Webinar: Crypto-Assets And Taxes: What You Need To Know

As millions of people across the US start to file their taxes, questions remain about how to account for crypto holdings. With the IRS paying closer attention than ever, it is important to follow proper guidance.

With the crypto markets surging over the past year, taxes have probably been far removed from the minds of most investors. However, with the filing date approaching it is important for everyone to know how to correctly fill out their forms and avoid inadvertent errors. In fact, the IRS is paying closer attention than ever to the space, as evidenced by its choice to prominently place a question about crypto holdings on the very top of the first page of a 1040.

This webinar will walk you through how the IRS approaches taxation when it comes to crypto, explain what constitutes a taxable event and provide tangible examples to guide you. It also touches on some emerging issues in the space including how to account for staking rewards, interest earned from lending activities, and even NFTs!

Roger Brown: Lukka, Head of Tax & Regulatory Affairs

Shehan Chandrasekera: Cointracker.io, Head of Strategy – Tax

Lisa Feliz: Kraken, Global Head of Tax

Michael Meisler: Ernst & Young, National Tax Partner, Leader – EY’s Cryptocurrency Tax Center of Excellence

Disclaimer: This webinar is for informational purposes only and should not be considered investment, financial, or tax advice.


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Decentraland announces layer-two MANA token transfers, plans for full migration

Just a day after two decentralized finance powerhouses announced layer-two integrations via the Polygon sidechain, a major nonfungible token and gaming title has today followed suit.

In a blog post this morning, NFT-powered virtual world and video game Decentraland announced a token bridge enabling users to move native MANA tokens to Polygon and back. At the time of publication, MANA is the 80th ranked token by marketcap and has risen 3750% on the year to $1.01, per Coingecko.

This is just the first step in what will be a significantly larger migration, as the project intends to enable all Decentraland dApps, including their Builder and Marketplace contracts, to conduct transactions on Polygon.

In addition to brisk settlement times, the integration will also make all transactions completely free for users. While Polygon normally charges a transaction fee priced at fractions of a cent, Decentraland said that they will also be leveraging Biconomy.io meta-transactions. This will enable users to “claim, buy, sell, and trade wearables for their avatars entirely on Polygon, with no transaction fees.”

Finally, the integration will allow users to purchase MANA tokens directly with credit and debit cards via a Polygon integration with crypto on/offramp Transak.

The migration is yet another win for Polygon in a multi-horse race to provide scalability solutions to Ethereum’s chronic gas costs. Polygon — which rebranded from Matic, a former would-be competitor to Ethereum whose “sidechain” claim is somewhat strained — has been taking particular advantage of competition falling asleep at the wheel, such as when rollup platform Optimism pushed back their release by three months.

Yesterday, Aave and Zapper both announced Polygon implementations, giving the project two top-100 marketcap wins in under a week. There could be more competition coming in the scaling wars, however, as last week Starkware raised $75 million.