What is Crypto.com?
Crypto.com is one of the largest crypto exchanges going - offering investors a huge variety of opportunities including NFTs, DeFi staking, and crypto Visa cards.
The company was founded in 2016 and raised more than $25 million in ICO funding in 2017. It's since grown to a top 20 exchange by daily trading volume - with millions traded daily. Crypto.com helps investors buy, sell, and trade a wide variety of cryptocurrencies, from market leaders like Bitcoin to lesser-known tokens and memecoins like SHIB.
Also available as a mobile app, one of the many reasons for the exchange's success is the wide variety of features and products available all via a user-friendly interface. Investors can trade NFTs, yield farm, take out loans against their crypto, earn crypto through staking, leverage trades with margin trading, and more.
How to do your Crypto.com taxes with Koinly
Whatever your investments - doing your Crypto.com taxes with Koinly is easy. You just need to connect via API or by uploading a CSV file. Here's how.
- Sign up to Koinly and choose your country and currency
- Connect Crypto.com with Koinly to import all your Crypto.com trades safely and securely
- Koinly categorizes Crypto.com transactions into gains, losses and income
- Koinly calculates your Crypto.com Capital Gains Tax and Crypto.com Income Tax
- Download your Crypto.com tax report from Koinly
- File your Crypto.com taxes online or with your crypto tax accountant
Watch how to do your Crypto.com taxes fast
How are Crypto.com transactions taxed?
Crypto tax varies depending on where you live (so read our crypto tax guides for information on where you live). But generally speaking, your Crypto.com transactions will be subject to either Income Tax or Capital Gains Tax - it all depends on the transactions you've made:
- Income Tax: If your crypto is viewed as a kind of additional income - you'll pay Income Tax upon receipt.
- Capital Gains Tax: When you dispose of crypto by selling, swapping, spending, or sometimes gifting it (depending on where you live), you realize a capital gain or loss. If you have a capital gain you'll generally pay Capital Gains Tax on that gain.
Selling and trading crypto on Crypto.com
If you've sold or swapped crypto on Crypto.com, this is a disposal and you'll need to calculate a capital gain or loss. This doesn't just apply to coins either - it's all kinds of crypto assets, including NFTs, stablecoins, and tokens. From a tax perspective, they're all the same!
Crypto.com Earn rewards
Crypto.com Earn rewards and other staking rewards are generally viewed as a kind of additional income by most tax offices. As such, if you've received Earn rewards on Crypto.com, you'll need to identify the fair market value of your rewards in your fiat currency and may have to pay Income Tax on that amount.
Crypto.com Visa Card
Although you can spend crypto like cash with a Crypto.com credit card -the tax implication are very different. When you spend crypto using your Crypto.com Visa Card, you're actually converting your crypto for cash. This is a disposal as you're selling crypto for fiat currency and as such, you'll realize a capital gain or loss. If you have a gain, you'll pay Capital Gains Tax on that amount.
Crypto.com NFTs
From a tax perspective, NFTs are treated largely the same as other crypto assets. You'll generally pay Capital Gains Tax on any gain if you dispose of an NFT by selling or swapping it. This said, if you're creating NFTs and selling them - like an artist - then your profits may instead be viewed as a kind of income and subject to Income Tax instead depending on where you live.
Crypto.com margin trading
Most tax offices haven't released guidance on crypto margin trading specifically, and the tax treatment can vary, so you should check the rules where you live. However, generally speaking, you'll only pay tax on a margin trade at the point you close a position and realize a gain. As for liquidations, as your capital is sold, this is likely to be viewed as a disposal from a tax perspective.
Does Crypto.com report to the IRS?
Yes, Crypto.com does report crypto activity to the IRS. US users who earn $600 or more in rewards from Crypto.com from Staking, Earn, Referrals, or certain other activities will receive a 1099-MISC tax form and the same form will be sent to the IRS.
How to get Crypto.com tax documents
You need to report any gains, losses or income from your Crypto.com investments to your tax office. This is usually done as part of your annual tax return.Â
You can do this yourself - but it’s time consuming. You’ll need to identify your taxable transactions, calculate your net capital gain or loss using an approved accounting method and identify the fair market value of any crypto income on the day you received it in your fiat currency.Â
This is why most crypto investors opt to use a crypto tax calculator like Koinly. Koinly does all this for you and generates your crypto tax report, ready to file with your tax office.Â
Just connect automatically via API, or upload a CSV file - depending on whether you’re using the Crypto.com desktop or app. Here’s how it works.
Koinly works by importing your Crypto.com transaction data so that you can calculate your taxes in under 20 minutes. Let's look at an example - here's some transactions in a Crypto.com account.
You can import your Crypto.com transaction history via API integration or by uploading CSV files of your Crypto.com transaction history. Once you've done this, you'll be able to see your Crypto.com transactions in Koinly - like this.
This lets you manage all your crypto transactions - from Crypto.com and any other exchanges you use - from one single platform, making crypto tax simple. Here's how to import your Crypto.com transaction data.
Please note, you'll need to connect Crypto.com and the Crypto.com app separately with Koinly. We've got step-by-step instructions on how to connect both below.
