With a transaction finality time of 1.2 seconds, Velas is the fastest EVM blockchain available. Having recently exploded in popularity, we integrated it into Cryptiony. Now, you can calculate Velas taxes with the touch of a button!
This guide will explain how to accurately calculate your Velas crypto taxes in seconds, all without using an accountant that could be expensive and unfamiliar with crypto tax.
Velas is a layer 1 EVM blockchain that is carbon neutral and capable of processing up to 50,000 transactions per second. The blockchain’s high scalability means it has some of the lowest transaction fees in crypto, with average transaction fees of around $0.00001.
Velas’s high-speed transaction processing makes it ideal for NFTs, but the network is also a DeFi hub for staking, lending and trading.
One of the great things about Velas is its high scalability while being compatible with other EVM chains. This means developers can easily migrate dApps to Velas, where users can pay fewer fees and get faster transaction finality.
The high speed and low cost of the Velas blockchain mean users make lots of transactions. Factor in the complexity of UK crypto tax laws, and it is clear to see why calculating Velas taxes is best with Cryptiony.
Our app automatically pulls your transactions from Velas and calculates the taxes you owe in minutes. It is far cheaper and safer to use Cryptiony than to hire an accountant. Our software is based on up-to-date tax laws (so no accounting errors), and you get your first 500 transactions free!
The first step in calculating your Velas taxes is to connect your wallet to Cryptiony. Although it is an EVM blockchain, you must import Velas’s wallet separately from other EVM chains. Follow the steps below to get started.
Before you start, you will need your wallet address. You can find this on your wallet provider’s home page or by clicking “receive crypto” from your dashboard – it is the long alphanumeric string starting with 0x.
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then connect the wallet. .
Select Velas, 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.
According to HMRC, most gains from DeFi applications on the Velas network will be subject to Income Tax. This includes earnings from liquidity mining, staking or lending.
Yes, most profits you earn from NFTs on the Velas network will be subject to Capital Gains Tax in the UK. The two main exceptions are if HMRC considers you a professional trader or if you earned income from staking NFTs.
The easiest way to report your Velas taxes to HMRC is by calculating them with Cryptiony, downloading your tax report and attaching it to a Self Assessment sheet available from the HMRC website. You can then submit the sheet to HMRC to file your taxes.