According to local media reports, the Financial Administration of the Republic of Slovenia, or FURS, is considering imposing a 10% taxable income bill on cryptocurrency asset activity in the near future.
Under the current legislation method, the authority analyses an individual’s digital asset activity on a case-by-case basis by trawling through their buy and sell transactions. This can result in a stagnant and tedious crypto administrative process.
The introduction of this progressive initiative aims to digitally streamline the process, focusing solely on the purchase of goods and services, or the conversion of crypto assets into fiat currencies. Within these parameters, individuals will be taxed at a rate of 10% on their income.
In the STA news report, FURS shared additional information on the proposal:
“We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.”
Slovenia has been a consistent voice in spearheading the adoption of digital assets and blockchain technology across Europe in the last few years.
An aggregated cryptocurrency index created by the financial research firm Crypto Head ranked Slovenia 7th in their capacity to fully adopt cryptocurrency assets calculated using a variety of metrics including Google searches, crypto ATM saturation and legislation.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.