In the United States, buying Bitcoin is not a taxable event. Since Swan Bitcoin has no sell feature or the ability to trade for any other cryptocurrency, there should be no taxable events that take place on our platform. So long as you don't sell your Bitcoin back to dollars or for goods or services, you don't need to report your initial investment to the internal revenue service (IRS).
If you do move your Bitcoin to another exchange to sell it back to US dollars or you exchange your Bitcoin for other goods and services, the US government wants information on those events. Swan keeps records of what price you purchased all your Bitcoin, and you can download that statement directly from your dashboard.
As always, you are free to move your Bitcoin off our platform to your own wallet whenever you'd like. Doing so gives you greater freedom, privacy, and maneuverability. Once your Bitcoin leaves Swan custody, we do not track it, and if you Coinjoin your Bitcoin, which we encourage, it becomes extremely difficult for anyone other than yourself to track your Bitcoin.