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In most cases, the amounts you get from selling, trading or exchanging cryptoassets are taxable (this includes when you exchange one type of cryptoasset for another).

You may have to pay tax because you’re:

  • acquiring cryptoassets for the purpose of disposal (for example to sell or exchange)
  • trading in cryptoassets
  • using cryptoassets for a profit-making scheme.

It’s important to look at whether your cryptoasset activity falls into any of these categories.

Acquiring cryptoassets

You can acquire cryptoassets in many ways including:

  • buying cryptoassets (such as, through an online exchange, peer-to-peer or from a crypto ATM)
  • mining or staking cryptoassets
  • exchanging one cryptoasset for another type of cryptoasset
  • providing goods or services in exchange for cryptoassets
  • receiving new cryptoassets from a fork of a cryptoasset you hold
  • receiving airdrops
  • earning cryptoasset 'interest' or rewards through cryptoasset lending, decentralised finance (DeFi) or ‘staking as a service’ providers
  • participating in an Initial Coin Offering (ICO) or Initial Exchange Offering (IEO).

Disposing of cryptoassets

Ways of disposing of cryptoassets can include:

  • selling cryptoassets for money
  • exchanging one cryptoasset for another type of cryptoasset
  • using cryptoassets to pay for goods or services
  • giving away cryptoassets to another person.

A disposal does not include moving cryptoassets between wallets, addresses or accounts that all belong to you.

Last updated: 30 Aug 2022
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