Do you have your crypto accounts up to date?
It is becoming increasingly important to keep your crypto holdings clear. Rules are being tightened so make sure you are prepared.
Clear delivery of all transactions for banks and government
Do you have to report your crypto assets to the Government taxes?
The answer is…. yes ! For now in the Netherlands it is mandatory that you have to declare the crypto numbers in your possession with the corresponding value on January 1 at 0.00 am. But this is not the only issue, because not only your possession and value have to be declared. Increasingly, the Wwft requires you to prove and substantiate the origin of your assets. And it is precisely with this burden of proof that things can get complicated.
Because what is the issue?
For example from your first deposit, how much time does it take you to keep track of all the numbers? It takes an accountant about 45 minutes to sort out 10 transactions, which is quite time-consuming and now what if you have more than 10 transactions? You will understand that this can add up considerably in time and hence cost.
Safe2Crypto partnership with Koinly
How great it will be if all your crypto transactions at various exchanges and wallets are transparent and you have a clear overview available as proof of the origin of your crypto wealth?
Koinly, a company that offers help to taxpayers in several countries with crypto tax software, has started working on this. Koinly’s software securely automatically synchronises data from all possible sources (no private keys required). The synchronisation can take place with more than 350 exchanges and nearly 100 different wallets.
Safe2Crypto recently entered into a partnership with Koinly, making it the first company in the Netherlands that can help you set up Koinly’s software. By using this, you can track all transactions made and connect your entire crypto administration. Increasingly, banks, notaries and the tax authorities are asking to prove the origin of your crypto assets.