The year 2019 was a big one for taxing cryptocurrencies. Many countries decided that crypto is here to stay. As a result, they adjusted their tax policies on it. Countries amended existing cryptocurrency taxes and set up new ones. They also implemented crypto tax benefits in order to attract investors. Some countries totally banned crypto. Here are some of the noteworthy pieces of legislation.

United States: The Internal Revenue Service set up two laws. 1040 Schedule 1 was updated for declaring crypto holdings. Ohio suspended the use of paying taxes with Bitcoin.

Bermuda: This is the first island nation to accept its own stable coin for tax payments.

Portugal: There will be no crypto tax for individuals. This is to attract wealthy investors.

United Kingdom: Her Majesty's Revenue and Customs updated its taxation policy paper for businesses and individuals. It states that crypto is an asset, not a currency. Any sale, exchange, gift or service of crypto is subject to tax.

France: Crypto to crypto transactions are not taxable. Crypto sold for fiat currency is taxable.

Denmark: The government is sending letters to determine who profited and who lost money on crypto between 2016 and 2018. It thinks around 2,700 people likely owe taxes on Bitcoin gains.

Australia: Crypto is a type of property and is subject to capital gains taxes.

New Zealand: Salaries and bonuses can be paid with crypto. The legislation around reporting the income was updated. Crypto is not a currency.

China: One court declared crypto as an asset. A tax policy may be forthcoming.

Singapore: Crypto has a value-added tax exemption. It is a medium of exchange.

Thailand: The Thai government will refund tax over-payments with blockchain.

Iran: There is a bounty for anybody who exposes unauthorized mining activities. Authorized mining companies can enjoy more tax benefits. Cryptocurrency income is taxable.

Georgia: There will be no value-added tax on cryptocurrency transactions. The government also made a prohibition on crypto payments.

Brazil: Citizens and businesses have an obligation to report cryptocurrency transactions. Penalties of up to 3 percent of the transaction apply if a transaction isn't reported.