The transaction Label Token Migration (often also referred to as token swap) is used to transfer the acquisition data (date and costs) of an outgoing asset A to an incoming asset B between 2 integrations. Therefor, token migrations are non-taxable events.
The most common scenario for this transaction label is an outgoing transaction (withdrawal) combined with an incoming transaction (deposit) as its counterpart. In most cases, both transactions display the Tip “Unlabeled (in/out)”. If one of the transactions is completely missing, it simply needs to be added manually so that both parts can then be merged/combined into a full Token-Migration (example: Token Migration from BTTOLD (outgoing) to BTT (incoming)).
❗ The label Token Migration is currently only supported for Germany (DE) and Austria (AT). Support for other tax jurisdictions is planned.
🎓 More details on the tax implications and categorization of all transaction labels can be found in the tax results under the menu item “Reports” and in the last pages of your tax report.
How do I create a Token Migration?
Open your Blockpit Account and click on the menu item Transactions.
Now select + Transaction.
Enter the Date and Time of the transaction.
In case of a manually created transaction directly in the WebApp, use your local time.
If the transaction is imported via CSV/Excel, use the standard exchange time UTC.
Now select the Transaction Label Token Migration.
Now enter the Integration , Asset and Amount. If you paid Fees, enter them with quantity and currency as well.
Tip: In the input fields for assets, you can enter the short name (BTC) or long name (Bitcoin) as a search term to narrow down the search of the displayed list. If your asset is not selectable, you can get more information here.
Finally, click Save to complete the process and display the transaction in the Integration.
How do manually created transactions affect my balance?
Manual Integration (CSV/Excel)
Incoming and outgoing transactions created within a manual integration directly affect the displayed asset balance of that integration.
Automatic Exchange or Blockchain Integration (API)
Incoming and outgoing transactions created manually within an automatic exchange or blockchain integration do not affect the automatically imported Synced Balance of that integration. However, they can affect the Calculated Balance and therefore influence the results shown in your tax report.
How are fees considered on a Token Migration?
Example: A Token Migration of 1 BTTOLD TO 1000 BTT with 0.0001 BTTOLD fee.
Fees can be recorded either in the incoming or in the outgoing asset.
Fees, if paid in incoming or outgoing assets, will be considered as follows:
If fees are paid in the outgoing asset:
"The fee is treated as a separate outflow."
Outgoing Amount: Net transaction amount (amount excluding fees)
Fee Amount: Enter fee amount extra
If fees are paid in the incoming asset:
Case1: No additional fee on the deposit side.
Incoming Amount: Net transaction amount (amount excluding fees)
Fees Amount: Enter nothing or 0
Case2: Additional fee on the deposit side.
"If the fee is paid in the incoming currency, the input must be increased by the amount of the fee. The fee will be treated as a separate outflow."
Incoming Amount: Net transaction amount (amount excluding fees) + fee amount
Fee Amount: Enter fee amount as well