Donald Trump Signs Law on Taxing Cryptocurrency Transactions

December 27, 2017

Donald Trump Signs Law on Taxing Cryptocurrency Transactions

The US President signed a new bill that amends article 1031 of the US Tax Code.

Earlier this article allowed traders to exchange "similar assets", such as works of art and real estate, as well as cryptocurrencies without being taxed. Now, from January 1, 2018, all cryptocurrency transactions in the country, as well as the exchange of one digital currency for another, will be taxed with a compulsory tax.

Thus, according to the new document, the coins stored by the user for less than a year are subject to a regular income tax, which will vary from 10 to 37%, depending on the level of their owner's income. Coins held by the trader for more than a year will be subject to a fixed tax of 24%.

It should be noted that in 2014 the US Internal Revenue Service considered cryptocurrencies as "property", but officially the status of digital currencies has not been legally identified to the present day, and they were in the so-called "grey area". Starting from next year, Article 1031 will only deal with real estate transactions.

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