Cryptocurrency Tax Support – Declaring Your Gains (or Losses)

In the ever-evolving world of cryptocurrencies, understanding the tax, financial and regulatory complexities they bring can be challenging. That’s where we step in to provide the advice and support that you need when it comes to cryptocurrency, tax and everything in between.

On Wednesday 10th Jan 2024, the U.S Securities and Exchange Commission (SEC) finally granted approval for Spot ETF applications from major institutions like BlackRock, ARK 21, Valkyrie, and Greyscale. In simple terms, Spot ETFs, or Exchange-Traded Funds, are securities that track commodities or indices, functioning like regular individual stocks. This development opens up possibilities for both institutional and retail investors, providing unprecedented access to the potentially lucrative world of Bitcoin. Speculation suggests that others like Ethereum might follow suit, signalling a shift in the market for investors. With BlackRock, the largest U.S. asset manager, entering the scene with an estimated ten trillion dollars of assets under management, rest assured, this is big news!

As the cryptocurrency market undergoes a cycle shift, and the narrative shifts from bear to bull as per the fear and greed index, speculators may find opportunities for financial gains. The impending Bitcoin halving in April, reducing the Bitcoin supply by 50%, and the combination of quick news in succession could lead to a significant price surge.

In the rapidly evolving landscape of the cryptocurrency industry, expert advice is more critical than ever. Fortunately, at Nordens, we have robust systems in place to ensure tax compliance for cryptocurrency gains. Whether you’re an existing Nordens client or seeking expert assistance, now is the time to future-proof your cryptocurrency tax affairs. We can ensure earlier year losses are brought into the fray and ensure you pay the right level of tax after deducting the Capital Gains Allowance.

To discover how Nordens can assist with your cryptocurrency declarations, reach out to us today.