Slovakian crypto tax-cutting bill approved by national parliament.

Slovakian lawmakers voted 112-2 in favor of a law aimed at reducing taxes on the sale of digital currency. The income tax bill is designed to simplify the use of virtual currencies in everyday life by reducing the tax burden. Virtual currency sales after one year of acquisition would be subject to a 7% tax rate, while shorter holding periods would be treated as taxable income alongside other sources. The bill passed its third reading in the Slovak National Council on June 28, and as an EU member state, Slovakia has the freedom to establish its own tax regulations for cryptocurrencies. Tax incentives, such as those previously offered in Portugal, have played a significant role in attracting the crypto industry, although Portugal reversed its favorable treatment last year. Edited by Stephen Alpher.

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