Here you will find our extensive collection of cryptocurrency FAQs. If you can’t find the answer here, then you can submit your own question(s) and answer(s) at the bottom of this page. Or you can simply write a comment regarding any of our existing cryptocurrency FAQs.
In many cases, such as questions about taxation and regulation, the detailed answer is country or state-specific so we are unable to give you the full answer in one little faq, but we will try to point this out.
Other questions, such as those regarding cryptocurrency safety and security, often depend on how the cryptocurrency is being used.
Other answers depend on the exact cryptocurrency coin in question. For example, what may be true for bitcoin may not also be true for Ethereum.
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Taxes (3)
This depends largely on the country in which you live. In many countries, such as the US and UK for example, cryptocurrency are considered “property” and so gains are treated as capital gains (or loses), which can then be taxed. However, countries such as Denmark, Belarus, and Portugal impose no tax on cryptocurrency gains.
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Cryptocurrency gains and losses are subject to Capital Gains Taxes. Investors are required to declare their gains/losses from activities related to cryptocurrency trading. In particular, cryptocurrency gains in the UK are subject to three types of taxes: income tax, Corporation tax, and capital gains tax. The tax due is dependent on the involved parties and activities. A more in-depth discussion of UK tax treatment of cryptocurrency is here.
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Although we do not provide tax advice, we feel safe making the assumption that if cryptocurrencies gains are taxed by your own government (some do), then your cryptocurrency losses can also be used as a deduction to offset other similar gains. But to be sure you should consult your own local tax preparer.
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