Crypto Tax Report 2024 Highlights Varied Global Policies

Coincub and Blockpit have unveiled the Crypto Tax Report 2024, highlighting global cryptocurrency tax trends. The report indicates that personal crypto tax rates are lower than conventional investment gains, averaging 11.12% for long-term and 17.3% for short-term gains globally. This contrasts with the 19.6% average on traditional investments.

North America leads in crypto tax revenue with $2.04 billion, while Europe follows with $1.49 billion. Despite regulatory frameworks, fewer than 2% of crypto investors comply with tax laws. The Middle East remains a tax haven, continuing to impose zero taxes on cryptocurrency gains.

The OECD's upcoming Crypto-Asset Reporting Framework (CARF) is set to increase compliance by shifting reporting responsibilities to individual investors, potentially raising compliance to 50% or more as enforcement steps up.