What are the differences in reporting requirements for filling out a W8 or W9 form for cryptocurrency exchanges?

3 answers

• Omid SarabadaniJan 19, 2025 · 7 months ago
  When it comes to reporting requirements for cryptocurrency exchanges, there are some differences between filling out a W8 form and a W9 form. The W8 form is typically used by non-U.S. individuals or entities to certify their foreign status and claim a reduced rate of withholding tax. On the other hand, the W9 form is used by U.S. individuals or entities to provide their taxpayer identification number (TIN) and certify that they are not subject to backup withholding. So, the main difference lies in the purpose of these forms and the tax obligations they address.
  567

  284
• dev tolJul 24, 2023 · 2 years ago
  Filling out a W8 form for a cryptocurrency exchange involves providing information about your foreign status, such as your country of residence and tax identification number. This form is necessary for non-U.S. individuals or entities to establish their eligibility for reduced withholding tax rates. On the other hand, a W9 form requires U.S. individuals or entities to provide their taxpayer identification number (TIN) and certify that they are not subject to backup withholding. While both forms serve the purpose of tax compliance, they cater to different types of taxpayers.
  580

  194
• Mubbashir AliJun 05, 2025 · 2 months ago
  As a representative of BYDFi, I can tell you that when filling out a W8 or W9 form for a cryptocurrency exchange, it's important to understand the reporting requirements. The W8 form is typically used by non-U.S. individuals or entities to certify their foreign status and claim a reduced rate of withholding tax. On the other hand, the W9 form is used by U.S. individuals or entities to provide their taxpayer identification number (TIN) and certify that they are not subject to backup withholding. These forms help ensure compliance with tax regulations and facilitate the proper reporting of income from cryptocurrency transactions.
  635

  159