Starting Next Year, Albania Will Tax Cryptocurrency Revenues

On June 24th, it was reported that per a draft law, Albania will begin taxing cryptocurrency revenue starting next year.

As per the report, questions and worries have risen up about whether Albania can adequately control cryptocurrency, seeing as how it has struggled to do with fiat currency, and prevent it from being used for money laundering.

This draft law contains the first definition of what a virtual asset is in Albania, however, the law is still currently undergoing public consultation and it proposes the notion of taxing crypto and virtual asset profits.

The draft defines cryptocurrency as a digital representation of a value that may be deposited, traded, or transmitted in digital form and utilized for payment, investment, or exchange, including but not limited to cryptocurrencies.

According to the report, with varied tax rates based on the nature and magnitude, all revenue obtained from business transactions or mining will be considered as income from business under the new law. Individuals, with the exception of dividends, will be subject to a 15% investment income tax.