Czech Republic to Eliminate Taxes on Long-Term Crypto Gains

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Czech President Petr Pavel signed a bill on Thursday exempting crypto users from paying taxes on long term gains, a spokesperson from the country’s Ministry of Finance told CoinDesk on Thursday.

“The principle is if cryptoassets are held for more than three years, their sale will not be taxed, or transactions up to CZK 100,000 [$4,136] per year will not be obliged to report in the tax declaration, similar to securities,” the spokesperson said.

The Czech Republic’s Digitalization of the Financial Markets Act is now at the final stage of the legislation process and will take a week or two to be officially published. The country is a member of the European Union (EU).

One week ago, a proposal by Czech National Bank Governor Aleš Michl that the central bank consider adding additional assets, like bitcoin, to its reserves was approved by the bank board.

The move was not well received by the president of the European Central Bank, Christine Lagarde, who said she’s confident bitcoin won’t be entering the reserves of any of the EU central banks.