Unlock the secrets to compliance with new regulations in crypto trading! Learn essential steps like adopting an allocation plan and maintaining a complete inventory of your coins. Stay ahead in the financial world and ensure accurate basis calculations for your crypto assets!
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00:00Well, the two things need to be done is you need to adopt an allocation plan.
00:03And secondly, you need to have a complete inventory of your existing coins at the end
00:07of the year.
00:08So here's what happens.
00:11They're changing how we're doing basis calculation.
00:14How do we calculate how much a coin, how much you bought, you paid for buying a coin?
00:19They're changing that calculation because all crypto traders, they buy them, they move
00:24them to this wallet, that wallet, they break them apart, groups like that.
00:27And they swap this one for that one, and you really have a difficult time tracing it,
00:31which is why you use services like CoinTracker, TokenTack, Xero, ZenLedger, and these services
00:38to help calculate what was my gain.