Several criminal cases involving the use of crypto-currencies were already initiated in Latvia

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According to the representative of the State Revenue Service, Arnis Liebenzons, the number of transactions with crypto-currencies seriously increased.

There are more and more different ways of dealing with money offered in Latvia.

This environment is rather attractive because it is open to everybody; n fact there are no prohibitions.

According to him, from the point of view of VAT, the crypto currency is not a commodity, it is just a tool, but the point of view of accounting, the crypto currency is a commodity.

So it is necessary to take into account the crypto currency and determine its value in euros. From the point of view of income tax, the crypto currency is also more like a commodity, rather than a financial instrument.

From the point of view of taxation, the profit from speculation by the crypto currency is subject to income tax. And people who are engaged in such speculation have to register their economic activities.

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