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Don’t Risk It: How to Report Your Crypto Income in 2025

Crypto activity is taxable in most major jurisdictions, but the how differs by country, asset type, and whether gains are capital or ordinary income. Below is a practical, source-driven guide for 2025 covering the United States, United Kingdom, Canada and China—what is taxed, where to report it, and common pitfalls to avoid.

Key principles that apply broadly

• Crypto is not “tax-free.” In the U.S., the IRS classifies digital assets as taxable; you must answer a digital assets question and report gains/losses or income even if you received no 1099.
• Multiple taxable events. Selling for fiat, swapping one coin for another, or using crypto to pay for goods/services are usually taxable events; mining/staking rewards are generally income on receipt. (See country specifics below.)
• Records matter. Keep date/time, cost basis, fair market value at disposal/receipt, and fees. Many countries require you to reconcile totals on capital gains schedules.

United States (IRS)

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A Story of How $6,800 Deposit Shocked Crypto Twitter (X)

A wallet beginning 0x6f90…336a has become the talk of Crypto Twitter after on-chain analysts showed the account exploding from US$6,800 in February 2024 to US$1.5 million in realised profit by late June 2025. The feat was first reported by Cointelegraph’s Explained desk and quickly corroborated by on-chain data trackers.

The Playbook: High-Frequency Market-Making on Hyperliquid
Unlike meme-coin moonshots or 100× perpetual-futures punts, this trader ran a delta-neutral, high-frequency market-making bot on the permissionless derivatives exchange Hyperliquid. Key attributes:

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