Throughout 2018, most cryptocurrencies were affected by strong volatility, thus leading to reduced investor interest and lower prices. However, the crypto sector is far from being dead, and governments are well-aware of this aspect.

With this in mind, numerous countries have stepped up their regulatory and taxation frameworks for the digital currency market. Recent reports indicate that following public consultation, the U.K Tax Collection Service published their crypto taxation legislation, applicable to private digital asset holders.

As Bitcoin and other digital currencies became more relevant for the world’s financial system, numerous countries have started regulating the cryptocurrency market. One of the most important efforts was focused towards crypto taxation policies.

Now, recent reports indicate that the Japanese Tax Commission is unsatisfied with Japan’s current crypto taxation system, and is urging the country’s National Assembly to introduce new guidelines. This is great news for the Japanese crypto community, granted that until now, reporting crypto gains and investment profits was a confusing and exhausting experience. This aspect discouraged crypto users from disclosing their taxes, and put them at risk.

Despite the fluctuating crypto price drops present during the last few months, governments are still interested in regulating and profiting off the digital currency revolution.

With this in mind, recent reports indicate that the Ukrainian Parliament is interested in imposing a tax on digital currency-related profits of its citizens. To put things better into perspective, the country’s legislative body has proposed a bill that would impose a 5% tax on all crypto profits attained by both commercial entities and individuals.

Bitcoin taxation and regulation have, and will continue to be a sensitive subject for both governments, but also members of the digital currency community from all around the world. According to recent reports, it seems like two members belonging to the US House of Representatives have just filed a bill meant to create a tax exemption for certain digital currency-based purchases.

The move, which if successful, is bound to be great news for the digital currency community in the United States, wants to create a de minimis tax exemption for all digital currency payments under the threshold of $600, starting from January 1st 2018.

During the last couple of months, Bitcoin has been rapidly growing in terms of its popularity, which, in turn, also has had numerous effects on the way that governments perceive and regulate the cryptocurrency. While numerous countries have shown their support for Bitcoin, and begun measures such as eliminating taxation, or giving incentives to blockchain-based businesses, there are still regions which take the currency with a grain of salt.

With this aspect in mind, recent reports indicate that the Colombia Tax and Customs Office, recently announced that Bitcoin is taxable, regardless of the fact that not long ago, the Colombian Government has declared that Bitcoin isn’t even legal in their area of jurisdiction.

So far, Japan’s policy on bitcoin has been quite lenient, apart from a couple of taxes imposed on people purchasing bitcoin with the help of digital currency exchanges. However, recent reports indicate that Japan’s government has just decided to finally end the 8% consumption tax, imposed on these types of bitcoin transactions, thus coming as a relief to the digital currency community in the Asian country.

While initially announced in a Japanese publication, the change will come after an agreement set by the Financial Agency and the Japanese Financial Ministry, after long talks, which should come to fruition by the end of the year, or in early spring. Reports indicate that a tax panel will also join the discussions, and will hopefully be in favour of the plan to end these taxes.

Following regulation issues throughout Europe, in regards to whether bitcoin transactions should include state-tax as well, the highest court in the European Union finally ruled that virtual currencies can now be exchanged tax free throughout the Union.