How to connect Crypto.com to Koinly automatically using API
On Crypto.com
- Log in to Crypto.com
- From your dashboard, select settings from the menu on the left
- Select the API Keys tab
- Select Create a new API key
- Enter a label, for example, Koinly
- Complete 2FA
- Copy your API key and API secret key
On Koinly
- Sign up or log in to your Koinly account and go to the wallets page
- Select add new wallet:Â Crypto.com
- Select set up auto-sync
- Paste the API key and API secret key into Koinly
- Select secure import
Important
1. If you're using the Crypto.com app - follow the instructions for the app below instead.
2. The Crypto.com API only imports Crypto.com exchange trades from the last 6 months. Use the CSV file method below instead.
3. You'll need to have 2FA enabled in order to generate your API keys.
How to integrate Crypto.com with Koinly using CSV
You'll need to start by downloading a CSV file with your full trading history from Crypto.com before you can upload it to Koinly, so there are a couple of files you'll need including your transactions CSV file, deposits & withdrawals CSV file, and trade history CSV file. Here's how to get them all!
How to download and export your transaction history CSV file from Crypto.com
Transactions CSV file
- Log in to Crypto.com
- From your dashboard, select wallet from the menu on the left
- Select the transactions tab
- Pick a date range (maximum 30 days) - this should cover your entire trading history on Crypto.com so you'll likely need to export multiple files
- Select export
Deposit & Withdrawals CSV file
- Log in to Crypto.com
- From your dashboard, select wallet from the menu on the left
- Select the deposit & withdrawal tab
- Pick a date range (maximum 180 days) - this should cover your entire trading history on Crypto.com so you'll likely need to export multiple files
- Select export
Trade History CSV file
- Log in to Crypto.com
- From your dashboard, select orders from the menu on the left
- Select the trade history tab
- Pick a date range (maximum 180 days) - this should cover your entire trading history on Crypto.com so you'll likely need to export multiple files
- Select export
How to upload your Crypto.com CSV to Koinly
Now you've got your CSV file, here's how to upload it to Koinly.
- Log in to your Koinly account and go to the wallets page
- Select add new wallet:Â Crypto.com
- Select import from file
- Upload your CSV files
Important
Crypto.com CSV files have a variety of limitations about how much data you can export at once. As such, you may need to export multiple files. Koinly needs your complete transaction history on the platform to generate an accurate tax report.
How to connect the Crypto.com app to Koinly via CSV
In the Crypto.com App
- Open your Crypto.com app
- Select accounts at the bottom of the screen
- Select the clock icon (transaction history) in the top right corner
- Select the export icon in the top right corner
- Select crypto wallet
- Select a start and end date (maximum of 3 years). Please note, Koinly needs your entire transaction history so you may need to export multiple CSV files
- Select export to CSV
- Select download once your file is generated
How to upload your Crypto.com App CSV to Koinly
Now you've got your CSV file, here's how to upload it to Koinly.
- Log in to your Koinly account and go to the wallets page
- Select add new wallet:Â Crypto.com App
- Select import from file
- Upload your CSV file
Please note, if you use the Crypto.com app fiat wallet or the Crypto.com Visa Card, you'll need to download CSV files for these too. This is easy, just follow the instructions above, but select 'fiat wallet' or 'crypto.com visa card' from the menu under 'transaction' instead of 'crypto wallet'.
How do I troubleshoot my Crypto.com integration to Koinly?
Having trouble with your Crypto.com import? No worries - here's where you can find help:
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter or Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
Calculate your Crypto.com taxes
Sign up free today to calculate your Crypto.com taxes.
Does Crypto.com provide tax forms?
Yes. Unlike most other exchanges, Crypto.com has a tax reporting service for it's users. Crypto.com can provide capital gain/loss reports, an income report and a variety of IRS specific forms like Form 8949.
How to get tax documents from Crypto.com
The easiest way to calculate your Crypto.com taxes is to export CSV files of your Crypto.com transaction history and upload them to Koinly. Alternatively, if you use a very limited number of exchanges, you can use the Crypto.com Tax service.
Is Crypto.com tax legit?
While Crypto.com does let you import data from a few other popular exchanges, it doesn't support the wide array of exchanges and wallets that the majority of crypto tax tools do.
Is Crypto.com safe?
In terms of security, Crypto.com is considered a safe platform. However, in the wake of the collapse of other large exchanges, the mantra of not your keys, not your crypto holds true. You should always store your crypto in a secure, cold wallet when not actively trading.
Does Crypto.com issue 1099 forms?
Yes. Crypto.com sends out a 1099-MISC to any US user who is a U.S. citizen that has earned USD $600 or more in rewards from Crypto.com, during the previous calendar year from Staking, Earn, Referrals, or certain other activities. Crypto.com will also provide a copy of your Form 1099-MISC to the IRS.
How to get a 1099 from Crypto.com
If Crypto.com is going to issue you with a 1099 form, you’ll receive it by the 31st of January of the following financial year, well ahead of the April tax deadline.
Does Crypto.com report to HMRC?
It's very likely Crypto.com report to the HMRC and other tax offices. HMRC have put a lot of pressure on centralized crypto exchanges operating in the UK to share KYC data to ensure tax compliance. As well as this, if you've linked your bank card to Crypto.com, your bank may also report these transactions to HMRC.
Does Crypto.com have Proof of Reserves?
Crypto.com has provided a list of addresses they hold user deposits on via their blog. Crypto.com’s Proof of Reserves can also be viewed on a Nansen dashboard that tracks these wallet addresses. For more information about what Proof of Reserves are and why it matters - check out our blog post.