Global cryptocurrency taxation rules significantly vary among countries, and some jurisdictions have come up with extremely tough crypto tax policies for their residents.

In a new study by crypto analytics firm Coincub, Belgium is referred to as the worst country in the world in terms of crypto taxation for residents. That is according to in-house rankings covering taxation aspects like taxes on crypto income or crypto capital gains.

Belgium is known for its massive 33% tax on capital gains on crypto transactions, and it also withholds up to 50% in taxes from professional income on crypto trades. As previously reported, Belgium adopted strict crypto taxation rules back in 2017.

Released on Thursday, Coincub’s tax rankings also bring up countries like Iceland, Israel, the Philippines and Japan as the locations less favorable to crypto investors.

In Iceland, any crypto gains up to $7,000 are subject to under 40% tax, while bigger gains will incur 46%, the report notes. Under Israel’s tax regime, the sale of crypto is usually subject to capital gains tax, which is up to 33%. On the other hand, if crypto trading involves a business income tax, it may go as high as 50%.

In the Philippines, there is no tax on any crypto income under $4,500, but after that, any income is taxed up to 35%. The country’s government has also been discussing new taxes on crypto by 2024, raising concerns that Manila may follow India’s lead and impose a 30% flat tax on all crypto income.

Japan closes the top-five worst countries for crypto taxation for residents in Coincub’s rankings. The country has a progressive tax rate system for income considered miscellaneous income. The tax rate varies from 5% to 45%, depending on the amount of total profits.

Among other strict crypto tax economies, Coincub also mentioned countries like India, Austria, the United States, Norway, Denmark and France.

On the other hand, the study pointed out a number of countries that provide tax-efficient incentives to citizens and have much more favorable crypto tax policies. According to the rankings, Germany tops the list as the best place for crypto investors, as anyone holding cryptocurrency for a minimum of a year will incur no capital gains tax on selling or converting their crypto. Other crypto-tax-friendly countries include Italy, Switzerland, Singapore and Slovenia.

Related: Australian Treasury consults public on Bitcoin foreign currency tax exclusion

Additionally, Coincub mentioned classic tax havens or countries that offer foreign businesses and individuals minimal to no tax liability for their financial deposits, where crypto is no exception. Among those, the study listed The Bahamas, Bermuda, Belarus, the United Arab Emirates, the Central African Republic, Lichtenstein and others.

Coincub emphasized that crypto taxation is very fast-changing as new regulations occur regularly. The firm also noted that there is an increasing number of countries that apply flat tax rates on gains for individuals, aiming to simplify tax take.

Global cryptocurrency taxation rules significantly vary among countries, and some jurisdictions have come up with extremely tough crypto tax policies for their residents.

In a new study by crypto analytics firm Coincub, Belgium is referred to as the worst country in the world in terms of crypto taxation for residents. That is according to in-house rankings covering taxation aspects like taxes on crypto income or crypto capital gains.

Belgium is known for its massive 33% tax on capital gains on crypto transactions, and it also withholds up to 50% in taxes from professional income on crypto trades. As previously reported, Belgium adopted strict crypto taxation rules back in 2017.

Released on Thursday, Coincub’s tax rankings also bring up countries like Iceland, Israel, the Philippines and Japan as the locations less favorable to crypto investors.

In Iceland, any crypto gains up to $7,000 are subject to under 40% tax, while bigger gains will incur 46%, the report notes. Under Israel’s tax regime, the sale of crypto is usually subject to capital gains tax, which is up to 33%. On the other hand, if crypto trading involves a business income tax, it may go as high as 50%.

In the Philippines, there is no tax on any crypto income under $4,500, but after that, any income is taxed up to 35%. The country’s government has also been discussing new taxes on crypto by 2024, raising concerns that Manila may follow India’s lead and impose a 30% flat tax on all crypto income.

Japan closes the top-five worst countries for crypto taxation for residents in Coincub’s rankings. The country has a progressive tax rate system for income considered miscellaneous income. The tax rate varies from 5% to 45%, depending on the amount of total profits.

Among other strict crypto tax economies, Coincub also mentioned countries like India, Austria, the United States, Norway, Denmark and France.

On the other hand, the study pointed out a number of countries that provide tax-efficient incentives to citizens and have much more favorable crypto tax policies. According to the rankings, Germany tops the list as the best place for crypto investors, as anyone holding cryptocurrency for a minimum of a year will incur no capital gains tax on selling or converting their crypto. Other crypto-tax-friendly countries include Italy, Switzerland, Singapore and Slovenia.

Related: Australian Treasury consults public on Bitcoin foreign currency tax exclusion

Additionally, Coincub mentioned classic tax havens or countries that offer foreign businesses and individuals minimal to no tax liability for their financial deposits, where crypto is no exception. Among those, the study listed The Bahamas, Bermuda, Belarus, the United Arab Emirates, the Central African Republic, Lichtenstein and others.

Coincub emphasized that crypto taxation is very fast-changing as new regulations occur regularly. The firm also noted that there is an increasing number of countries that apply flat tax rates on gains for individuals, aiming to simplify tax take.