Crypto exchanges can obviously report any crypto purchases and balances on custodial accounts to tax authorities, and that can be used as a basis for taxation.
But how do they imagine taxing those who have bought (KYC) crypto but that have been transferred to self custody?
They can only prove somebody has made the purchases, but not the ownership of the related addresses. Unless they go full authoritarian and just assume ownership and therefore tax liability.
In any case, they are plain thieves and despicable bullies.
neutron
npub1ms…ve0vx
2024-10-24 12:00:23
in reply to nevent1q…fsl2
Author Public Key
npub1msg0wevc72yezche4f4rt5w6qzvv0xsaqjfgk7hmngy0yanz40lq0ve0vxPublished at
2024-10-24 12:00:23Event JSON
{
"id": "72d67399f541468e5379f3bfb1bebfaec5d0e337dc6b9ceefc1647f738e315cf",
"pubkey": "dc10f76598f2899162f9aa6a35d1da0098c79a1d04928b7afb9a08f27662abfe",
"created_at": 1729771223,
"kind": 1,
"tags": [
[
"e",
"d697eaff45e563e2ecb8af8865f6449f6333c1613fdab8c4713293834362cece",
"wss://relay.primal.net",
"root"
],
[
"p",
"b9a537523bba2fcdae857d90d8a760de4f2139c9f90d986f747ce7d0ec0d173d"
]
],
"content": "Crypto exchanges can obviously report any crypto purchases and balances on custodial accounts to tax authorities, and that can be used as a basis for taxation.\n\nBut how do they imagine taxing those who have bought (KYC) crypto but that have been transferred to self custody?\n\nThey can only prove somebody has made the purchases, but not the ownership of the related addresses. Unless they go full authoritarian and just assume ownership and therefore tax liability.\n\nIn any case, they are plain thieves and despicable bullies.",
"sig": "f488788a9f226dfb0ff9f768774beafc55a4a6190b8e52eaf7a821fa275ec11bc3dd740f470f60ea2ce0ac7c44e86bcd69d4d3a522af260a8a7963abbaa83d29"
}