Cryptocurrency: Will It Reduce or Increase Taxes?

The idea of cryptocurrency taxes might make you cringe, but it’s not as bad as you think. Unless you plan on hiding your cryptocurrency gains from the government and hoping they don’t find out, you will need to report them as additional income on your taxes. Moreover, because many crypto transactions take place in a sort of “gray area,” reporting them correctly is essential if you want to avoid an audit and possible fines. Deciding whether Taxes Are Due for Your Crypto Transactions The Internal Revenue Service (IRS) sees cryptocurrency as property, not currency. This means that if you receive …

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Leading the Crypto Regulation is Switzerland

  The entire cryptocurrency market has lost two-thirds of its value within a short time. In addition, there are various breakdowns at crypto service providers such as crypto wallets like metamask and coinbase (check out the metamask vs coinbase wallet for opensea comparison here). What does that mean? The current crisis in the crypto market even has something good, says Urban Angehrn, head of the Swiss financial market supervisory authority Finma. “This crisis, if it really is one, is a salutary moment for this industry to let go of the hot air.” In his opinion, however, this is by no …

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How to Tax Cryptocurrencies the Right Way

  Despite unpredictable and sometimes violent price fluctuations in Bitcoin, digital money finds buyers, especially those who discovered the power of Bitcoin360. But how do any profits have to be taxed? The good news: Capital gains on cryptocurrencies – also called virtual currencies – can be completely tax-free under certain circumstances. Investment in cryptos: no investment for tax purposes Whether Bitcoin, Ethereum, Ripple, or Cardano: What was once ridiculed as “play money” has long since become a serious alternative to stocks, bonds, or gold for many. But an investment in cryptos is not considered an investment for tax purposes, as …

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