The legislative bodies of Costa Rica are working to make their country as friendly as possible for the cryptocurrency industry. In this regard, options for the abolition of most taxes in this industry are being considered. This week, Deputy Johana Obando presented to the government a bill on the regulation of the crypto market.
According to Obando, the relevant amendments to the legislation will provide protection of individual private property in the virtual space. Also, ordinary users will be able to independently manage their assets without the intervention of third parties, including Central Banks.
The idea is to pass a law that will allow retail investors to freely buy, sell, spend and store their digital assets. The tax on the purchase of cryptocurrency and mining will also be abolished. However, the profit received as a result of trading and investment activities will be subject to income tax within the framework of the current financial legislation.
In simple terms, the legislators intend to ensure that the government of Costa Rica officially recognizes cryptocurrencies and allows citizens to freely purchase, store and spend them.
According to Johana Obando, this will attract large foreign investors and companies that will create new jobs in the country. She also emphasized that the potential cryptocurrency law in Costa Rica will be different from what it was in El Salvador.