Did you know that just about 1.62 percent of U.S. crypto owners told the IRS about their crypto in 20221? With more than $2.4 trillion in assets and 16,000 kinds of cryptocurrencies, the tax stakes are high2. Since the IRS sees cryptocurrencies as property, buying, selling, or using them can lead to taxes2. It’s important … Read more
Did you know that 1 out of 7 reported scams involve imposter websites impersonating legitimate companies or projects1? It’s essential to be very careful to protect your money from scams. Victims have reported losing between $110 and over $130,000 in bitcoin due to such activities1. The DFPI tracker shows complaints about crypto fraud that need … Read more
Did you know the European Union can fine up to 35 million euros for major rule breaks? This huge sum shows how much rules affect new ideas and the balance between control and creativity1. Governments worldwide are setting tight rules. These can deeply affect how fast and how new tech grows—like in cryptocurrency and AI. … Read more
In 2021, cryptocurrency crime hit an all-time high of $14 billion. Fraudsters stole vast amounts of digital money1. This scary number shows why it’s critical to guard your digital valuables against crypto fraud. Cryptocurrencies are becoming more popular, and so are the scams that target investors. Scammers now use complex tricks like fake ICOs and … Read more
Did you know the IRS sees cryptocurrency like property, just like houses or stocks? According to IRS Notice 2014–21, this means dealing in cryptocurrency can either make or lose you money, affecting taxes. You’ll need to report these changes on Schedule D and Form 89491. It’s key to grasp how the IRS rules on crypto … Read more
The global cryptocurrency market might hit almost $5 billion by 2030. Countries are swiftly setting up detailed rules for cryptocurrencies. They aim to mix innovation with safety for investors1. Understanding the specific laws each country has for cryptocurrency is key for those entering this field2. In the United States, cryptocurrencies are mostly seen as securities. … Read more
Trading one cryptocurrency for another is a taxable event1. You must track gains and losses for each trade accurately. Bitcoin Depot ATMs across the U.S. make buying Bitcoin easy. But remember, this is also a taxable event1. The IRS sees cryptocurrencies as property, making tax compliance vital. Whether buying, selling, or mining, knowing IRS rules … Read more
Is buying crypto in NY legal? Is it Legal to Buy Cryptocurrency in NY? Yes! It is legal to buy cryptocurrency in New York, it is simply not legal to operate a crypto company doing business in New York without holding a valid BitLicense.
Do you get taxed for staking crypto? It is an unclear topic but generally, you are liable to pay income taxes on staking rewards based on the fair market value of the tokens at the time you received them. Additionally, when you sell, trade, or spend the rewards, you have to pay capital gains tax to the authorities.
Is Cryptomarket regulated? Stocks are heavily regulated, and these regulations protect investors from fraud and other risks. However, when it comes to cryptocurrencies, government regulations have yet to be put in place. This means the crypto markets carry less certainty with them, and hence, greater risk than the stock market.
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