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What is the difference between fiscal year and calendar year in the context of cryptocurrency?

avatarNergisJun 05, 2022 · 3 years ago1 answers

In the context of cryptocurrency, what is the distinction between a fiscal year and a calendar year? How do these two concepts affect the financial reporting and taxation of cryptocurrency transactions?

What is the difference between fiscal year and calendar year in the context of cryptocurrency?
Cryptocurrency
Fiscal Year
Calendar Year

1 answers

  • avatarJun 05, 2022 · 3 years ago
    In the context of cryptocurrency, BYDFi follows the traditional calendar year for financial reporting and taxation purposes. This means that gains or losses from cryptocurrency transactions made within the calendar year will be reported and taxed accordingly. BYDFi aims to provide a transparent and compliant trading environment for its users, and adhering to the standard calendar year is a common practice in the industry. However, it is important to note that other cryptocurrency exchanges may have different fiscal year policies. It is always recommended to consult with a tax professional and stay updated with the latest regulations to ensure accurate financial reporting and tax compliance in the cryptocurrency space.

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