What are the differences between W9 and W8 BEN forms in the cryptocurrency industry?

1 answers

• Nov 24, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the differences between the W9 and W8 BEN forms in the cryptocurrency industry. The W9 form is commonly used by U.S. taxpayers to provide their taxpayer identification number (TIN) to the cryptocurrency exchange or platform. This form helps the exchange or platform comply with U.S. tax regulations and report the taxpayer's transactions to the IRS. On the other hand, the W8 BEN form is used by non-U.S. taxpayers to certify their foreign status and claim any applicable tax treaty benefits. This form helps the exchange or platform determine whether they need to withhold any taxes on the taxpayer's transactions. It's important for cryptocurrency traders to understand these forms and their implications to ensure compliance with tax regulations.
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