Daily Insights (Monday)

May 22, 2018

Poland’s Ministry of Finance will temporarily suspend tax collection for cryptocurrencies. The Ministry says it will conduct an “in-depth analysis” of the crypto space to inform better regulation and taxation policies going forward.

The Ministry of Finance’s most recent statement acknowledges that in the current form of cryptocurrency taxation “the obligation may arise to pay tax in an amount often exceeding the funds invested,” stating:

“Temporary abandonment of tax collection will allow for an in-depth analysis and preparation of system solutions regulating this economic space, including in the tax context.”

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The Ministry of Industry and Information Technology in China has released the crypto-rankings that the Chinese authorities just rated. The second in lead by market capitalization, is first in the assessment index because of the smart contract potential that Ethereum delivers.

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