'Bitcoin tax' takes effect

'Bitcoin tax' takes effect

Cryptocurrency and digital token traders face a 15% tax on capital gains from putting their money in the assets after a royal ordinance took effect today, following Sunday's announcement in the Royal Gazette.

The ordinance amends the revenue code, which paves the way for tax collections on the digital assets.

Based on the ordinance, a 15% tax will be drawn from shared profits or any benefits derived from holding digital tokens or gains from the transfer of cryptocurrency or digital tokens.

Another related royal ordinance relates to the operation of digital asset businesses, which have 90 days to seek permission for their activities from authorities.

The legislation is said to be designed to help ensure effective oversight and combat fraud.

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