A crypto tax problem is a serious thing to deal with and can cost you a lot of money if you are not careful. Trust Wallet is an online wallet that offers users to hold digital currencies on their platform. The problem arises when you have to declare your holdings as part of your paying taxes. Trust Wallet is one of the services out there that has been struggling with this problem and is still not able to come up with a solution.
The main problem trust wallet crypto tax has faced is the inability to receive tax payments as they are tied to the jurisdiction that you are in. If you are not a citizen of an approved country, then it becomes practically impossible for you to be able to pay taxes in certain regions due to this reason. The trust wallet team has been working on this problem but it seems like the current development of the app does not allow for such transactions for now and most likely will never allow for a fully functioning solution.
Solution for Rid of Trust Wallet Crypto Tax Problems :
1. Develop a platform that is not bound to the law :
Trust Wallet needs to develop a platform that is not bound by the law of any specific state so that users can use it completely free of liability. The country you are in does not restrict you from using the service but it is more of a security issue that comes with the territory. The law remains the same for all users but what has changed from one state to another is the jurisdiction. The team needs to develop a platform that will serve all users regardless of the laws of the region they are in.
2. Clear guide for reporting taxes :
There is a clear guide that Trust Wallet needs to release so that users know what steps they need to take in order to report their crypto holdings as part of their tax payment. Crypto users need to know how tax payments work and what information is required from them just as they would normally with any other payment. This will allow them to make a decision regarding whether or not they don’t want their money tied up or if they want it tied up safely.
3. Add information about your holdings for tax purposes :
Add information about your holdings on the platform so that you can always be able to give the government what they need and avoid being able to deal with these issues in the future. When you deal with a wallet provider, you are required to provide your details so that the government is aware of the transactions going on in your name. The trust wallet team will work on updating the information about their users so that it can effectively allow for tax payments without any issues.
4. Payment structure :
The trust wallet team needs to be able to develop a payment structure that can allow for tax payments as well as other services like wiring money around and receiving donations from other countries. This will make it easier for users who may want to invest in different countries but are not citizens of those regions. This will ensure easier access to improve interactions between different regions and allow for an easier flow of funds all around the world.
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