How to do your Binance Smart Chain taxes in 2022
Introduction to Binance Smart Chain
Binance Smart Chain (BSC) is a chain with low transaction costs and numerous developer tools to build DApps and other DeFi products. BNB was launched in 2017 and started as an Ethereum token. However, it moved to its own Binance Smart chain (BSC) in 2020. Binance Smart Chain proliferated following the move, and BNB now occupies a top 5 spot in terms of market cap. The benefits of lower transaction fees and congestion have helped BNB take market share from competing chains.
In most countries DeFI transactions are taxed. Therefore, you'll most likely be taxed if you've used BSC to trade or join liquidity pools.
How to export your Binance Smart Chain transactions
Divly has built an integration that lets you automatically import your Binance Smart Chain transaction data directly from the Binance blockchain. Divly's integration uses your public Binance Smart Chain Address to fetch all transactions. Divly will never ask for your private keys, remember to always keep them secret!
Divly attempts to match decentralized trades and swaps automatically (including tokens and NFT trades). However, when there are 3 or more assets in the same transaction, Divly will import them as deposits and withdrawals. If you want to match these trades, please do so manually in Divly on the transactions page.
Step by step guide:
Navigate to the Wallets page in Divly and click on Binance Smart Chain.
Copy and paste in your Binance Smart Chain Address. Make sure the wallet address is correct when pasting it.
Click the button Save Wallet Address and Divly will import all associated transactions.