Binance: Good Tax Policy Should Use Crypto-Specific Framework and Provide Precise Guidelines

Binance published an article on crypto tax policy, listing the general principles for developing a good tax policy for the crypto asset industry, including: introducing a cryptocurrency-specific framework, providing detailed and technically precise rules or guidelines, taxation and introducing similar Consistent rather than more complex cryptocurrency reporting obligations for industries such as finance and tech, a privilege tax rather than a transaction tax on realized capital gains, attractive policies. On the contrary, tax policies that stifle crypto innovation include: taxing the total amount of crypto transactions (such as Indonesia and India), imposing withholding tax obligations on intermediaries such as crypto trading platforms to enforce compliance, and domestic tax policies inconsistent with international standards.