Basic guide to crypto taxation if you own MINX

This post is also available in: es it

Many of you will be doing your tax return and for those of you who have cryptocurrencies or tokens such as MINX, you will be wondering whether or not you have to declare it and how to do it.

Some of the questions you should bear in mind are:

  • It is not obligatory to include profits if they do not exceed €1,000.
  • Buying and selling: It must be declared as capital gains in the savings tax base.
  • Swaps: When you have exchanged another cryptoasset for MINX. Taxed as a capital gain or loss as appropriate.
  • Hodl: Buying and holding a virtual currency is not taxable. In other words, for all those of you who have MINX in your wallet, it is neither necessary nor obligatory to pay tax on it.
  • Mining: It is considered an economic activity, it is declared in the IRPF as economic performance, in InnovaMinex we do not have virtual mining.
  • Staking: It goes to the taxable base of savings and corresponds to a return on movable capital. It would be taxed at between 19% and 26%, just like movable capital, and must be included in box 33 of the Income Tax. In the case of InnovaMinex, the “staking” that is done to receive discounted points is not considered as Staking.
  • Liquidity Pools: The profits obtained by adding liquidity to a protocol will be estimated as a return on capital (movable). For people who are providing liquidity in the Uniswap pool.
  • Farming: As appropriate, capital gains or income from movable capital.

However, we advise you to check with your advisor the best way to tax MINX tokens.

You May Also Like
NFT
Read More

What is an NFT?

This post is also available in: What is an NFT? It’s the question on everyone’s mind as digital…