CRYPTOCURRENCY SETTLEMENTS IN HUNGARY

CRYPTOCURRENCY SETTLEMENTS IN HUNGARY

Author

Prykhodko Andrii

CRYPTOCURRENCY CALCULATIONS IN HUNGARY

In a pan-European comparison, Hungary introduced one of the lowest tax rates on cryptocurrency income in 2021. A single tax rate of 15% applies to income from any cryptocurrency source received by individuals resident in Hungary.

The new rule applies in cases of trading and mining of any type of cryptocurrency, and there is no set maximum threshold for which the flat tax can be applied. However, an individual must be a resident of Hungary for tax purposes in order to declare a tax with a low tax rate. The new rule applies to income received from 2022 onwards, but it can also be used for income received before 2022 due to the government’s aim to earmark income from crypto sources.

The point of taxation starts from the moment of conversion of cryptocurrency into FIAT currency. Crypto-to-crypto exchange is tax-free.

The applicable tax rate is only 15%, and apart from the low personal income tax rate from cryptocurrencies, there are no social security contributions or additional contributions. Moreover, there is no need to create an IP to declare crypto income under the new rules.

As mentioned above, the new flat tax rate is very favorable in the EU, which may encourage many European citizens to become Hungarian residents. It must be checked from several aspects, as well as whether the foreign individual can be identified as a resident of Hungary. Once the conditions are met and a person is considered a Hungarian tax resident, a 15% flat tax can be applied to all cryptocurrency income.

Cryptocurrency lawyer in Hungary

Help from a lawyer on crypt issues in Hungary

• Legal use of cryptocurrency
• Legalization of income received from operations with crypto and investments in cryptocurrencies
• Mining Bitcoin and Ethereum
• Consulting on IEO
• Taxation of withdrawal of assets in fiat money
• Legal support of ICO and IEO projects
• Structuring of blockchain companies
• Assistance to crypto investors
• Assistance of a lawyer on cryptocurrency investments
• Registration of ICO/IEO/DeFi and Mining

We provide full legal support for transactions with cryptocurrencies, ICO / IEO, DeFi registration and organization of cryptocurrency mining, which is why you landed on this page when you entered “cryptocurrency legal help”, “cryptocurrency lawyer”, “bitcoin legal advice” into the search engine. help with cryptocurrencies”, “bitcoin consultations”, “lawyer’s advice on cryptocurrencies”, “blockchain contract”, “ethereum contract”, “legal advice on cryptocurrencies and taxes”

Legal aid in Hungary – Bitcoin and cryptocurrency.

Therefore, the assistance of lawyers in matters of cryptocurrencies, their mining, the registration of IEO, DeFi and other crypto projects is a set of measures aimed at the registration of such relationships in full compliance with the current legislation of Hungary and the EU.

The most common questions to our lawyers are:

Payment for services, works, real estate and other assets in Hungary with Bitcoin (BTC) and Ethereum (ETH). Truth or myth?

In which cities in Hungary can you exchange Bitcoin, Ethereum, Ripple and other cryptocurrencies?

How to buy goods for bitcoin in Hungary?

You can get answers to these and other questions by calling our lawyers or by leaving your phone number.

Importantly! We recommend a mechanism for purchasing certain property for “crypto” by concluding a mining contract. The conclusion of a contract for the sale of goods or services where payment is made in crypto-currency can be legally declared null and void as crypt as a currency is not recognized at the legislative level in Hungary.

For example, crypto currency in Ukraine is not recognized as a means of payment, and due to some regulations and positions of central authorities, it is equated to surrogate money.

Our lawyers are perfectly versed in all the trends in the regulation of cryptocurrency in the world, including in Ukraine, and guarantee the most protected ways of using it.

Crypto exchange in Hungary (Budapest)

Buying and selling cryptocurrency in Hungary through YK Prykhodko and partners is profitable and safe. Try us at work!