Austria

Austria embraces cryptocurrencies and blockchain technology, acknowledging Bitcoin and other digital currencies as virtual commodities rather than legal tender like the Euro. This categorization enables regulatory and tax treatment similar to that of gold.

Cryptocurrencies are not prohibited in Austria and enjoy a considerable level of acceptance. However, they are not officially recognized as currency or legal tender. Consequently, businesses have the freedom to choose whether or not to accept cryptocurrency payments, without any obligatory requirement. In the event that businesses opt to accept crypto payments, such transactions are subject to the same tax and regulatory guidelines as traditional payment methods.

Regarding tax considerations, cryptocurrency is regarded as an intangible asset. If individuals or businesses possess cryptocurrency that appreciates in value and subsequently sell or use it, they are obligated to pay capital gains tax. This requirement can be waived if the asset has been held for over a year.