It is only the first quarter of 2022, but it is already evident that this will be yet another landmark year for the crypto space as we have so far seen how cryptocurrency can play an instrumental role in key events such the ongoing Russia-Ukraine war.
There has also been a steady increase in global crypto adoption with over 300 million crypto users spread across the globe. Interestingly, that number is predicted to hit 1 billion before the end of 2022, according to crypto.com’s latest ‘crypto market sizing’ report which measures crypto adoption worldwide.
It was also noted that more than 16% of Americans were involved in some form of cryptocurrency deal or transaction last year, a percentage which is expected to blow up in the coming years.
However, with the crypto space making major headlines, did you know that Crypto transactions are now taxed? Don’t worry if you were not yet aware, we are here to tell you all about it.
Many users are oblivious to the fact that many governments like the USA are starting to implement tax regulations over crypto transactions. If you reside in one of these countries, you’re probably wondering how your trades and other crypto activity will impact your taxes. Well, buckle up, because you’re in for a ride!
Understanding DAE and Tax Regulations