What taxes apply to cryptocurrencies?

Cryptocurrencies are subject to different taxation regulations based on its use. Generally, cryptocurrencies may be subject to income tax, capital gains tax, excise taxes, and/or VAT. It is important to check the particular regulations of your country or locale to determine the type of taxes applicable. For example, some countries have determined that cryptocurrencies are property and therefore require capital gains taxes to be paid on profits made from their sale or transfer, while others have classified them as a currency and require income tax to be paid on their exchange for goods or services.