A new crypto haven? Hungary is set to slash its cryptocurrency tax by 50%

According to the announcement today, Hungarian Economy Minister Mihály Varga said taxes on crypto income will be cut to 15% by 2022, which is almost half from the current level of 30, 5%. This move is expected to attract billions of Hungarians into the Hungary budget.

A new crypto haven? Hungary is set to slash its cryptocurrency tax by 50%

VanEck’s Gabor Gurbacs remarked that Hungary is shaping up to be “the Wyoming of Europe”, comparing it to the United States’ most crypto-friendly state.

It also reduced its social contribution tax by 17.5% to 15% as it is trying to revive its pandemic-devastating economy.

Hungary is not the only EU country that applies tax incentives to crypto holders. For example, Portugal does not require crypto owners to pay any taxes unless they engage in professional trading.

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