What is the recommended record retention period for cryptocurrency transactions?

3 answers

• May 03, 2022 · 3 years ago
  As an expert in cryptocurrency, I would recommend keeping records of your cryptocurrency transactions for a minimum of 5 years. This is to ensure that you have a complete and accurate record of your transactions for tax purposes and to comply with any legal requirements that may arise in the future. It's always better to be safe than sorry when it comes to record retention.
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• May 03, 2022 · 3 years ago
  In my experience, it's best to keep records of your cryptocurrency transactions indefinitely. While there may not be a specific legal requirement for how long you should keep these records, it's always a good idea to have a complete history of your transactions in case you need to reference them in the future. Plus, you never know when regulations might change and require you to provide proof of your transactions.
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• May 03, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, the recommended record retention period for cryptocurrency transactions is 7 years. This is to ensure compliance with tax regulations and to have a complete record of your trading activities. It's important to note that this recommendation may vary depending on your jurisdiction, so it's always best to consult with a tax professional or legal advisor to determine the specific requirements for your situation.
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