Crypto taxation.

Tax evasion is still a concern among the crypto community.

Despite a high acceptance level, many crypto owners continue to find ways to evade the taxes and end up featuring on the blacklist year after year. A crypto accounting firm Blox and taxation software provider Sovos published a joint report in March that highlighted some of the most pressing issues being faced by crypto tax professionals across the globe.

It showed that over 90 percent of accounting personnel think that missing or inaccurate data is their most significant challenge when it comes to filing taxes. Fifty percent of these respondents do not have complete access to their crypto taxation history, making it nearly impossible to file accurate taxes. Fifty-five percent also believe that complex regulations as their top hurdle.

According to the report, some 48 percent of the surveys strongly back the idea of taxation in cryptocurrencies, describing it as a must-have aspect.

While 14 percent of the users don’t really have an opinion on this matter, 9 percent believe that the industry needs to be more evolved and matured to enforce taxation rules. They would rather wait and watch before forming an opinion.

Another 18 percent thought it to be a requirement on an acceptable level, implying that while they may not welcome the idea with open arms, they certainly don’t consider it to be evil.

Around 11 percent of the survey participants expressed strong disapproval of the existing crypto taxation regulations, stating that this outmoded industry needs an altogether new approach.

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