Technical token swap/burn classification

Hi there,

How can we classify technical token swaps in Accointing? I.e. when a blockchain has forked or moved to a new blockchain, and the holders of the old coin are issued 1:1 the coin of the new blockchain.

Currently, there is only the ‘swap’ classification that means swapping tokens on a DEX, which is a taxable event. However, technical token swaps which I am referring to should be a non tax event, which I don’t know how to classify correctly in Accointing.

Thanks

Here are the breakdown of classifications: Crypto Tax Classifications : Accointing AG
Here is how you are taxed per classification: You searched for classifications - Accointing Blog - Cryptocurrency Portfolio Tracking & tax Software

There is a hard fork classification:
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Can you share with us what specific coins/tokens you need help with?

Hi Max,

Thanks for the reply! I am trying to classify the Enigma (ENG) > Secret Network (SCRT) token swap, where ENG holders were given the chance to burn their ENG tokens for new SCRT tokens on a 1:1 ratio.

It looks like I will need to use the hard fork classification? Even though a chain split did not happen for ENG holders… rather the network moved to a completely new sovereign blockchain based on COSMOS.

Honestly, I would create an order for it, since you essentially traded 1 ENG for 1 SCRT.|


And then classify any other transaction as Ignored so that you do not have duplicate transactions.