All profits are taxed, even those made from crypto to crypto exchanges. At the time of a purchase or conversion to fiat, you are expected to know exactly how much profit has been garnered from each separate, individual coin or decimal portion of coin.
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Yeah that's just insane. That kind of detail is almost just saying if you use crypto we will throw you in jail. How will the government be able to prove your information is or isn't correct. Sounds just like a loophole to throw the "unfavorables" into jail.
It does to me too.