FX.co ★ Top EU court says exchange of bitcoin should be tax-free

The European Union’s top court said that exchanging of the virtual currency should be exempt from value-added tax, Bloomberg reports. The court’s decision reads that bitcoin should be regulated in the same way as traditional cash. The court emphasized that tax can still be imposed on the virtual currency, however, in case of the exchange of mainstream money for bitcoin and vice versa, VAT should not be charged.
The case went to court as a result of quarrel over the issue that the cryptocurrency can be exchanged without taxes.