Cryptocurrency question

Hi guys, the regulations and taxation in my country regarding cryptocurrencies are very obscure, and unclear, and they leave a lot of questions unanswered. So, for this reason, I want to ask you about this:

Basically, if I go to an exchange ( Binance ) and buy several BNB tokens with FIAT, and then exchange those BNB tokens for some other tokens like EGLD or ADA or whatever, on the spot market ( basically exchange one currency for another market ), is that considered a transaction? Like, a transaction taxable in your country? I ask this because you don’t actually get something that has a real value, you get another crypto in return, you’re not exchanging that token for money. I am curious about the regulations your countries have on this.

I am aware that the regulations in your country may be different from those in mine, but they are valuable and provide insight on this matter. I also asked this questions in some other groups here, but even regular investors in crypto didn’t know the answer.

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If you have cryptocurrency tokens anywhere, such as an exchange or private wallet, it is not taxable until you convert it to USD/FIAT and after transferring USD/FIAT to the bank then the withdrawal amount is taxed according to the law of your country.

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Thank you very much, this is exactly what I was looking for.

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@Havion-OL Can’t you apply for Binance VISA and use that? No need to actually convert to FIAT and fill up the pockets of the financial predators.

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I will look into that, thanks for the suggestion.

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