Don’t Forget the ‘Other’ Cryptocurrency Tax

Whenever taxation of cryptocurrency is discussed, it’s almost always about taxing changes in realized wealth, i.e. income tax. But that could soon change, as cryptocurrency becomes ready for use in daily transactions. While certainly a long-anticipated and welcome milestone, it’s also sure to raise the ire of national and state regulators hungry for revenue — revenue from sales taxes, value-added taxes and goods and services taxes. On a global basis, these taxes raise more revenue for governments than income tax. As with income taxes, failure to comply can lead to dramatic consequences for those who are unaware or fail to follow regulations.

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