Author Topic: Crypto can be lucrative, but make sure you’re ready for the taxman (Read 516 times)

newshunter · « **on:** March 01, 2021, 01:00:27 PM »

Crypto can be lucrative, but make sure you’re ready for the taxman

Investing in digital assets can offer a plethora of opportunities, but when the taxman comes, investors best be prepared.

Source: Crypto can be lucrative, but make sure you’re ready for the taxman

Would appreciate your opinion about this

Altcoins Talks - Cryptocurrency Forum · « **on:** March 01, 2021, 01:00:27 PM »

This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here

TomPluz · « **Reply #1 on:** March 03, 2021, 05:51:19 AM »

Well, this is true...very very true. When we are dealing with cryptocurrency, there is that opportunity to make some good profits (though loss can also be true at the same time). Now, when we are incurring profits the government has the power to tax us and there is nothing we can do with it especially if your government is employing the latest technology that can track you down if you fail to do your part. I am glad to be in a region where the government is not yet showing its muscle to implement the tax codes, we are doing it voluntarily here.

Altcoins Talks - Cryptocurrency Forum · « **Reply #1 on:** March 03, 2021, 05:51:19 AM »

This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here

Fenix · « **Reply #2 on:** March 04, 2021, 09:19:56 AM »

To avoid similar problems in the future, I keep track of what regulations regarding cryptocurrency are adopted at the national level in my country. So far, only a law has been passed by parliament to implement the FATF recommendation of June 2019 on measures to prevent money laundering and combating the financing of terrorism. However, there is still no regulation of the cryptocurrency itself in my country, although there are several relatively bad bills before parliament.

ice18 · « **Reply #3 on:** March 04, 2021, 09:26:40 AM »

And how does your government can track your crypto investment? For example a user buys a token in Uniswap using a credit card and how do your government impose a tax when they do not know this transaction of yours? Looks like its too complicated job to track crypto investments need a lot of time to locate crypto users especially if using a dex exchange.