Aloha Crypto! Hawaii approves Regulatory Task Force
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Hawaii is now paying serious attention to cryptocurrency regulation.
Around the world, the push for cryptocurrency regulation continues to take shape as more governments look to create a regulatory framework for digital assets.
Hawaii may become the latest state to do so, as a Senate committee recommended forming a task force to regulate cryptocurrency and blockchain technology.
Two of the Hawaii State Legislature’s blockchain committees unanimously supported the creation of a task force to study and regulate the cryptocurrency and blockchain ecosystems: Commerce and Consumer Protection (CPN) and Ways and Means (WAM).
Hawaii Law wants to explore how the government can regulate, monitor and potentially use blockchain and cryptocurrency technologies.
Hawaii Crypto Road Map
The task committee plans to study data from other jurisdictions and develop a roadmap for expanding the use of blockchain in both the private and public sectors, among other things.
Once passed, the Cryptography and Blockchain Working Group will be required to submit a report summarizing its findings and recommendations at least 20 days before the House of Representatives convenes in 2023.
The task force will consist of 11 people appointed by the governor, including representatives from a blockchain payment solutions firm, a cryptocurrency exchange and a cryptocurrency association.
Around the world, the emergence of cryptocurrencies continues to attract the attention of regulators. Countries such as the US, South Korea and Japan have adopted comprehensive blockchain regulations, establishing a clear framework for implementation.
Unsurprisingly, this trend has moved to developing countries, with India recently introducing a 30 percent tax on cryptocurrency trading. Additionally, the Asian country has required cryptocurrency exchanges to store user data for five years as part of legal regulations.
Other countries using cryptocurrency
At least 37 states, in addition to Washington, D.C., and Puerto Rico, are exploring cryptocurrency-related legislation, according to the National Conference of State Legislatures.
The Brazilian Senate passed its first cryptocurrency-related measure in plenary session on Wednesday, calling for the creation of a legal framework.
The bill must be approved by the Chamber of Deputies before President Jair Bolsonaro can sign it into law.
Despite these highly publicized initiatives, countries such as Nigeria have refused to enforce cryptocurrency laws.
As a result, despite having the region’s largest cryptocurrency market, the African nation maintains a complete ban on cryptocurrency.
Last year, the U.S. House of Representatives passed the Eliminating Barriers to Innovation Act of 2021, co-sponsored by Reps. Patrick McHenry (R-NC) and Stephen Lynch (D-MA), to create a legislative mechanism to examine the potential impact of digital assets per nation.
Cryptocurrency in Hawaii
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Could Hawaii Benefit from the Cryptocurrency Boom? Or will over-regulation continue to get in the way? It all depends on what happens in the upcoming legislative session.
Cryptocurrency, sometimes called digital currency, continues to rise in value as it becomes more popular and more investors buy it in the market.
Bitcoin is probably the most well-known cryptocurrency, but there are thousands of others, including Etherium, Dogecoin and Monero. The overall market is valued at $2.2 trillion, and every day there is news about a company, country, state or municipality that is accepting or investing in cryptocurrency.
Unfortunately, Hawaii residents have been largely left out of the crypto currency market thanks to regulations that make it nearly impossible for them to operate here.
Cryptocurrency companies are subject to Hawaii’s remittance law, which requires them to have cash reserves equal to the value of the virtual assets they hold. So a company that has $100 million in Bitcoin and Ethereum must also have an additional $100 million in cash.
It’s easy to see how this could be too much of a financial burden. This is why the two largest cryptocurrency exchanges, Coinbase and Binance, do not operate in Hawaii. Like other well-established companies such as RobinHood Crypto.com or PayPal’s Cryptocurrency Hub.
In 2019, the state launched the Digital Currency Innovation Lab, essentially a regulatory sandbox that allows certain digital currency companies to operate in Hawaii without having to meet cash reserve requirements under the Money Sender Act.
