How to Avoid Crypto Taxes in 2024
Spend without triggering a taxable event with this crypto card.
This article is available as a writing NFT without paywalls. Mint it to support.
With crypto gaining traction, people are finding new ways to directly use their holdings for purchases, bypassing conversion to fiat currencies. Nowadays it is already possible to book flights, pay for hotels, buy software, and more with cryptocurrencies. However, adoption remains limited, making it difficult to rely solely on crypto for everyday expenses in most parts of the world.
Companies such as Crypto.com, Monolith, Binance are filling a gap by offering crypto debit cards for convenient purchases. These cards convert your crypto to fiat currency at the point of sale. However, this conversion triggers a taxable event in most countries. To avoid tax issues or losing money, users should either understand crypto tax implications or consider expense management services.
1 — What is Nexo?
Nexo is a centralized platform with over 6 million users globally, focused on providing lending solutions for digital assets. Supporting over 70 cryptocurrencies, Nexo stands out for its crypto-backed loans. This innovative feature lets you borrow cash in stablecoins or fiat currency without selling your…
