Slovakia Approves Legislation to Reduce Taxation on Crypto Income

July 1 (Cointime) - Legislation has been passed in Slovakia to regulate and reduce the taxation rate on crypto income. The new law allows for a favorable tax rate of 7% on crypto assets held for at least a year, making Slovakia a crypto-friendly country.

The amendment also exempts income from cryptocurrencies from health taxes and increases the maximum limit for long-term investment savings. Switzerland is currently the European leader in cryptocurrency adoption due to its lenient tax laws, with notable companies such as Cardano and Tezos based there. The impact of Slovakia's new tax laws on the crypto industry remains to be seen.

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