How to do your Knaken taxes in 2024

Introduction to Knaken

Knaken is a user-friendly platform that simplifies cryptocurrency access for everyone, allowing users to trade, buy, and store digital assets like Bitcoin, Ethereum, and many others. With a "keep it simple" approach, Knaken provides secure storage and a range of services, including Knaken Settle, enabling easy crypto payments.

Founded in 2017, Knaken now collaborates with renowned partners like Feyenoord and is registered with the Dutch Central Bank. They aim to foster large-scale crypto adoption while supporting users with informative blogs and robust customer service.

Partnership with Divly

Filing taxes as a cryptocurrency user is about to get a whole lot easier, thanks to an exciting new partnership between Knaken, the Netherlands’ leading crypto platform, and Divly, Europe's most specialized crypto tax provider. This collaboration brings together the expertise of both companies to streamline the tax process and elevate the user experience on each platform.

With this partnership, Knaken’s clients gain access to tax reporting services tailored to their country. Now, Knaken can provide tax reports directly within their platform, saving users valuable time and reducing the risk of errors.

Additionally, Knaken users benefit from exclusive discounts on tax reports, while Dutch clients will enjoy complementary tax reports—making tax season simpler and more efficient than ever.

You can read more about the collaboration between Knaken and Divly here

Do I need to pay taxes when using Knaken?

In most countries multiple transaction types on Knaken will be seen as a taxable event by the local tax authority. Particularly trades and staking rewards. If you are unsure which transaction types affect you, please see Divly’s country-specific crypto tax guides.

If you are from the Netherlands you won’t need to worry about paying taxes on each transaction. Instead you will be required to pay wealth tax based on the amount of crypto you held at the end of the year amongst all of your exchanges and wallets.