Crypto.com Chain
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CRO · 17w

Tax related question

Let’s say I decide to buy some crypto at an exchange such as Coinbase, then move that same bag of crypto over to Crypto.com where I lock it away for a fixed term to earn interest. My question is what would this transaction happening at Crypto.com be considered when I “lock it away” from a tax perspective? I’m not exactly staking the coins as they may hold or convert the principle into other crypto for investment purposes, etc. Does this mean I’m selling it to Crypto.com and when they return it I’m buying it back? Please advise. Trying to understand this before moving forward and finding myself in a messy tax situation. Thanks!
Go to self.Crypto_com
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