Cryptocurrency News Today TheBitTimes.com

El Salvador’s Bitcoin Fund Management Agency (AAB) only made $235 between January and July this year despite plans to rake in almost $7.4 million. As reported by La Prensa, the yearly budget for AAB was $13 million, with $1 million planned to come from El Salvador’s general fund and $12 million from the agency’s own income. The government agency makes its money through the fees it collects by managing and investing in public offerings of digital assets. This agency is not El Salvador’s Bitcoin office.  The budgeted plan said the AAB should have made almost $7.4 million from digital asset offerings and should have received over $700,000 from El Salvador’s general fund, all between January and July.  However, by July the agency’s income was only $235. On top of this, over $11 million from the general fund was sent to the agency, an increase of 1,425% over what it was budgeted to receive. Read more: Investors can get a refund on Bitfinex’s failed El Salvador hotel...

Slovakian lawmakers have passed legislation to regulate and reduce the tax rate on cryptocurrency income. Under the new law, crypto income from assets held for at least a year will be taxed at a favorable rate of 7%, aligning Slovakia with other crypto-friendly countries such as Slovenia and Switzerland. In a June 28 announcement, Slovakian deputies have approved an amendment that will lower the taxation on cryptocurrencies. The assets held for more than a year are subject to a reduced tax rate of 7%, lower than the standard income tax rate. Additionally, the amendment aims to exempt income from crypto currencies from health taxes, with the Ministry of Finance estimating an annual financial impact of around 30 million euros. Notably, the proposal also includes changes regarding investment savings. You might also like: El Salvador to remove taxes on technological advancements Further changes are outlined in the amending proposal by Petr Cmorej of SaS, a Slovkian political...