The accounting of cryptocurrency, based on how the entity acquired this asset is vital. If the mining, buying or selling is considered as part of a pastime or hobby, then the gains and losses must be recognised at the lower of cost and net realisable value. They should treat it like any other investment, realising any gains or losses as they occur, as well as reporting it at fair value and separate from its purchase price. Taxes Crypto tax is trending up with the rise of such cryptoassets. It becomes…
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