Coinbase's 30 October swap moves EU balances into USDC. The holder may owe the tax
ledgerlines ·
Coinbase has told EEA customers to move USDT, DAI, PYUSD and a few other balances out by 30 October. Whatever is left on the account that day is converted at the market rate, into USDC where suitable. That part is simple.
As far as I can tell, under German rules the swap counts as a disposal: it can realise a gain or a loss, and the holding period starts again for the USDC you receive. Coinbase itself only says it may be a taxable event in some jurisdictions. I might be wrong here, so tax people please correct me.
Only balances still on Coinbase on 30 October are affected. Moving them to your own wallet before the deadline keeps the original purchase date.
As far as I can tell, under German rules the swap counts as a disposal: it can realise a gain or a loss, and the holding period starts again for the USDC you receive. Coinbase itself only says it may be a taxable event in some jurisdictions. I might be wrong here, so tax people please correct me.
Only balances still on Coinbase on 30 October are affected. Moving them to your own wallet before the deadline keeps the original purchase date.