How to do your Gate.io taxes in 2022
Introduction to Gate.io
Gate.io is one of the oldest functioning cryptocurrency exchanges operating out of China since 2013. It has been rapidly growing since rebranding in 2017 to Gate.io. The platform offers a leading Initial Exchange Offering (IEO) platform, numerous cryptocurrencies, leveraged margin trading, and other advanced financial services such as margin lending or borrowing.
Gate.io offers USDG (Gate USD) is a USD pegged stablecoin managed by Gate.io. The USDG is the main part of Gate’s system with it being included in the chains of Gatechain and Ethereum. Gate.io and S.Finance community have a partnership agreement to list USDG on S. Finance for swaps with lower service fees and stable prices.
Do I need to pay taxes when using Gate.io?
Gate.io is mostly used for trading which are considered taxable transactions in most countries. This includes profits and losses incurred on trading their stable coin USDG. Please see your country guide to find out more about the specifics of the taxes that you will need to consider after having used Gate.io.
How to export your Gate.io transaction history
You can export Gate.io transactions easiest by downloading the mypurselog file. Instructions can be found in the step by step guide below. We have also included information regarding the API export for programmatic access.
Step by step guide:
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Sign in to Gate.io.
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Click on the account icon in the top right and select API Management.
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In the sidebar, select APIv4 Keys.
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Click the button + Create new API Key in the top right.
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Type in "Divly" in the Remark, then select Read Only permissions for all the different transaction types.
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Click Confirm & Create. Provide your fund password and 2FA to authorize the key creation.
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Copy and paste the API keys in Divly to fetch your transactions.
You can import transactions from Gate.io into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.
Important
Divly supports the mypurselog CSV file.
Step by step guide:
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Sign in to Gate.io.
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Click this link or alternatively go to Wallets and select Funds Overview in the dropdown. In the sidebar, click Billing Details > All Bills.
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Ensure that the timespan includes ALL of your transactions.
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Click the button download in the top right hand corner to download the mypurselog CSV file.
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Drag and drop the CSV file to where it says Upload CSV. Divly will import the transactions.''
Common issues when calculating your Gate.io taxes
- If you have performed margin trading on Gate please check with Divly support to see if this can be imported correctly.
If you have any issues with calculating your Gate.io taxes, feel free to contact our support team which is available via the online chat on the bottom right hand corner of our website. Good luck!
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.