Ireland

Ireland classifies cryptocurrencies as assets or property, not as currency, meaning general tax laws apply to them. While there isn't a specific crypto tax framework, digital assets are legal, and their taxation is managed under existing legislation. The Office of the Revenue Commissioners (Revenue) is the governing body for crypto taxation in Ireland, applying standard income tax, capital gains tax, and corporation tax rules to crypto activities. When you dispose of cryptocurrency in Ireland, whether by selling it for fiat currency, exchanging it for another cryptocurrency, or using it to purchase goods or services, it is generally considered a taxable event. Any capital gains are subject to a flat Capital Gains Tax (CGT) rate of 33%. Individuals benefit from an annual CGT exemption of €1,270. There is no benefit for holding crypto for a longer period, the 33% CGT rate applies regardless of how long you held the asset. Income generated from crypto, such as certain rewards, is subject to progressive income tax rates ranging from 20% to 40%, plus Universal Social Charge (USC) and Pay Related Social Insurance (PRSI). For companies, a standard corporate tax rate of 12.5% applies to trading profits. While crypto-to-fiat and crypto-to-crypto exchanges are exempt from VAT, purchasing goods or services with crypto is subject to a 23% VAT. Specific crypto activities have distinct tax treatments. Staking rewards are taxed as income when received, and any subsequent disposal of these staked assets is subject to 33% CGT. Mining is generally treated as a business activity, with rewards taxed as business income, hardware and electricity costs are deductible expenses. Decentralized Finance (DeFi) activities see rewards taxed as income, while swaps or disposals within DeFi protocols are subject to 33% CGT. Non-fungible tokens (NFTs) are subject to 33% CGT upon disposal, though if created as part of a trading business, the proceeds could be considered income. As noted, both converting crypto to fiat and swapping one crypto for another are taxable disposal events, triggering CGT on any gains.