Crypto Transactions & Taxes

• Cryptocurrency transactions, including purchases and sales using BOOSTS tokens, may be subject to taxation in your jurisdiction.
• In many jurisdictions, exchanging one cryptocurrency for another (e.g., swapping tokens for BOOSTS) may be a taxable event.
• Purchasing goods or services with cryptocurrency may also trigger tax obligations.
• Capital gains or losses may apply when you dispose of crypto assets.

For Buyers

• Keep records of all marketplace purchases including date, amount in BOOSTS, and purpose.
• Swapping tokens to acquire BOOSTS may be a taxable event.
• In some jurisdictions, using crypto to purchase services may be treated as a disposal of the crypto asset.

For Sellers

• Income received from marketplace sales (in BOOSTS tokens) may be taxable as business income or self-employment income.
• Keep records of all sales including dates, amounts, and buyer details.
• You may need to report marketplace earnings on your tax returns.
• Consider the fair market value of BOOSTS tokens at the time of each transaction.

Record Keeping

Maintain the following records for all crypto-related transactions:

• Transaction dates and amounts.
• Fair market value at time of each transaction.
• Purpose of each transaction (purchase, sale, swap).
• Wallet addresses involved.
• Any fees paid.

Note: All on-chain transactions are permanently recorded on the blockchain and can serve as a transaction history.

Resources

• Consult your local tax authority’s website for cryptocurrency guidance.
• Consider using crypto tax software to track and calculate obligations.
• A qualified accountant or tax advisor familiar with crypto can provide personalized guidance.
• See our Terms of Service for the platform’s position on tax responsibility.