For Business · Lesson 2 of 7

Accounting and tax basics: US, India, Mexico, Colombia

Education only. Not investment, legal or tax advice. We do not pick coins, vendors or platforms.

Rules change often and depend on your exact situation. Use this lesson to ask better questions. Always confirm with a licensed accountant in each country where you operate.

Records every business needs

Date and time of every receipt, payment, conversion and transfer.
Asset, network, amount and transaction ID.
Value in your reporting currency at that moment, and the price source you used.
Cost basis of what you hold, and what you sold, with the method you use (for example FIFO or specific identification where allowed).
Fees paid, and who the counterparty was (invoice, customer, exchange).

Export processor and exchange reports monthly. Store them with your books. Reconcile wallet balances against the ledger every month, just like a bank account.

Accounting standards in one minute

US GAAP: ASU 2023-08 requires most crypto assets to be measured at fair value, with changes in net income, for fiscal years starting after December 15, 2024. IFRS (used in many countries): crypto held is usually an intangible asset (IAS 38), or inventory (IAS 2) if held for sale in the ordinary course of business. India's Ind AS and Mexico's NIF follow similar principles; ask your auditor.

United States

The IRS treats digital assets as property. Crypto received for goods or services is ordinary income at its fair market value when received. That value becomes your basis.
Selling or spending it later creates a capital gain or loss versus that basis.
Brokers report sales on Form 1099-DA, starting with 2025 transactions (gross proceeds), with cost basis reporting from 2026 for covered assets.
Paying workers or contractors in crypto is still wages or contractor pay at fair value, with the usual payroll and 1099 rules.
States add their own rules, including sales tax on what you sell.

India

Income from transferring virtual digital assets (VDAs) is taxed at a flat 30% (plus surcharge and cess) under section 115BBH. Only the cost of acquisition is deductible, and VDA losses can't be set off against other income.
A 1% TDS applies to many VDA transfers under section 194S.
GST applies to your goods and services as usual, whatever the payment method.
VDA service providers must register with FIU-IND under anti-money-laundering law. Indian businesses receiving crypto should get specific advice from a chartered accountant, as treatment of crypto received as business consideration needs care.

Mexico

The Ley Fintech recognizes virtual assets, and Banxico limits what regulated financial institutions may offer with them.
For income tax (ISR), gains on disposing of crypto are taxable; the SAT expects you to report income and keep records.
Activities involving virtual assets can be actividades vulnerables under the anti-money-laundering law (LFPIORPI), with identification and reporting duties above thresholds.
Ask a contador público about CFDI invoicing when you are paid in crypto.

Colombia

For tax purposes the DIAN treats crypto as an intangible asset. You must report holdings on your tax return and declare income or gains when you receive or dispose of it.
Whether a gain is ordinary income or ganancia ocasional can depend on how long the asset was held.
The Superintendencia Financiera has limited what supervised entities may do with crypto; exchanges and providers face reporting rules.
Ask a contador about the information-reporting rules that apply to your business size.

Common mistakes

Recording only the bank payout, not the crypto receipt.
Mixing personal and business wallets.
No price source documented for valuations.
Forgetting fees and network costs.

Quick check

In the US, how is crypto received for a sale taxed?

As ordinary income at fair market value when received; that value becomes your basis.

What flat rate applies to VDA transfer income in India?

30% (plus surcharge and cess), with a 1% TDS on many transfers.

What should you reconcile every month?

Wallet and processor balances against your ledger, like a bank account.

Sources and further reading

Last reviewed October 30, 2026. Laws and tax rules change; confirm with a licensed professional where you operate. Spotted an error? Tell us.