The United States keeps debating the complexities of regulating thousands of new crypto tokens, but Bitcoin advocates are warning that the country is missing the forest for the trees.
Pierre Rochard, a widely quoted voice in the industry, argued on Sunday that the U.S. tax code is severely "lagging" behind Germany, specifically in how it penalizes long-term savers.
“Bitcoin tax policy in the US is lagging Germany and many other countries. We don’t need more tokens and stablecoins, we need tax reform,” he said.
The German standard
In the United States, Bitcoin is treated as property for tax purposes, meaning every sale or transaction (whether it’s selling $1 million worth or buying a cup of coffee) is a taxable event subject to capital gains.
Germany, however, has adopted a policy that many Bitcoiners view as the "gold standard" for adoption:
German residents who hold Bitcoin for more than one year pay 0% tax on the capital gains when they sell or spend it.
What about other European countries?
In Germany, gains on crypto held for more than 1 year are tax-exempt (0%).
When it comes to Switzerland, capital gains are generally tax-free (0%) for individuals investing personal wealth.
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