Madison Trust Company Q&AAnswer
Jun 22, 2022 - 01:37 PM
This is a great question. Currently, the IRS does not have a clear statement on its position on storing cryptocurrency. With that said, we have heard both sides. Some attorneys agree that holding cryptocurrency in a hard wallet at home is fine, while others may advise that you should not do so. Some attorneys have also suggested to consider the alternative option of having your cryptocurrency held by an exchange that offers cold storage or a third-party cold storage provider.
Please note, Madison Trust is a passive custodian and therefore, does not give legal, tax, or financial advice. Please consult with your tax advisor before making any investment decisions.
Please note, Madison Trust is a passive custodian and therefore, does not give legal, tax, or financial advice. Please consult with your tax advisor before making any investment decisions.
