Made crypto losses? Don't assume the taxman will subsidise you

The same tax provisions which apply to other asset classes also apply to transactions involving cryptocurrencies. PHOTO: ST FILE
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As cryptocurrency markets reel from what is being called the "Crypto Crash 2022" last month, investors are likely to be taking stock of their losses and considering whether to continue to hold or liquidate their portfolios.

The potential losses could be massive, with TerraUSD and Terra (Luna) losing virtually 100 per cent of their value overnight, the latter suffering a US$40 billion (S$55 billion) collapse. Other more established cryptocurrencies such as Bitcoin and Ethereum took significant hits as well.

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