This study has made it clear that only a minimal number of the total crypto users are actually paying taxes to the governments and that too for doing nothing for the crypto industry. When the investors of Australia and Finland were the most complaint in filing the taxes to their governments, Americans ranked 10th in paying crypto taxes to their governments.
Apart from that, India, Indonesia, and Philepeans ranked lowest in the list of Crypto Tax Payment Rates by Country in 2022. However, it should not be surprising that Indian users are ranked the lowest in paying crypto taxes because of an extremely high tax rate that is not feasible even for investors who were able to seize significant profits from the cryptocurrencies.
Crypto regulations around the world are constantly increasing as they should be but American regulating agencies are constantly going overboard in the name of crypto regulations. The main reason behind this overactive regulatory action in America could be the undermining of the tax expectations that the government had from the crypto industry.
When the industry could not fetch the desired revenue from the crypto taxes, the government went on to tighten the regulations around the VDA. However, this percentage shown in the study is of the total crypto users and not the ones who actually made profits, and thus it must be taken into consideration as 2022 was not one of the best years for the crypto industry.
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