Crypto investors, like any other investors, are not eager to pay taxes. This conclusion was made by the specialists of the Swedish fintech company Divly. According to published reportin 2022, only 0.53% of investors declared their income from cryptocurrencies and paid income tax.
The most disciplined and responsible crypto investors were the citizens of Finland. Slightly more than 4% declared their assets in cryptocurrency. In second place were the Australians – the tax paid 3.65%. Next on the list in descending order are Austria, Germany, the United Kingdom and Norway. From 2.43% to 2.75% of investors reported the presence of assets in cryptocurrency.
The United States, despite the terrible prison sentences that threaten citizens for tax evasion, took 10th place in the list – only 1.62% of cryptocurrency holders from America declared a crypt and paid taxes. In Canada, this figure was 1.65%. The lowest rates were shown by comrades from India, Indonesia and the Philippines – only 0.07%, 0.04% and 0.03%, respectively. This is explained by the fact that in developing countries it is generally not fashionable to declare income. This trend continues in the digital asset sector as well.
Users from Russia, as can be seen from the presented table, were not considered at all. and with taxes in Russia, not everything is very rosy, and cryptocurrency legislation is stalling.
Divly analysts have speculated as to why there is such a large variation among the countries considered. First, awareness of digital asset reporting requirements varies greatly. Higher rates in Japan and Germany could be the result of the development of crypto regulation by the state. And it is quite possible that the availability of tax services played a role here. That is, the easier it was to pay taxes, the higher was the percentage of taxpayers in the country.
However, the report should not be taken seriously. The methodology used to obtain the data was questionable. The report said that crypto tax search volume data may not accurately reflect the actual number of solvent cryptos, as not everyone who pays taxes searches for crypto-related information online. In addition, the results may vary from country to country due to the availability of the Internet to the population.
The number of cryptocurrency users in the country was determined by the researchers based on the data contained in the Statista report. But if the figures presented are too high, then information on tax payments by country may be underestimated.
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