Irish Tax-Free Savings Account to Exclude Cryptocurrency

BlockBeats News, August 31st, cryptocurrency will have no place in a tax-favored savings account aimed at every adult in Ireland.

Ireland's Deputy Prime Minister and Finance Minister Simon Harris released a video outlining the plan, stating that he hopes these accounts will "truly play a role in enhancing individuals' economic resilience." Account holders will be able to hold stocks, bonds, funds, exchange-traded funds (ETFs), and insurance products. Cryptocurrency is excluded, and derivatives and interest-bearing cash are also not allowed.

Every Irish tax resident who is 18 or older is eligible to open such an account. Contributions within the tax-free threshold will be entirely tax-free, while the excess will be taxed at a lower flat annual tax rate. The plan has no minimum contribution requirement or minimum lock-up period, but will set an annual contribution limit. Specific tax-free thresholds and rates will be announced on Budget Day, October 6th, with the accounts expected to open next year.