Baku, Azerbaijan, May 25
By Huseyn Veliyev - Trend:
Introduction of tax on cryptocurrency trading has been proposed in Azerbaijan, Founder and Chairman of the Board of Akhundoff Group Telman Akhundov told Trend.
He noted that, the proposal to introduce a turnover tax on cryptocurrencies was recently made by the Ministry of Taxes, which can be considered a revolutionary decision of the government.
"The ministry proposes to apply taxation in the ratio of 14 and 25 percent to individuals whose turnover in cryptocurrencies reaches 2,500 manats and exceeds the established amount, respectively. Yes, the preposition has been criticized, but I think that this is quite good to start with. In general, the fact that there is a permission is already good. Although the banking sector has a more conservative approach", - Akhundov said.
As for the emergence of crypto-exchanges, Akhundov believes, this issue requires detailed discussion, and the government can play a big role in this issue.
"A conservative approach to crypto-exchanges is now worldwide. There are no specific solutions to regulate the protection and insurance of cryptocurrencies. I cannot say with certainty that this issue will be resolved in Azerbaijan in the near future. There is still no general idea about whether it is possible to work with cryptocurrencies or not, and there are still no recommendations and specific laws," Akhundov said.
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