Unfortunately, the sandbox expires at the end of 2022. Without action from the Legislature to reform or deregulate cash reserves, Hawaii’s involvement in the cryptocurrency space could end before it has a chance to grow.
Gaiser helped me demystify the concept of cryptocurrency, calling it “the latest evolution of… a practice as old as time, and that is barter – exchanging one thing for another and using some kind of symbolic token to represent what you are exchanging.”
While the concept of digital currency may seem foreign and complex, Gaiser noted that we are already very familiar with various forms of digital transactions.
“Even now,” she said, “I pay for some things with credit card points. I book certain flights with airline miles. Every time I give and receive a gift card, it’s denominated in dollars, but it’s not really dollars. It’s a little more like store credit. We are all actually quite sophisticated consumers of various types of currencies, not all of which are associated with the US government.”
Gaiser said there is a place for government regulation of cryptocurrency, such as to prevent fraud, but a balance can also be found that doesn’t place an unsustainable burden on cryptocurrency companies.
She said it would be a “tragedy” for Hawaii’s economic future if the Legislature doesn’t act quickly and continues to over-regulate cryptocurrency companies in the state.
“Being in 2022, in the world of Bitcoin and cryptocurrency, is like being in 1996, in the world of the Internet,” she said. “There’s so much we haven’t done yet, we haven’t built yet. I would hate to see Hawaii miss out on innovation to really improve lives and be creative, be innovative, create new products, [and] then also miss out on the wealth that comes with that.”
Since the government’s cryptocurrency sandbox went into effect in March 2019, 61,000 Hawaii customers have been able to participate in the cryptocurrency market. In this limited time, they completed $611 million worth of cryptocurrency transactions . Imagine what it could mean for our economy if Hawaii residents were able to fully participate in the global digital currency market.
I hope our public policymakers can see this potential and remove the barriers to cryptocurrency that are holding us back.
Restrictions have hurt Hawaii’s share of the cryptocurrency market
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Hawaii has the highest barriers in the country to companies that exchange cryptocurrency, and those restrictions could get worse if lawmakers don’t step up and open the door to this potentially thriving new business area.
Bitcoin, the world’s first “cryptocurrency”, was invented in 2009 by an unknown person or group of people under the name Satoshi Nakamoto and allowed people to store, buy and sell digital currency using special software.
Since then, thousands of other cryptocurrencies have emerged, such as Ethereum, Litecoin and Monero. Many of these cryptocurrency companies have risen significantly in value, with the entire cryptocurrency market valued at $2.2 trillion. That’s slightly more than Google ($1.9 trillion) and slightly less than Microsoft ($2.5 trillion).
In Hawaii, cryptocurrency companies are subject to the Hawaii Remittance Act, which since 2014 requires them to hold monetary assets equal to the amount of their virtual assets. For example, if a company holds $1 billion worth of cryptocurrencies, it will also need an additional $1 billion in cash as reserves.
No other state has such a specific requirement for cryptocurrency companies, so most of these companies have either left Hawaii or avoided it.
The two largest cryptocurrency exchanges, Coinbase and Binance, do not operate in Hawaii. Neither Kucoin, Strike, eToro, Bittrex, Bitstamp, Robinhood Crypto, nor PayPal’s “Cryptocurrency Hub”.
In March 2019, the Governor authorized the creation of a temporary sandbox known as the Digital Currency Innovation Lab, which allowed cryptocurrency companies to operate in the state without having to comply with the dual reserve requirement of the Remittance Act. .
Only 15 cryptocurrency companies were allowed to play in the sandbox, which has so far allowed 61,000 Hawaii customers to access virtual currency with a total transaction value of more than $611 million.
Meanwhile, since the program launched, the value of Bitcoin has increased by 370%, from $10,000 in 2019 to $47,000 by the end of 2021.
Looking ahead, legal authority for the sandbox expires on Dec. 30, 2022, meaning lawmakers who want to avoid a complete shutdown of this market must pass some kind of enabling legislation during the 2022 legislative session.
The easiest way to allow cryptocurrency companies to operate in Hawaii is to exempt them from remittance laws.
