Crypto asset investors already know that the taxation of the asset has changed in 2024, such as the end of exemption for sales of up to R$ 35,000 per month (capital gains). However, many prefer to keep investments in self-custody, which can be advantageous in some aspects but dangerous in others. And it is precisely in tax control that there may be some problem, leading the investor to losses. Luis Fernando Cabral, an investment specialist accountant and partner at Contador do Trader, explains that correct taxation can help maximize profits.
“Those who like to invest in crypto assets are looking to multiply their profits and obtain a return above the market. To make this happen, many investors prefer to do everything themselves, from investments to accounting. While this helps investors have greater control over their investments, on the other hand, the opposite can happen, i.e., losing what was invested, in addition to overlooking some detail in the accounting,” says the expert.
First of all, keeping crypto assets in self-custody carries the risk of losing passwords and access keys and damaging data storage. Experts on the subject recommend a backup, as well as writing down the passwords on a piece of paper, in the best traditional style. However, the issue may not only be related to access to cryptocurrencies but also to taxation. "The declaration of crypto assets as property on the Income Tax and the payment of tax are mandatory, but deadlines can be missed if the self-custody investor is unaware of the details of each type of investment," emphasizes Luis Fernando.
The end of the year, according to the specialist, is an excellent opportunity for the crypto investor to put on paper and do all the calculations of gains and losses they had throughout the year, so they can start the new fiscal year up to date with their investment information. "And this is the caveat for those who make self-custody investments: the risk of missing some information or deadline. After all, a specialized accountant will keep these records from the beginning of the year," explains the accountant.
