Silver Management Group to support Cost Basis for cryptocurrencies

Silver Management Group now offers Cost Basis support for Bitcoin and altcoins to its investors. This will increase the effectiveness of trades and make the whole process more transparent. Silver Management Group provides business and technology solutions for the investment industry.
Like every other investment, cryptocurrencies are also taxable or, so the government wants. However, the issue of taxing cryptocurrencies is a complicated one and many are unable to decide the best way to tax them.

It’s difficult to measure the profits from the cryptocurrency trading. Cost Basis is a technique that is employed by firms to calculate the taxable amount. Cost Basis is the original value of an asset that is considered when calculating the tax on an investment. This method is used to calculate the profit and loss of an investment in order to estimate the appropriate tax on that investment.

In the wake of bitcoin futures being listed on the major exchanges in the US, the need for cryptocurrencies to be taxed is even higher. The introduction of bitcoin on these exchanges was no doubt a great milestone for cryptocurrencies, however, it also posed a major challenge for investors.

Silver Management Group has offered a solution for this whole conundrum, as they have added the feature of Cost Basis for bitcoin and other cryptocurrencies.

The firm will be offering its clients with Cost Basis reporting, making the whole trading system more transparent. Managing partner Neal Ruskin had the following comments regarding this matter:
“Silver keeps a close watch on evolving trends and regulations, and now with exploding interest in digital currency trading and the introduction of virtual currency derivatives on the major regulated exchanges, the time is right to add cryptocurrency support to our products.”

Mr. Ruskin further explains that Silver is ready to support its clients with reporting on bitcoin and other cryptocurrencies, in the wake of wider adoption.

The fact that such large firms have started providing support for cryptocurrency trades is good news for the crypto industry. Silver Management Group currently processes more than $1 trillion in assets. The firm’s decision to start providing support for cryptocurrencies means that the digital currencies are here to stay, regardless of what the critics say.