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Hungary plans Bitcoin tax cut as part of economic recovery program

May 11, 2021. Summarized by summa-bot.

Compression ratio: 35.9%. 1 min read.

Despite lacking clear regulatory guidance on digital assets, Hungary is reportedly eyeing a sizable cut in the crypto tax burden.

Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the Covid-19 pandemic.

As part of the post-Covid-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current rate of 30. 5%.

After surging during the heights of the 2017 bull market, cryptocurrency trading in Hungary remains fairly modest compared with other countries.

Hungary, like other nations, was hit hard by the Covid-19 pandemic.

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