Special Tax Inspectorate has launched 3 distinct investigations that concern exchange operations with cryptocurrency. Several Belgian citizens have allegedly traded virtual currency at foreign exchanges and yet to file the gains made on the operations. STI received such information from foreign tax authorities. Now, the regulator will try to contact those tax offices directly with the intention to elaborate on the allegations.
To remind the readers, Belgian regulator has made a bold move last year with the introduction of 33% tax on any cryptocurrency income and instruction to refer to it as "Other income" in the tax filing form. But such measure turned out to be difficult to actually implement as most of the virtual asset are based on foreign platforms that are prone to be resistful to authority penetration.
At present, in Belgium cryptocurrencies are neither legal nor illegal. And despite the fact that Minister of Justice Koen Geens has proposed the implementation of a new legislation that is meant to control all of the digital currency transactions, and despite the fact the country's tax authority approved the suggestion still Brussels didn't announce any comprehensive policy. Belgium is in a standby mode for now waiting for a common European policy.
Crime prevention and regulations should evolve with new technologies. cryptocurrencies should be subject to stricter rules because of their growing popularity with cybercriminals and scammers, and crypto companies should be obliged to cooperate with authorities.
Minister of Justice, Belgium