Crypto Taxation by Country

Three broad approaches

Countries treat cryptocurrency in one of three ways for individuals.

1. Exempt

No tax on private crypto gains:

• United Arab Emirates — exempt (no personal income or capital gains tax).
• Hong Kong — exempt for investment holdings.
• Switzerland — private crypto capital gains exempt for non-professional investors.
• Cayman Islands, Bermuda, The Bahamas — exempt.

2. Taxed as capital gains

Crypto disposals fall under the capital gains regime:

• United Kingdom — taxed as capital gains (up to 24%).
• Portugal — taxed as capital gains (28%).
• United States — taxed as capital gains (up to 20% long-term).
• Ireland — taxed as capital gains (33%).

3. Taxed as income

Crypto gains enter the income tax base:

• Germany — taxed as income (with relief for private holdings sold after a long holding period).
• Singapore — no capital gains tax, but crypto can be taxed as income where trading is a business.
• New Zealand — taxed as income.

Why classification matters

Whether crypto is capital or income changes both the rate and the allowable reliefs. The same disposal can be tax-free in the UAE, a 28% capital gain in Portugal, or ordinary income in Germany. Rules in this area continue to change quickly — always confirm the current treatment with the local tax authority before acting.

Data basis: Government tax authority data via taxesmap.app, as of 2026