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Crypto tax service Koinly launches Terra (LUNA)

 


The crypto tax service provider Koinly has offered the rapidly increasing popularity of the cryptocurrency Terra ( LUNA ) on its platform in order to make it easier for crypto investors to tax LUNA.


Tony Dhanjal, director of tax affairs at Koinly, explains that the increasing number of users of the tax platform have asked for LUNA's support so that they can "properly document their dealings with the cryptocurrency and fulfill their tax obligations".


When crypto investments are kept simple, taxing them is also simple, as Dhanjal first notes. However, crypto users are often “registered with three to five different crypto exchanges, wallets or blockchain networks”. For this reason, tax reporting is complicated and error-prone. A tax calculator or tax service provider can help here, according to the expert.


Accordingly, Dhanjal also emphasizes that the taxation of crypto assets is very important, because although the procedures differ from country to country, almost everyone has at least one obligation. In any case, private individuals and companies should urgently comply with their tax obligations:


"Ignorance is not a valid excuse because there is a fine line between ignorance and illegal tax evasion... The penalties for tax evasion can be harsh, and they also do massive damage to the reputation of businesses and individuals."

In an interview with Cointelegraph, tax expert Thomas Shea from the economic consultancy EY reminded that the mere purchase of cryptocurrencies is not yet relevant for tax purposes. This also applies to the purchase of non-fungible tokens (NFT).


India, meanwhile, has opted for particularly strict taxation of cryptocurrencies, charging 30% capital gains tax on the sale of crypto assets, which is why several crypto companies are now moving abroad.

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