Czech Republic Delays Tax on Bitcoin Gains

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The Czech Parliament has voted to approve an amendment that will exempt individuals from paying personal income tax on capital gains from the sale of Bitcoin and other cryptocurrencies.

This decision was shared by Pavol Rusnak, co-founder of SatoshiLabs, the company behind the popular Trezor hardware wallet, who reported that the amendment was passed with 169 votes in favor on December 6.

The new policy states that individuals will not be taxed on profits from crypto asset sales if two conditions are met: the total gross income from crypto asset sales in a tax year is less than CZK 100,000 and the assets have been held for at least three years.

This is similar to the exemption currently in place for securities and is part of ongoing efforts to reform crypto taxation in the country to align with EU regulations.

The Czech government hopes that these measures will create a more welcoming environment for crypto investors and encourage greater participation in the market.