CRS for crypto exchange?

[Var12]

Dear friends, I have a doubt! If I register on Binance, Kukoin or other similar platforms by doing KYC with my documents, do I run the risk of being subject to the automatic exchange of CRS only for FIAT deposit? Or also for crypto deposits? If I deposit crypto I shouldn't be reported, right?

 

[Gediminas]

Currently, reporting goes for FIAT only, but this is going to change very soon, and then crypto will be reported (on backdate) as well, just like it was in the early days of CRS.

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[Martin Everson]

Var12 said:
Or also for crypto deposits? If I deposit crypto I shouldn't be reported, right?
Click to expand...

Exchanges share data all the time if a John Doe request is made. If reporting takes place makes no difference whether you deposit crypto or bananas as a MTM (Mark to Market) valuation into fiat is what counts. Why???? Because that's how capital gains if owed would be calculated in trading activity...no different to stocks. Depending on the country you live you DO NOT need to go from crypto to fiat to owe capital gains as it is often calculated at point of disposal i.e exchange for another crypto at the MTM price at the time.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Var12]

My question refers to the automatic exchange CRS not to the direct request of the authorities. So crypto exchanges today wouldn't be automatically reported, right?

 

[Gediminas]

Var12 said:
My question refers to the automatic exchange CRS not to the direct request of the authorities. So crypto exchanges today wouldn't be automatically reported, right?
Click to expand...

correct. What I wrote above is how crypto exchanges currently operate. If it's not fiat, they won't report anything unless they have been asked.

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[Var12]

Ok thank you very much. I have about 35k that I want to protect in encryption. I don't want to lose anything, so I will diversify by buying the most important stablecoins. I will invest a part of it on Estateguru. How about? Anyone have any other safe ideas to protect these small savings without losing them?