I bring you news from Austria: Cryptocurrencies are now taxed like stocks here

As of today, a new taxation regime applies to Bitcoin and Co. in Austria. Cryptocurrencies are now treated like stocks, meaning they are subject to a capital gains tax (KESt) of 27.5 percent regardless of how long the assets have been held.

The new taxation will also be applied retrospectively to all cryptocurrencies purchased since February 28, 2021. Everything that was acquired before is considered “old assets”.

Previously, cryptocurrencies were treated like gold and works of art and fell under speculation. They were subject to income tax if resold within a year and were then subject to a tax rate of 55 percent.

With the new regulation, the retention period no longer applies to all crypto assets purchased after February 28, 2021. In the case of "old stock" that is held beyond the speculation period, on the other hand, profits from a sale do not have to be taxed.

What is also new is that in future taxes will only be incurred if the profits are removed from the cryptosphere, i.e. exchanged for euros, for example. Trading and exchanging between individual cryptocurrencies, on the other hand, is tax-free.

Furthermore, from 2023, domestic service providers will also be required to deduct capital gains tax (KESt), i.e. providers such as Bitpanda must deduct KESt for income from cryptocurrencies.

Not sure if this is good news, but it legitimizes Crypto further at least.