The Financial Administration of the Republic of Slovenia (FURS) has imposed a 10% taxable income bill on cryptocurrency asset activity in the near future.
It has been reported that under the current legislation method, the authority analyzes 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.
However, 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.
“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.”
The report said that Slovenia has been a consistent voice in spearheading the adoption of digital assets and blockchain technology across Europe over the last few years.
Thus, an aggregated cryptocurrency index created by the financial research firm Crypto Head ranked Slovenia seventh in its capacity to fully adopt cryptocurrency assets, calculated using a variety of metrics including Google searches, crypto ATM saturation, and legislation.