MAKE SURE to use your real name as Coinbase will use this for account verification.Ĥ) Next Coinbase should send you an email to verify your email address. I'm assuming you are an individual so I will skip the whole business account setup. Please MAKE SURE that the email address you enter is one you have access to and is your most secure email as this is how you will always sign in to your Coinbase account.ģ) Then Coinbase will ask you to select if you are an INDIVIDUAL or BUSINESS.
Step One: Setup your Coinbase accountĪlthough Coinbase has both iOS (iPhone) and Android apps, I have found the easiest way to setup your exchange account with them is to use their website.Ģ) Next enter your email address in the get started box. NOTE: There are other places to purchase BTC and ETH online, but I'm going to focus this guide using Coinbase as it's the easiest to use for new investors in cryptocurrency. The good news is that you can easily purchase either cryptocurrency at Coinbase using your Credit Card or even Bank Account. To purchase Olympus (OHM) on the majority of the cryptocurrency exchanges, you will already need to have Bitcoin (BTC) or Ethereum (ETH) to trade with.
crypto proponents to get behind amendments proposed by pro-cryptocurrency Senators such as Ron Wyden, Patrick Toomey and Cynthia Lummis, calling for a narrower definition of crypto intermediaries.īefore proposing the amendment, Senator Toomey had earlier called for miners and software developers to be exempted from the crypto tax reporting requirements specified in the bill.Īrmstrong also joined the chorus of crypto proponents urging Americans to contact their elected representatives to push for the aforementioned amendments.Step by step guide on how to buy Olympus (OHM) Cryptocurrency Related: Mike Novogratz blasts US officials for poor grasp of crypto industryĪrmstrong called on U.S. for failing to do their homework on crypto before enacting laws and regulations. Earlier in August, Galaxy Digital CEO Mike Novogratz panned politicians and regulators in the U.S. The Coinbase CEO stated that policymakers have a responsibility not to hinder innovation in America. They are simply software running on the blockchain that anyone can use.” “This makes no sense,” Armstrong tweeted, referring to the broad broker definition in the bill, adding, “Smart contracts, for instance, are not companies, and cannot be modified to collect KYC info or issue 1099s. Indeed, this broad-based definition has seen several critics of the bill saying non-crypto brokerage entities such as miners and software developers could be brought under onerous tax obligations. According to Armstrong, the bill extends the definition of the term “broker” to anyone who facilitates a digital asset transfer. The Coinbase CEO, like many other opponents of the proposal, faulted the broad language of the bill’s wording. crypto space and could force digital innovation to move overseas.Īs previously reported by Cointelegraph, amendments to crypto taxation rules were a last-minute addition to the $1-trillion infrastructure deal currently before the United States Senate.
Tweeting on Wednesday, Armstrong stated that the provisions included in the crypto taxation proposal could have a “profound negative impact” on the U.S.
The crypto exchange boss is the latest to decry plans to enact sweeping changes to cryptocurrency tax reporting in the United States.Ĭoinbase CEO Brian Armstrong is the latest crypto figure to come out against the wording of the proposed changes to cryptocurrency taxation in the United States.