Members of parliament in the European country of Slovakia have voted to lower cryptocurrency taxes and other measures affecting cryptocurrency holders.
On June 28, the Slovakian parliament voted in favor of an amendment that would lower personal income taxes on profits from cryptocurrency sales held by users for at least one year.
The tax rate will drop to 7%, a significant drop from the current variable rates of 19% or 25%. Payments in cryptocurrencies up to €2,400 (approximately $2,622.20) will not be taxed.
Additionally, the bill excludes income in the form of cryptocurrencies from the 14% health insurance contribution. A local media report said that Slovakia’s finance ministry expects the annual financial impact of the amendment to be around 30 million euros.