Twenty states do not require a money transmitter license for cryptocurrency transactions: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Montana, New Hampshire, New Jersey, North Dakota, Oklahoma, Pennsylvania, Tennessee. , Texas, Virginia and Wisconsin.
Another quick fix would be to add cryptocurrency as an “eligible investment” to the remittance law, thereby eliminating the dual reserve requirement. For example, Wyoming exempted virtual currency from its dual reserve requirement in 2014 and has since become “the most cryptocurrency-friendly jurisdiction in the United States,” according to MarketWatch.
A more complex route would be to create a new licensing requirement for virtual currency companies, which could also bypass the double reserve requirement. This could potentially create an unnecessary administrative burden, but would nevertheless allow for a more dynamic cryptocurrency market if the rules are not too strict.
The Hawaii Division of Financial Institutions is actually introducing such a bill aimed at reducing barriers to cryptocurrency companies in Hawaii. But lawmakers should be careful not to impose too many requirements that defeat the purpose of the bill.
The goal is to ease Hawaii’s toughest virtual currency restrictions in the country and give island residents greater access to this emerging market. This would be another way to diversify our economy and help local families find new ways to make money and prosper.
Coinbase And Other Exchanges Relist XRP After Court Ruling Against SEC
US crypto exchanges Coinbase, Kraken, Gemini, Crypto.com and Bitstamp have announced to relist XRP after a US federal court ruled that selling the token on exchanges did not constitute an investment contract.
The entire ruling was not in favor of Ripple as Judge Torres made it clear that institutional sale of the tokens did violate federal securities laws.
The price of XRP shot up as much as 70% after Ripple scored a partial win against the US Securities Exchange Commission (SEC) on Thursday.
After the federal court’s ruling, US crypto exchanges announced plans to relist the layer one token.
The leading US-based crypto exchange Coinbase announced in a tweet on Thursday that they will re-enable trading for XRP (XRP) on the XRP network.
“Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases,” the crypto exchange added.
Ripple Ruling Deals a Blow to SEC’s Effort to Regulate Crypto
Judge’s decision is a boost for other crypto firms that claim regulators have too aggressively policed market
Bitcoin surged on Friday morning in Asia to breach the US$31,000 resistance level, after Ripple Labs achieved a partial victory in its three-year lawsuit against the U.S. Securities and Exchange Commission (SEC). The regulator accused Ripple of offering XRP as an unregistered security. Along with Bitcoin, Ether and all other top 10 non-stablecoin cryptocurrencies logged considerable gains, with XRP spearheading the rally with a rise of over 70%. U.S. equity futures traded flat in the Asia time zone on Friday as investors await earnings reports from major U.S. banks. Thursday’s U.S. producer price index (PPI) has added to a sense that inflation is slowing in the country.
XRP ruling provides crypto market boost
Bitcoin climbed 3.45% over the last 24 hours to US$31,463 as of 07:50 a.m. in Hong Kong for a weekly gain of 4.93%, according to data from CoinMarketCap. The world’s largest cryptocurrency reached a high of US$31,814 early Friday morning, the highest price since June 2022.
In a summary judgement on Thursday, New York Southern District Court Judge Analisa Torres ruled that Ripple’s programmatic sales of the XRP token on public exchanges do not constitute securities, marking a partial victory for Ripple with the SEC. The regulator first sued the San Francisco-based financial technology firm on the grounds that XRP constitutes a security in 2020.
The verdict came with a critical caveat, however. The court ruled that Ripple’s XRP sales to institutional investors did violate securities laws.
Nonetheless, Ripple’s Chief Executive Officer Stuart Alderoty called the judgement “a huge win” in a Friday tweet.
Standard Chartered boosts 2024 bitcoin forecast to $120,000
New York, July 11 – The value of top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024 Standard Chartered said on Monday, predicting the recent jump in its price could encourage bitcoin “miners” to hoard more of the supply.
