Crypto.com Tax Reporting
TokenTax imports Crypto.com data for easy cryptocurrency trade tracking and tax filing.
Announcing Our Affiliate Partnership with Crypto.com
We're thrilled to announce our partnership with Crypto.com, the best place to buy, sell and pay with crypto. We're excited to bring easy tax filing to crypto holders all around the world.As displayed in the Crypto.com app, users now seamlessly transfer their transaction history into TokenTax. This makes it easier than ever for crypto holders to calculate their gains or losses and to generate their tax forms.
If you're a Crypto.com user and a TokenTax user (we recommend you be!), look for the Crypto.com icon in our cryptocurrency tax software. Instructions on uploading your Crypto.com transaction history are available here for easy reference.
Overview of Crypto.com
Crypto.com is a crypto exchange and payment processor founded by Kris Marszalek in 2016 as Monaco Technologies. In 2018, Marszalek was named among CryptoWeekly’s “100 Most Influential People in Crypto.”
The exchange portion of Crypto.com supports a set of trading strategies with no entry, exit, or management fees; however, this feature is not available in the United States, Singapore, or Hong Kong due to regulatory reasons. The exchange offers trading in a large range of fiat currencies and cryptocurrencies.
Crypto.com also has two of their own tokens (CRO and MCO), and customers holding these tokens receive trading fee breaks and earn approximately 10% weekly on their crypto depending on the composition of their portfolio.
Crypto.com has also partnered with VISA so that customers can get a metal VISA credit card and earn 5% cashback on all transactions, which is available in the United Kingdom, United States, and Singapore. If a customer holds large amounts of MCO token, they can even get access to 100% cashback on sites, such as Netflix and Spotify, as well as perks, such as a private jet partnership and airport lounge access.
Through the Crypto.com Private membership, customers get access to MCO and CRO token block trades, industry events, and research reports. Crypto.com also has a credit arm where a user can post their crypto assets as collateral and get a loan, and the more MCO token they hold, the lower the interest rate. The platform’s payment processing arm allows customers to get paid or pay in crypto, and subsequently convert that to fiat for low or no fees. It also has a cashback feature.
Finally, Crypto.com has a wallet to store the user’s crypto safely with a two factor authentication system as well as a biometric security feature. All cryptocurrencies are held in cold storage, there are large insurance policies in place, and the platform has won numerous awards for their security features.
Taxes on Crypto.com transactions
Depending on the nature of how you are using Crypto.com, your tax implications will vary. Converting fiat currency into cryptocurrency to hold in a wallet does not incur taxes. Similarly, you may not incur taxes if you take out a crypto loan provided that the collateral is not traded or exchanged.
However, if you lend and earn interest on your crypto, this is taxed as interest income, the same as for fiat interest income. Your trades between crypto to crypto and crypto to fiat on the exchange portion of Crypto.com are also taxed as capital gains and losses. Lastly, your purchases of goods and services in crypto are also subject to capital gain or loss taxes.
If you have used a variety of Crypto.com features, it will save you time and money to go through our complete crypto tax guide.
Uploading a Crypto.com CSV with TokenTax
Click transaction history icon (top right) on the Crypto Wallet page
Click export icon (top right) on the Transaction History page
Select date range for export and click export to CSV
The CSV file is generated and you can now export it.
Note that Crypto.com Exchange activity is not included in the CSV. You will have to add an API connection to pull this data.
Importing a Crypto.com API into TokenTax
In your Crypto.com Exchange account, click Profile at the upper right corner.
Select Settings, then API keys.
Select Create a new API key and be sure to make it read only.
Create your API key and do not enable IP restrictions.
Copy your API key and secret to TokenTax