articlesBitcoincryptocurrencyFinanceTaxes

Do you need to pay tax on crypto?

Wherever you are in the world, there’s a good chance that you’re expected to pay tax on any money you’ve made from buying and trading cryptocurrencies. You might even be surprised to find that your government wants you to pay up for hodling, staking, or even gifting coins to someone else. Tax is one of the few tools governments have for striking back at Bitcoin, so make sure you’re not caught blindsided.The common misconception that Bitcoin is anonymous stems from the fact that transaction tracing came much later than the network itself, meaning many early adopters enjoyed stacking and trading crypto in the law’s blind spot for several years. Nowadays, expect serious implications for avoiding taxes on your crypto, even though the definition of what constitutes a taxable event may seem unreasonable or illogical to those with a basic understanding of bitcoin.Tax season is again extended in many places this year, so make sure you take the time to understand your obligations. We will cover some of the main things you should know but please note that this is not an exhaustive list intended to cover every possible scenario. Always check with your local tax office to ensure you are fulfilling your crypto reporting duties.There are still a lot of uncertainties about how cryptocurrencies should be regulated and many countries take an uncomfortably tough stance against them. Most exchanges adhere to KYC and AML, meaning any crypto bought from them is likely …
Story continues on Trezor.io

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsPayPalxbtusd

PayPal to Allow U.S. Consumers Pay With Bitcoin at Millions of its Online Merchants Globally

One of the biggest stories in the cryptocurrency industry in 2020 was the announcement from PayPal that they would be facilitating cryptocurrency-related transactions on their platform. PayPal is one of the biggest fintech platforms in the world, with over 330…
BitcoinCointelegraph.comCryptocurrenciesdigital assetsTradeSantaTrading

Automated trading in a bull market, explained

What are the benefits of automated trading in the current market — and can they help mitigate volatility in unpredictable times? Our guide explains all. What are the tools that TradeSanta offers?The platform enables traders to connect their accounts to…
AA NewsBitcoinBitcoin FuturesBTCEURBTCGBPbtcusdBTCUSDTCME GroupCrypto NewsSocial

CME Launches 0.1 BTC Cash-Settled Futures Contracts on May 3rd

Smaller investors would be able to take advantage of CME’s regulated Bitcoin futures contracts as of May 3rd, the organization announced earlier today. This would be possible in the form of so-called Micro BTC futures contracts, which will be one-tenth…