Standard Chartered published a $100,000 end-2024 forecast for bitcoin back in April on the view the so-called “crypto winter” was over, but one of the bank’s top FX analysts, Geoff Kendrick, said there was now 20% “upside” to that call.
Standard Chartered said the rationale for its predicted price rise was that miners who mint the 900 new bitcoins produced each day around the world would soon need to sell fewer to cover their costs – mostly electricity to power super-computers.
Kendrick estimated that miners have recently been selling 100% of their new coins. If the price hits $50,000 though, they would probably only sell 20-30%.
“It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently.”
“Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”
Next April or May the total number of bitcoins able to be mined each day is also set to halve due to an inbuilt supply and issuance mechanism that gradually limits supply to maintain its appeal.
Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.
Bayliq All-in-One Liquid crypto investment private tracker
Bayliq, LLC. is an American technology company that develops the Bayliq mobile App. The world’s first app combines your assets from crypto exchange cold wallets, banking and cash into one safe and secure mobile app without collecting your personal data.
Bayliq is one of the early adopters of cryptocurrency. Our vision is to make cryptocurrency accessible to one and all as the world continues to accelerate towards global adoption.
We believe it is your fundamental right to control your money, data and identity. Thanks to blockchain technology and cryptocurrency, the future of the Internet will be more fair and equal for all.
Accelerate the World’s Cryptocurrency Transition with Bayliq
The basic version of the Bayliq application was created specifically in manual mode and without client verification. For more trust and security. Bayliq app users can log in with Apple, Gmail and transact in multiple cryptocurrencies with only a username (nickname) and password rather than juggling multiple keys and entering lengthy passphrases. The company keeps security at its core, and with its Bayliq Security Software, it allows others to take advantage of its decentralized approach to security.
As cryptocurrencies proliferate and decentralized financial ecosystems hurtle toward becoming household names, ease-of-use and security are rightfully among the top considerations among potential users.
The Bayliq app does not want to know your balance on crypto exchanges, cold wallet or in your pocket. This allows you to absolutely securely enter all data about your assets.
The Bayliq App is also designed in such a way that newcomers to the crypto industry cannot lose money.
A new client can create the first investment portfolio. And every day, watch the difference in fluctuations in the exchange rate of coins.
A new client should quickly get used to the high volatility of the crypto industry. And as soon as the user is ready to invest his first capital, he will be able to choose the best crypto exchanges in the world or in his region.
The Bayliq App connects to over 100 of the largest crypto exchanges in the world.
In the future, the client may upgrade to a paid version of Bayliq Pro, whereby investors will no longer have to enter their trades themselves. From now on, the app will sync them automatically.
Bayliq considers all exchanges separately and shows individual and the total balance, as well as each asset showing the balance in crypto and fiat equivalent at 50 different world currency rates.
Not all crypto exchanges in the world have the same coins on their platform. Thus, the user has from 3 to 12 crypto exchange applications on the phone. And 1-3 more secret “cold wallet” balances plus a bank checking and savings account. And during the day, the user had to switch between many applications, but did not see the overall balance.
Bayliq app solves this problem!
As such, Bayliq is the first app in the world to offer its users a real-time overview of the earnings from their “cold wallets’ , cash, and cryptocurrencies. Today, Bayliq has been gaining popularity in the world users in over 61 countries, making the app one of the fastest growing players in the market.
In this way, Bayliq eliminates the need for constant switching across multiple applications or platforms.
In the US, globally increasingly popular investors are already getting a clear overview of the latest developments in their cryptocurrencies, investments, through an app on their smartphones. Today, the usability is getting even more convenient as Bayliq is the first app on the market that also offers connection to trading any crypto assets from a single app.
Connection with more than 2000+ cryptocurrencies and more than 135+ reliable crypto exchanges in the world.
The new feature allows you to automatically import transactions into the user’s portfolio overview if the client had them in electronic format.
Finding ways to make newly developed technology easy for people to use is an important component in its widespread adoption.
