Beautiful Virgin Islands

Sunday, Jul 27, 2025

Hungary is set to cut taxes on cryptocurrencies by half from 2022

Hungary is set to cut taxes on cryptocurrencies by half from 2022

Hungary is cutting tax on cryptocurrency earnings by half as interest in the crypto market drives it to all-time highs.
Hungary’s Minister of Finance Mihály Varga announced on Tuesday that the country’s government would halve capital gains tax on cryptocurrency earnings from 30.5 per cent to 15 per cent as part of their COVID-19 relief programme.

Announced in a video posted on Facebook, the news will make the EU country a competitive jurisdiction with respect to capital gains tax on crypto assets and will likely please Hungarian crypto investors who are set to receive a 50 per cent tax cut on those earnings from 2022.

Cryptocurrencies have come a long way since Satoshi Nakamoto, the pseudonymous inventor of Bitcoin, published a white paper about a Peer to Peer Cashless system in 2008.

Nakamoto sought to design an electronic payment system that would circumvent the need for trusted third parties like banks to verify transactions.

Towards the end of 2017, the price of Bitcoin began to soar and reached almost $20,000 (€16,486) having climbed from $900 in January of that year.

However, the price plummeted again in 2018 amid fears of a regulatory crackdown on cryptocurrencies by Asian countries like China and South Korea.

In 2021, growing interest from financial institutions has helped propel the total cryptocurrency market capitalisation to over $2.5trillion (€2.06 trillion) this week - an increase of almost 930 per cent on last year.

Banks like Goldman Sachs and Morgan Stanley have already begun trading cryptocurrencies while other financial giants like Citigroup have signalled their interest in getting into the crypto market.

“There are different options from our perspective and we are considering where we can best service clients,” Itay Tuchman, Citigroup’s global head of foreign exchange told the Financial Times on Friday .

“We shouldn’t do anything that’s not safe and sound. We will jump in when we are confident that we can build something that benefits clients and that regulators can support,” he told the newspaper.

In another vote of confidence in cryptocurrencies, the European Investment Bank announced last week that they would be issuing their first digital bond offered on a public blockchain using the Ethereum network.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×