Austria to Treat Crypto like Stock for Taxation Purpose to “Reduce Prejudice Toward New Technologies”

Austria is going to tax crypto assets like mainstream stock and bond investments to boost confidence in them.

Starting in March of next year, Austria will impose a 27.5% capital gain on digital currencies, including Bitcoin and Ether.

Austria’s Federal Ministry of Finance called this model the first of its kind and said this makes it fairer for investors. This initiative is part of a nationwide tax overhaul.

“We are taking a step in the direction of equal treatment, to reduce mistrust and prejudice toward new technologies,” the Ministry of Finance said Tuesday in a statement cited by Bloomberg.

Meanwhile, South Korea is preparing to levy a 20% capital gain tax on crypto assets starting January 2022.

While many Korean politicians have been pushing to delay the crypto tax, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki wants a new taxation rule to go into effect on time.

Nam-ki said recently that “taxation on virtual assets should be done as scheduled.”

He pointed to the majority of G20 countries taxing virtual assets, saying “taxation is possible and confident.”

“If the ruling and opposition parties agree to suspend taxation by amending the law regardless of the government’s will, the government has no choice but to do so.”