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Majority Of Crypto Investors Evaded Taxes In 2022, Study Shows

Press Releases Crypto News Bitcoinist Majority Of Crypto Investors Evaded Taxes In 2022, Study Shows

A digital currency tax firm, Divly, recently conducted a study revealing that nearly all digital asset investors did not pay taxes on their crypto holdings in 2022. A staggering 98% of crypto investors did not report their digital asset transactions to the tax authorities, evading their tax obligations.

The findings were discouraging, noting that only a tiny fraction of investors reported their crypto earnings to the tax authorities.

Percentage Of Crypto Investors That Declared Taxes

According to the report, it combined search volume data and certain governmental figures to get an estimate of investors who declared their digital asset dealings to their local authorities.

The firm noted that only 0.53% of all digital asset holders it surveyed revealed their digital currency dealings to the tax authorities. Notably, Finland made the highest declaration of its crypto activities, recording up to 4.09% of crypto taxes last year.

The total market cap is down on the chart l Source: Tradingview.com

Australia emerged second, with about 3.65% of investors’ profits in the same year. On the other hand, America managed to hit just 1.62% of its crypto tax payments last year. The lowest on the list is the Philippines, with a digital asset tax payments rate amounting to only 0.03% throughout 2022.

Notably, the entire Asian continent yielded 0.20% of the crypto tax payment rate in 2022. The data also revealed that the tax payment compliance rate in the US had doubled over the last 5 years. It added that out of the 24 countries assessed, the United States managed to emerge 10th, according to the digital asset tax payment rate.

Despite the low rate of the United States, the report remarked that it ha

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Author: Eli Dambell

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