Austria?s Federal Ministry of Finance hopes to boost confidence in cryptocurrencies by taxing them like mainstream stock and bond investments, according to a Bloomberg story.
- Starting next March, Austria will apply a 27.5% capital gains levy on digital currencies, including bitcoin and ether.
- The initiative will be part of a nationwide tax overhaul.
- Austria called its model the first of its kind and said streamlining conditions between asset classes would be fairer for investors.
- ?There is still an imbalance when it comes to the regulation of cryptocurrencies compared to traditional shares and bonds,? Finance Minister Gernot Blümel said in an email. ?We are taking a step in the direction of equal treatment, to reduce mistrust and prejudice toward new technologies. At the same time, we are creating more fairness for investors as well as uniform market conditions.?
Read more: House Sends Infrastructure Bill With Crypto Tax Provision to US President
UPDATE (Nov. 10, 11:41 UTC) Replaces quote from Bloomberg in last bullet with emailed comment from finance minister.