I am looking for an exchange to trade STORJ token.
I live in the US. I got my taxes back and want to snag some extra STORJ for investment and to use as payment to take advantage of the discounted rate. I looked at coinmarketcap’s list of exchanges but a US approved exchange Bittrex removed the pairs last summer. Binance isn’t US approved and binance.us doesn’t have a pair…
How are other US related SNO’s doing STORJ transactions?
Any legal, regulatory, or security concerns with what you are doing?
I don’t know much about exchanges besides negative news articles… I plan to just send over some BTC/ETH, convert to STORJ, transfer STORJ out - short simple process.
Most jurisdictions in the US require that crypto-traders and purchasers KYC with an exchange. However, some States have stricter regulations than others. Notably, NY State has a Bitlicense requirement for exchanges to provide crypto for trading. So, if you live in NY, you are likely to have a much harder time finding approved exchanges.
If you are able to legally purchase any crypto-currency in your area, you can probably utilize one the many DEXes with a XYZ currency to STORJ trading pair… as long as you report the values as accurately as possible on next year’s tax forms. In general, best-effort record keeping and reporting is probably just fine for most crypto traders. However, this is a new product and not a favorite product of any governmental institution that I know of in the US at this time… so, beware if you are trading thousands to tens of thousands of USD worth of crypto.
Good record keeping is essential in crypto, as IRS audits are likely if there are missing coin/token trails or even apparent missing coin/token trails. Bitcoin mixing has been called money laundering by many in government regulatory institutions.
Yeah not in NY, in a crypto neutral state that is listed as allowed in all the US approved exchanges.
In the aforementioned tax return it contained all my crypto transactions and I have the detailed records so I am not worried about the IRS portion.
I do want to stay safe and as legal as possible with the ever expanding governmental encroachment against crypto. I was hoping there would be a sanctioned exchange I was missing. I guess I will research coin swapping per the article even though Google search resulted in 5 sites and 3 didn’t have a pair…
I think as long as your not sending to a bunch of different wallets and trying to hide your crypto You should be fine as long as your keeping track of it. As long as your not making millions of dollars the IRS doesnt really care as long as your being honest about it. If you make 600 dollars and you tell them that you made 600 dollars I doubt there going to go though every single exchange and audit you.
To be clear, Storj advises that people follow the rules applying to themselves. Please check carefully the official laws and regulations that apply to you, and follow those rules. We <3 our community and want to be sure that you are always remaining in good graces.
A8. Yes. When you receive property, including virtual currency, in exchange for performing services, whether or not you perform the services as an employee, you recognize ordinary income. For more information on compensation for services, see Publication 525, Taxable and Nontaxable Income.
So, all SNOs in the USA should also be answering the question on the 1040 appropriately.
Yeah… The US government hates crypto… But crypto regulation is probably going to hit most worldwide governments within the next 5 years. The banking systems will have no choice but to address the threat.
I’m not sure if that’s what’s going on. It’s always difficult to figure out what actually is going on, and maybe no one really knows anyway… But I think there are a few key players who have true disagreements about what to do with crypto-currencies.
There are States that seem on the verge of allowing regular banks to provide custodial crypto wallets for their customers using BTC or ETH. And there are States that seem to pretty much outlaw most crypto altogether. So, I think there’s an actual ideological battle being waged. We’ll see who wins and what it means later.
One thing is certain, crypto is unstoppable… but may be controllable. Hopefully, the regulators get it “right”…but that’s unlikely.
I was reading though all the information that you linked there is so much information on it…This would turn people away from trying to do it legally…Who is going to even look though this anyways. Cause I thought on the tax form you just need to say if you had recieved any crypto, and if you did how much. I thought the amount you needed to receive was 600 dollars to have to say you got any.
In fact, I have many very technical friends who won’t touch crypto because of the legal gray areas. It makes me sad…
The banking industry is definitely going to embrace blockchain ledgers and smart contracts… even if it takes another 10 years… but BTC and ETH and friends may have trouble gaining regulatory certainty until the Central Banks put the finishing touches on their own “digital dollar” thing.