Bitcoin Will Be Taxed as an Asset: Israel Tax Authority

Israel’s official tax authority has confirmed that cryptocurrencies like bitcoin will be taxed as an asset with investors subject to capital gains tax. In an updated circular released on Monday, the Israel Tax Authority doubled down on its previous position of deeming cryptocurrencies as ‘assets’ rather than currencies. The authority first issued an early official draft to clarify tax guidelines for cryptocurrency adopters in January 2017 following repeated requests from the community to clarify the government’s stance on the taxation of cryptocurrencies. With its updated circular and a final draft…

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