Bayliq the company that keeps security at its core, knows this and aims to make buying, selling, and trading cryptocurrency to view balance more than ever with its noncustodial app.
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How to buy cryptocurrency in Hawaii?
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Purchasing cryptocurrency is legal in Hawaii, although not every cryptocurrency exchange on the market is licensed to do business with Hawaii residents.
In 2020, the Hawaii Division of Financial Institutions launched a two-year pilot program called the Digital Currency Innovation Lab (DCIL), which allowed 16 crypto companies to do business with the government until June 2022 and was extended until June 2024.
While you can’t use some of the larger exchanges like Binance.US or Coinbase in Hawaii, you still have access to over a dozen licensed and regulated exchanges.
How to buy cryptocurrency in Hawaii through an exchange
Hawaii’s two-year pilot program has approved 15 crypto businesses, five of which are actual crypto exchanges that you can use to buy, sell or trade crypto in the state.
Step 1: Compare and register on a crypto exchange
When comparing exchanges, look at things like the number of coins supported, payment methods supported, and any additional features you’d like to use, such as an NFT marketplace or earning center.
- bitFlyer
- Bitstamp
- CEX.IO
- Crypto.com
- Gemini
- Kraken
- Public.com
- Bayliq 100 crypto exchanges of the world in one application
- PayPal payments and transfer of fiat money, opportunity to buy cryptocurrency
2. Register using your government ID.
Once you select an exchange, keep in mind that all licensed exchanges in New York are required to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
These rules require that you provide government-issued identification, Social Security number, and other important information to verify your identity when registering for an account.
3. Buy coins.
Once you have created an account on the exchange, select and purchase the coins you want.
Once you have made a purchase, please understand that you are not technically the full owner of the coins or tokens you purchased. Instead, the exchange stores them on your behalf.
To fully own your crypto assets, you must move them from your exchange account to a non-custodial crypto wallet. This ensures that you are in complete control of your funds and eliminates the risks associated with storing your coins on an exchange.
4. Get a crypto wallet
A non-custodial crypto wallet is a type of software or combination of hardware and software that helps you store the private keys to your crypto assets. You can think of private keys as the password to your cryptography.
When you purchase a crypto asset on a centralized exchange such as Coinbase, the private keys for your crypto asset are stored in a wallet on that exchange. This type of wallet is often called a custodial wallet.
You actually have no control over the purchased asset until you move the asset to a non-custodial wallet.
As mentioned, non-custodial wallets include software and hardware wallets.
Software wallets always remain connected to the Internet and, because of this, are slightly less trustworthy than hardware wallets.
These types of wallets include MetaMask , Exodus Wallet and Atomic Wallet .
Hardware wallets help you store private keys to your digital assets offline. Check out our review of the best crypto hardware wallets on the market:
Best Crypto Wallets for 2023
Ledger Nano S Plus is the best wallet overall
Ledger Nano X – the best hardware wallet
Exodus – the best wallet for beginners
Ledger Nano S Plus – the best crypto wallet in terms of price-quality ratio
Atomic Wallet – the best desktop wallet
Trust Wallet – the best mobile wallet
Coinbase Wallet – the best exchange wallet
COLDCARD Mk4 – the best Bitcoin wallet
Coinomi – the best multi-crypto wallet
Trezor Model T – the best wallet for advanced users
Ledger Nano S Plus – the best wallet for staking
MetaMask – the best Web3 wallet
Crypto.com DeFi Wallet – Best DeFi Wallet
Ledger Stax – Best Crypto Wallet
XDEFI Wallet – Best Wallet for NFTs
Keeping Your Cryptocurrency Safe
All centralized exchanges, including , are subject to counterparty risks such as hacking, theft and insolvency. Using self-hosted or hardware wallets is considered the best way to increase the security of your funds. We’ve shared some of our top picks below.
Details on Cryptocurrency Laws in Hawaii
The Hawaii Digital Currency Innovation Lab (DCIL) began approving cryptocurrency companies to operate in Hawaii in two phases starting in 2020.
