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What is a digital payment?

1 We define digital payments as use of a computer or mobile device (e.g., phone or tablet) to purchase goods and services either through an app, through a website, or at a store by interacting with a terminal.

What percentage of consumers make digital payments in the past year?

Seventy-three percent of respondents report making such a digital payment in the past year (Exhibit 1). More striking is the recent growth in the in-app and in-store categories.

How do I report digital asset income?

To report income from forks, staking, mining, etc., use Form 1040 (Schedule 1), Additional Income and Adjustments to Income PDF. Use Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. For wages you receive as an employee, report the digital asset income on Form 1040, U.S. Individual Income Tax Return.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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