Cronos is an EVM-compatible blockchain developed by Crypto.com that enables EVM applications to run on the Crypto.com blockchain. The blockchain allows users to access EVM dApps while benefiting from Crypto.com liquidity and financial services.
Cronos is an EVM-compatible chain that runs in parallel with the Crypto.com blockchain. Its native token is the ERC-20 token, CRO.
What makes the Cronos chain unique is that EVM applications can port to the Crypto.com blockchain, benefiting from the network’s range of financial services, including staking, credit cards and cashback on payments.
For users, Cronos gives you access to the Crypto.com blockchain and all its benefits from an EVM wallet. In summary, Cronos acts as a cross-chain network, increasing interoperability and use cases for EVM blockchains.
Calculating crypto taxes is difficult enough, but Cronos’s interoperable nature can make it even more complicated.
But Cryptiony automatically calculates your crypto taxes based on the most up-to-date tax regulations. With our app, you can generate a tax report in under 10 minutes. To get started, you need to import your transactions to Cronos.
Follow the steps below to import Cronos transactions to Cryptiony. All you need to start is your wallet address. You can find it on your wallet home page or by clicking “receive crypto” (it is the long alphanumeric string beginning with 0x).
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then connect the wallet. .
Select Cronos, then name the wallet and input your wallet address.
Select connect wallet.
To ensure we attribute all your transactions to the correct taxes, sync all your wallets and exchanges.
Although our software is accurate, it’s always best to double-check that all your transactions have been imported correctly. You can do this by clicking taxes on the left navigation bar, scrolling to the bottom of the summary and selecting the transaction list. Then you can ensure all your transactions are included and attributed correctly.
If your transactions have not been imported correctly, please visit our help centre.
While Cryptiony does not currently support the Crypto.com blockchain, we do support the Cronos chain, which runs parallel to the Crypto.com chain. This means you can interact with Crypto.com blockchain dApps on Cronos and use Cryptiony to generate your tax report.
If you generate profits on Cronos from staking or liquidity mining, you must report them to HMRC and will likely owe taxes. Staking taxes are usually subject to Income Tax, but Cryptiony automatically attributes taxes for you.
The easiest way to report your Cronos taxes to HMRC is by generating a tax report using Cryptiony and submitting it to HMRC attached to your Self Assessment sheet either online or in the post.