Slovenian authorities propose 10% income tax on cryptocurrencies

The Financial Administration of the Republic of Slovenia (FURS) is looking to impose a 10% taxable income bill on cryptocurrency transactions.

Under the current legislation, authorities can analyze the digital asset activity of individuals on a case-by-case basis by going through their transactions.

The introduction of the tax initiative focuses on the purchase of goods and services, as well as on the conversion of crypto assets into fiat currencies. Individuals operating within these parameters will be taxed at a rate of 10% on their income.

FURS shared additional information on the proposal in a news report from regional media outlet STA;

We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.

Slovenia has been a vocal advocate for the adoption of digital assets and blockchain technology across Europe in recent years. The country ranked seventh in its capacity to fully adopt cryptocurrency assets, according to an aggregated cryptocurrency index created by the financial research firm CryptoHead.

This index was calculated using a variety of metrics including Google searches, crypto ATM saturation and legislation.