Slovakia to reduce crypto income tax rate: will more countries follow suit?

Key takeaways

Slovakian lawmakers have voted in favour of reducing cryptocurrency income tax in the country.

The move could see more cryptocurrency investors in the country and could benefit the broader crypto market.

Slovakian lawmakers voted in favour of a law designed to cut taxes on the sale of cryptocurrencies. The new income tax bill in the country seeks to reduce the tax burden in connection with the sale of virtual currencies, thereby simplifying their use in everyday life. 

If the new bill is passed, the taxation on cryptocurrency income would be reduced to 7%. How does the new bill affect the broader cryptocurrency market, and could more countries implement similar cuts? 

What does this mean for Bitcoin and AltSignals?

The cryptocurrency market has performed excellently since the start of the year, with Bitcoin and other leading cryptocurrencies up by more than 40% during that period.

Bitcoin recently touched the $31k level before retracing, with the price of Bitcoin now at $30,617. 

If the new bill is passed in Slovakia, it could boost cryptocurrency adoption in the country as more investors could enter the market.

Subsequently, similar bills could also be introduced by other European countries, depending on the level of success. 

Bitcoin could rally in the near to medium term, and that could also positively affect the prices of numerous cryptocurrencies. AltSignals could be one of the cryptocurrencies that could benefit from the crypto market experiencing a rally in the coming weeks and months. 

As a trading-focused project, AltSignals could benefit from an influx of funds into the cryptocurrency market. With more people entering the cryptocurrency market, AltSignals could experience a surge in adoption, and this could see its native token, ASI, rally higher. 

With the presale stage set to end soon, this could be an excellent time to invest in AltSignals. It is a niche-focused cryptocurrency project that could gain massive adoption by crypto and forex traders. 

What is AltSignals?

AltSignals is a trading platform that provides trading signals for stocks, forex, indices, cryptocurrencies, and CFDs. 

The project is still in its presale stage and looks likely to finish raising its funds soon. At the moment, the development team has raised 96% of the funds required to develop its products and service. With a target of $1,080,000, AltSignals has raised $1,038,697.905 so far. 

ASI, the native token of the AltSignals ecosystem, is currently sold for 0.015 USDT. However, past events indicate that ASI could rally higher once the team launches its products and the token lists on crypto exchanges. 

According to their whitepaper, the AltSignals team will use the generated funds to develop ActualizeAI, a solution that could make it easier for more people to enter the cryptocurrency trading scene. 

AltSignals explained that ActualizeAI would be a fully automated solution and would work 24/7, making it easier for users to trade cryptocurrencies. 

Visit the official AltSignals website to learn more about their presale.

Should you invest in AltSignals now?

Bitcoin has stayed above the $30k level for the past few days. With the market sentiment currently on the positive side and the move by Slovakia to reduce crypto income tax, this could be an excellent time to invest in cryptocurrencies. 

Asides from Bitcoin, some altcoins could benefit from the crypto market’s ongoing positive performance. AltSignals could be one of the biggest winners once the project launches and its ASI token becomes available on cryptocurrency exchanges. 

If the development team delivers on its promise of a platform dedicated to traders, AltSignals could see an influx of traders on its platform, and that could positively impact ASI’s price in the medium and long term. 

Furthermore, the launch of ActualizeAI could also positively contribute to the adoption rate of AltSignals over the coming months and years.

The post Slovakia to reduce crypto income tax rate: will more countries follow suit? appeared first on CoinJournal.