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At TaxBit, we are building industry-leading solutions for digital asset compliance. Traditional financial brokerages provide B Forms to customers, but cryptocurrency exchanges have not been required to do the same in the past. If the price of crypto is higher at the time of a purchase than when you acquired it, the disposal of that crypto would be recognized as a capital gain and taxed accordingly. Rewards or yield earned by staking other cryptocurrencies will be taxed as ordinary income � and the same applies to any income earned by mining on networks such as Bitcoin. Contact Us.
