Latest Crypto News: Italy Mulls 26% Crypto Tax, Australia Beats El Salvador In Number Of Installed Crypto ATMs

Here are some latest developments in the cryptocurrency space.
Latest Crypto News: Italy Mulls 26% Crypto Tax, Australia Beats El Salvador In Number Of Installed Crypto ATMs

Spain has the highest number of crypto ATMs at 226, followed by Australia at 219, and El Salvador , the first nation to legalise Bitcoin (BTC ) at 200.

El Salvador dropped to the third spot as Australia rapidly increased its number of crypto ATMs.

El Salvadorian President Nayib Bukele ordered a rapid expansion of the crypto ATM network in the country as part of efforts to make Bitcoin available to all citizens.

In September 2021, El Salvador had the third-highest number of crypto ATMs after the US and Canada. In the ensuing period, Spain and Australia overtook El Salvador to take the first and second spots.

According to data from CoinATMRadar, Australia installed 99 crypto ATMs in the last three months of 2022, taking the total to 219 as of January 1, 2023. In contrast, El Salvador added 7 in the same period.

Italy Backs 26% Crypto Tax In 2023

Cryptocurrency information portal Cryptoslate reported that the Italian Parliament approved a 26 per cent cryptocurrency tax on income of over €2,000, effective December 30.

Italy has included the crypto tax in its 2023 budget, the report said. The budget describes cryptos as a virtual, electronically distributed ledger-based wealth that can be stored and transferred.

The budget also asks for tax reductions worth €21 billion ($22.3 billion) to help citizens tide over the financial difficulties due to a global slowdown.

Prime Minister Giorgia Meloni wants people to disclose their cryptocurrency assets. As an incentive, he announced a reduced 14 per cent tax for those who reveal their crypto holdings starting January 2023.

According to Cryptoslate, other European nations are also mulling over higher taxes on bitcoin. Portugal announced a 28 per cent tax on bitcoin. The government also plans to tax airdrops and other free crypto distribution activities at 10 per cent and 4 per cent on broker commissions.

Former Meta Crypto Head Says Crypto Winter May Last Till 2024

David Marcus, who created the Bitcoin (BTC) payments business Lightspark, warned the bear cycle in the crypto market could run till 2024. He said the bulls looking for a speedy rebound, will be disappointed.

“We won't exit this "crypto winter" in 2023, and probably not in 2024 either,” stated Marcus, a co-creator of Diem, Meta's abandoned cryptocurrency project, on his blog on December 30.

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