Need aspirin. It’s not justin France that taxation on cryptocurrencies is a real headache. To United States also, users of the crypto exchange platform Coinbase have difficulty understanding all the intricacies of taxing their digital assets. In any case, this is what a survey of the exchange carried out in collaboration with Cointracker. The objective was to take stock of investors’ understanding of the taxation applied to their crypto-assets. And the result is therefore not very good.
- A survey conducted by Coinbase and Cointracker revealed that American cryptocurrency users struggle to understand the complex taxation of these assets.
- Only 49% of investors know that cryptocurrencies are taxable when converted to fiat currency or other assets in the United States.
Lack of awareness of taxable events on cryptocurrencies, according to Coinbase survey
A survey of 3,000 American cryptocurrency users reveals that they have many difficultés à appréhender taxes related to Bitcoin (BTC) and crypto-assets.
Indeed, according to the data provided by Coinbase et Cointrackeronly 49% of investors know that cryptocurrencies are taxable as soon as they are sold for fiat currency, other assets or other cryptos (in France, only the sale against fiat currency generates a taxable event).
Defining crypto capital gains is an even worse headache in the United States than in France
At the same time, we see above that près d’un quart (22%) of respondents think – à tort – what of simple transfers between wallets (digital wallets) of the same cryptocurrency (or token) can trigger tax events. Which is therefore not the case.
A situation which is partly explained by to multiplicity platforms and wallets used by investors. Indeed, according to the survey, users have on average 2.5 different platforms or wallets. With an overwhelming majority (83%) which uses wallets auto-hébergés (self-custody).
Malgré ces difficultés, l’initiative de Coinbase et Cointracker vise à educate investors the importance of tax compliance. Because, as pointed out Lawrence ZlatkinVice President of Tax Affairs for Coinbase: “It is important for us to contribute to fill this knowledge gap (…)”. If certain states continue to denigrate cryptocurrencies, they have on the other hand all well implemented taxes on the capital gains that these assets generate. We must therefore deal with this complex tax system both in the United States and in France.
