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Bitcoin Regulation and Bitcoin Tax in Austria

Austria wants to regulate Bitcoin in much the same way they do gold and derivatives. According to the Finance Minister Hartwig Löger, “The cryptocurrencies are in the process of massively damaging the reputation of the financial market,” Mr. Löger stated, “and jeopardizing the reputation of a young but very important sector for the financial market of the future.”

Mr. Löger continued, “Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing. That’s an important aspect for the changes we support. We need more trust and more security.” His recommendations include treating Bitcoin, “similar to the trade in gold and derivatives,” including the predictable anti-money laundering (AML) reporting crypto transactions of more than €10,000 as applies in many other countries.

He has also floated the idea of a Fintech Regulatory Council to be organized by March, in which crypto experts will examine how crypto regulation will work with EU institutions. “The Board of the Austrian Financial Market Authority (FMA), Helmut Ettl and Klaus Kumpfmüller, welcome the move by Finance Minister Hartwig Löger to subject cryptocurrencies such as Bitcoin to regulation and supervision.” the Board of Management stressed, “Since digital currencies are essentially a phenomenon of the Internet and are offered there without limits, regulation and oversight of cross-border cooperation are also of great importance.”

European countries are now beginning to accept Bitcoin and the borderless issues surrounding it although still somewhat at a loss to find a method of control. Eastern European countries tend to favour Bitcoin as a way of improving their fin tech revenue such as with mining and even adopting Bitcoin as a currency in some cases. It seems a slow turnaround is in the air.

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