Amsterdam
28 March 2024
PumpMoonshot
Image default
Bitcoin

Israeli Draft Bill Would Nix Hefty Capital Gains Taxes on Bitcoin

Israeli bitcoiners take note: a handful of Knesset members are seeking to ease Israel’s hefty taxation of cryptocurrencies.

Four Knesset members from the nationalist Yisrael Beiteinu party on Tuesday introduced a draft bill that would effectively end Israel’s 25% capital gains tax on bitcoin by redefining certain “distributed digital currencies” as currency, instead of a taxable asset.

  • The proposed re-designation applies to cryptocurrencies with: a distributed issuance network, a 1 billion shekel ($288 million) market cap or more, a general use purpose and an independent origin story.
  • Bitcoin and certain other cryptocurrencies meet these criteria, according to the bill authors: Oded Forer, Evgeny Sova, Yulia Malinovsky and Alex Kushnir.
  • “This regulatory clarity will create commercial certainty and allow more digital currencies to enter the Israeli market,” the lawmakers wrote in their proposal.
  • Defining cryptos as currency would simplify Israeli bitcoiners’ tax burden and make qualifying coins a more attractive payment mechanism, according to the measure.
  • The Yisrael Beiteinu party is part of Israel’s parliamentary opposition, making passage unlikely without backing from members of the majority.
  • Forer did not respond to a request for additional comment.

News Source

Related posts

Grayscale Now Holds $13 Billion Worth of Bitcoin, Ethereum, XRP, and Other Cryptocurrencies

PumpMoonshot

Bitcoin Market Update: BTC/USD snoozes in a range as old coins set in motion

PumpMoonshot

Someone Just Moved $2,071,215,368 Worth of Bitcoin in a Single Transaction – Here’s Where the Crypto Is Now

PumpMoonshot
Verified by MonsterInsights