Most
Crypto Investors Don’t Pay Related Taxes, Tax Tool Operators Believe
CryptoCompare has caught with
the operators of several cryptocurrency tax tools to get into the common
mistakes people make when it’s time to do their taxes, their thoughts on
current regulations, and exchanges’ role in crypto taxes, among other things.
In our survey, 44.4% of
respondents said they believe less than 10% of crypto users pay taxes on
cryptocurrencies, while another 44.4% said the figure is between 10% and 30%.
11.1% said the figure could go as high as 50%.
Most respondents revealed their
software had limited range when it comes to jurisdiction, with countries like
the US and UK getting support, while others are only provided with “generic”
reports.
When it comes to current
cryptocurrency regulations, our respondents showed mixed feelings. While some
do think governments are making a good job, others believe “taxation of small
transactions used for regular payments is hindering the adoption.”
A future in which we will be
able to use cryptocurrencies to pay for taxes was generally accepted “if you
believe in cryptocurrencies taking off, paying taxes in crypto is
inevitable.” Others weren’t so positive, and pointed out the most liquid
cryptoassets are “still very volatile.” Another respondent “said paying taxes
in crypto is not really a solution for anything.”