In the first round, from March to May 2020, the state approved 12 of the 19 companies that applied. In the second round, from January to February 2021, 14 more companies applied, and only 4 were selected.
Popular exchange Robinhood was originally listed for approval but was removed on January 13, 2021. Local media speculated that the broker had lost its license due to issues related to compliance and reporting requirements.
DCIL has expanded the capacity of licensed and regulated crypto platforms to continue operating in Hawaii until 2024.
Cryptocurrency Taxes in Hawaii
Hawaii does not offer advice on sales or government taxation of cryptocurrency transactions.
However, unlike fiat currency such as US dollars, cryptocurrencies are considered property by the IRS. You must follow the same tax rules as other real estate transactions, which means reporting capital gains or losses after:
- Exchange fiat currency for cryptocurrency
- Exchange cryptocurrency for fiat currency
- Earning rewards such as cashback and cryptocurrency bonuses
Fortunately, investors can track all trading transactions through the company’s Bayliq App, and manage and calculate the cryptocurrency taxes they owe using cryptocurrency tax software, and some provide simple filing tools and forms created by tax authorities, the company also offers assistance from lawyers and accountants in every US state if you need it.
Cryptocurrencies in Hawaii
Since you have limited access to exchanges as a Hawaiian, you may not find a seller for all 21,000+ coins and tokens on the market. But you’ll find over 100 crypto assets supported on exchanges like Kraken, Crypto.com and Gemini.
Can I buy Dogecoin in Hawaii?
Yes, DOGE is listed on a number of exchanges licensed and regulated in Hawaii. These exchanges include Gemini, Kraken and Uphold.
Can I buy Ethereum and Bitcoin in Hawaii?
Yes, every licensed exchange in Hawaii sells both BTC and ETH.
You can also find Bitcoin ATMs that allow you to buy Bitcoin with cash. Transactions may carry a markup of 3% to 5%.
Can I see the total balance of all coins on all crypto exchanges at the same time?
Yes, there are several companies in the crypto industry market that provide such a service. The free version of App Bayliq helps well with settings and vision of the overall balance of all coins, crypto exchanges and “cold wallets”; you can download the application from the Apple Store .
Can I use Binance in Hawaii?
No, you cannot use Binance or Binance.US if you live in Hawaii.
Crypto exchange Binance is not legal in any US state, and its subsidiary Binance.US is not available in some states, including Hawaii.
Know Before You Buy Cryptocurrency in Hawaii
Keep in mind that the Hawaii Digital Currency Innovation Lab (DCIL) has only approved cryptocurrency platforms to operate in the state through 2024.
General points to consider when buying and selling cryptocurrency include:
- Protect your wallet . A crypto wallet can be accessed if someone obtains its keys and/or passphrases. Keep this data secure—preferably somewhere offline—to minimize the risk of hacking.
- Read the fine print . Marketplaces and exchanges are often not held accountable if criminals gain access to your digital wallet or assets. Learn about the security measures in place to prevent access to your money.
- Beware of scams . Unfortunately, scams exist in every industry, and cryptocurrency is no exception. Phishing scams are common, usually involving a scammer posing as a customer service representative and asking the user for access codes/keys to their account. Contact support if you think something suspicious is going on.
- Cryptocurrency is unstable . The value of any coin can change in a matter of seconds, meaning large losses or profits that depend on the interest and amount you invest.
10 Best Cryptocurrency Tax Software for 2023
Best crypto tax software for 2023
Koinly – Best Overall
CoinLedger – The best solution for large traders
Coinpanda is the best in the number of exchange integrations
CryptoTaxCalculator – The best solution for cryptocurrency tax professionals
Bayliq Pro – Possibility of consultations and legal assistance to clients
CoinTracking – the best customer support
TokenTax – the best cryptocurrency tax app
Accointing is the best option for advanced accounting features
ZenLedger – Best for extra accounting features
BitcoinTaxes – best for 20-100,000 transactions
TaxBit – Best for Unlimited Transactions