Hungary May Cut Cryptocurrency Tax By 50%

Hungary may cut cryptocurrency taxes in half — from 30.5% to 15%.

In a Facebook video published today, Hungary's Minister of Finance Mihály Varga addressed plans for the country's economic recovery, which included the consideration of updated taxation around cryptocurrencies. At the moment, income from cryptocurrency mining is taxed at 30.5%, while the capital gains tax rate for individuals sits at 26.5%.

Varga was further quoted saying that the changes “could bring in billions of Hungarian forints to the budget.” One U.S. dollar currently equals around 295 forints.

The changes have yet to be approved by Hungary's Parliament, but the sentiment surrounding the proposal appears to be positive.

If approved, some of the updated tax rates could go into effect as early as in July.