mexico cryptocurrency tax

The exciting buzz around crypto taxation this October 2019, has confirmed what most investors and tax practitioners already knew, but made it far more clear to those that did not. You convert from crypto to Mexican Pesos in your wallet. So long as regulators maintain the ease of converting from crypto to FIAT currency, Mexico’s cryptocurrency industry continues to thrive. “This means that there is no room for a taxpayer to manoeuvre in light of non-disclosure in their returns,” says Lobbon. Proof of residency (presumably in Mexico), no more than three months old, Have made trades valuing at least 5,000 pesos (only $750 USD), Cryptocurrency exchanges are currently operating under Mexico’s. § 162 of the Internal Revenue Code states “ [t]here shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” Conversely, treating cryptocurrencies as currencies would result in different tax consequences. I do mean any debit card and not necessarily one tied to a bank account. This expansive growth is primarily attributable to the fact that over the past four years The process takes about 20 minutes and, from here, you can use the card just like a standard debit or loaded card. Once you have level 2 access, and a proven track record, you can upgrade to level 3. Calculate Cryptocurrency Taxes Easily File Your Bitcoin and Crypto Taxes. . You can make a deposit in convenience stores like Oxxo and 7-Eleven. © 2021 Euromoney Institutional Investor PLC. Even without regulation, the Mexican cryptocurrency industry is growing quickly. Mexico is a cryptocurrency paradise. Instant Download - Print off for your private library before the government demands we take these down! Instant access to all of our content. Opening a Cryptocurrency Exchange in Mexico. And it’s just as easy to get cash out of your wallet. It may occur to you that if no one is reporting your captial gains to the IRS, no one … If they have material differences and their own market values, it is hard to maintain that the fork is not an accession to wealth for the holder, who can now use the forked cryptocurrency as a payment method. The material on this site is for financial institutions, professional investors and their professional advisers. What sets Mexico apart is the ability to quickly deposit cash (physical cash/paper money) into your cryptocurrency wallet. Croatia – Croatian Tax Administration has issued few opinions about tax treatment of crypto currency with reference to the judgment of ECJ (C-264/14, on 22 October 2015). While the currency construct has surprising income tax consequences, the VAT regime would be preferable for taxpayers using cryptocurrencies as a payment method for everyday transactions. United Kingdom, This content is from: Regulation is minimal, but new laws are on the way. At level 2, you can fund and withdraw $150,000 pesos per day (about $9,300 USD) and $480,000 pesos per month. Crypto.com is on a mission to accelerate the world’s transition to cryptocurrency. Another aspect to consider is that the fork does not give rise to taxable income, as the market value of the original cryptocurrency already prices in the possibility of a fork. After many months in Congress, the Fintech Law just passed giving cryptocurrencies a regulatory framework to work from. In the absence of any specific rules, it may be hard to establish whether a cryptocurrency transaction takes place in a Mexican territory. As a starting point, cryptocurrency holders would need to mark-to-market their investment and consider foreign currency gains or losses on any value fluctuations between the MXN and the specific cryptocurrency. There are more than 135,000 locations across Mexico where you can deposit cash and it will show in your wallet in 15 minutes to 1 hour. You can get cash at any ATM, buy things at the store, or use it at restaurants. Under this construct, and assuming cryptocurrencies are property for tax purposes, a practical issue may arise as to how to divide the tax basis between both cryptocurrencies because this will be relevant when computing taxable gains on subsequent dispositions. OXXO, 7-Eleven and Extra charge an additional in-store fee of $9.00, $8.00, and $8.00 MXN respectively. Treating them as either property or currency each have their own specific implications, writes Omar Zuñiga, partner, and Eduardo Brandt, senior associate, at Creel García-Cuéllar Aiza y Enríquez. Mexico, This content is from: The CRA generally treats cryptocurrency like a commodity for purposes of the Income Tax Act. Regulation is minimal, but new laws are on the way. In order to open an account, all you need is an international cel phone. This tax is 16% in most of the country and 11% in border areas. No country on earth offers better access to Bitcoin and none offers the FIAT to crypto and crypto to FIAT exchange systems available in Mexico. Here are some additional articles that I’m pretty sure you’ll love! . As you go through the process, if you select the United States as your country, you’ll be blocked. Likewise, conversions from one cryptocurrency into another should be treated as a taxable event in the absence of any rules allowing tax-free like-kind exchanges. This means that, unlike traditional currencies, payment for goods and services using cryptocurrencies should be treated as a barter transaction. Of course, you can link your crypto wallet to a Mexican bank account if you have one. Pros And Cons of Different Platforms to Make Bitcoin Purchases. Therefore, taxpayers may be faced with the draconian (perhaps impossible) task of determining whether a transaction triggers VAT, as it is generally hard to establish the residency of a counterparty to a transaction conducted on a cryptocurrency exchange. If it is approved, the finer details would be hashed out in so-called secondary laws. Invoices and operating under a Mexican corporation have similar dollar limits as described in the personal requirements above. I then walked across the street to OXXO and transferred $100 into my account. Basically, you must prove where the money came from and that it’s clean. Cryptocurrency exchanges are currently operating under Mexico’s SAPI de CV laws (link to Spanish site), which stands for Sociedad Anónima Promotora de Inversiones de Capital Variable (Mexican investments). Tax is additional when you use these stores. If you hold crypto for a year or less before selling it, your cryptocurrency tax rate is that of short-term gains, which is taxed at your income tax rate. They all worked. Purchase with a credit card, debit card, crypto, or fiat bank transfer. hit Mexico City on September 21, 2017. Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. This would be challenging for taxpayers, as they would be required to recognise value fluctuations on a highly volatile asset. The negative with Mexico is their corporate tax rate of 30% . In Malaysia, cryptocurrency transactions are currently tax-free, and cryptocurrencies don’t … This is because the fair market value of the forked cryptocurrency will be determined gradually, and it is uncertain when the holder takes constructive receipt of the forked cryptocurrency. Coinmama allows customers in almost every country to buy bitcoin. It would also be a better use of the tax administration’s time and resources given the complexities of auditing cryptocurrency transactions. , the bill will be examined first by an independent commission, and then go to the Senate for a vote. All If your gift exceeds $15,000 per recipient, you are required to file a gift tax return. “The most important crypto-related tax news that we can expect in 2021 is the extension of CRS to crypto exchanges,” he told Cryptonews.com. 2 economy and more than 50 percent of the roughly 120 million citizens don’t have bank accounts. The legal recognition of cryptocurrencies as a new asset class brings with it the need to determine their tax treatment. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. In the case of residents abroad without an establishment in Mexico, the tax is generally paid by means of a withholding. In the absence of any specific rules, it may be hard to establish whether a cryptocurrency transaction takes place in a Mexican territory. You won’t be able to open an account using a US number. Businesses based in Singapore that buy and sell virtual currencies in the course of their … Across the border in the United States, the regulatory landscape is quite confusing. (link to Spanish site), which stands for Sociedad Anónima Promotora de Inversiones de Capital Variable (Mexican investments). I used a Panama number and was up and running in about 5 minutes. Cryptocurrencies are subject to the country’s Income Tax Act, and entities dealing in digital currencies are regulated under anti-money laundering and counterterrorism financing laws. If you own or have traded cryptocurrencies, you may need to include these in your tax forms, even if you didn't make any money. For example, there is uncertainty as to the methodology for taxpayers to compute their tax basis in the cryptocurrency in the event of multiple acquisitions (i.e. As a result, Bitcoin in Mexico has massive growth potential. In Mexico, a Value-Added Tax is applied to the sale of most retail goods and services. Then make sure to check out our Bookstore... we have titles packed full of premium offshore intel. However, cryptocurrency transactions would not trigger taxable gains for the cryptocurrency holder. This content is from: That’s been clear by the selloff that many cryptos , including Bitcoin (CCC: BTC-USD ), have seen lately. Access to these volumes requires you provide the following: That is to say, level 2 requires you prove your identity, that you’re a resident of Mexico, and that you have a local bank account. EFTs can be completed during banking hours while loading a debit card can be done any time and any day of the week (24 hours a day 7 days a week). If you hold the crypto for more than a year, then your cryptocurrency tax rate is the lower capital gains rate, which changes depending on … Mexico. Both have advanced trading systems and easy to use interfaces… as do so many platforms around the world. For help please see our FAQ. Your specific tax rate primarily depends on three factors: 1 / The accounting method used for calculating gains. The cost to deposit cash come from the ComproPago payment system, which includes Oxxo, Extra, 7/11, Chedraui, Elektra, Wallmart, among others. There are stiff penalties for people who are caught avoiding or otherwise failing to report investment income. Don't hide trades. a sale or exchange). Once your account is ready, there are three levels of access: At level 1, you can fund and withdraw $5,300 pesos per day (just over $300 USD) and $32,000 pesos per month. You convert from crypto to Mexican Pesos in your wallet. Anyone with a phone can open a level 1 account. You can issue invoices and get paid online for services. If you select Mexico in the pulldown, you’ll be asked for your city of birth and ID number. From a VAT perspective, the ‘property’ construct entails that any transaction in Mexico is subject to 16% VAT. Anyone can buy Bitcoin in Mexico. Cryptocurrency exchanges are currently operating under Mexico’s SAPI de CV laws (link to Spanish site), which stands for Sociedad Anónima Promotora de Inversiones de Capital Variable (Mexican investments). Membership Options | 30 Day Trial, This content is from: If you mine cryptocurrency as a trade or business, then you may be eligible for certain deductions to lessen your tax liability. Regulation is minimal, but new laws are on the way. Mexican Lawmakers Pass Cryptocurrency Regulation Bill. SARS has already included questions about cryptocurrency investments in the capital gains tax portion of tax returns, creating source codes for cryptocurrency-trading profits (2572) and losses (2573) respectively. Paying income tax from cryptocurrencies ia a part of annual tax return. As such, taxpayers are considered to have disposed of the cryptocurrency and sold the goods simultaneously, creating a taxable gain. Per CNBC, the bill will be examined first by an independent commission, and then go to the Senate for a vote. I tried a few offshore country codes, such as Panama, Nicaragua, and Belize. Then you. A hard fork entails the original holder retaining their interest in the original cryptocurrency while having the right to use the forked cryptocurrency, with each being traded separately and having its own value. Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee. This would both promote the use of cryptocurrencies as a payment method and avoid costly compliance expenses for taxpayers. So, like Switzerland, Mexico is building an efficient cryptocurrency law that will protect investors and allow the business to grow. Escape Artist - International Strategies For The Globally Minded. In addition to the items in level 2, level 3 requires you sign a trading agreement and provide proof of your occupation and the origin of funds. With the crypto landscape changing at an accelerated pace, Blox would like to provide you with a better understanding to learn about crypto taxation by country in 2019. Beyond that, there are no specific rules for crypto: Mexico is still trying to figure out exactly how to tax it, and right now, there is room for a bit of interpretation. Malaysia. I didn’t attempt to open an account with an EU number. material subject to strictly enforced copyright laws. How to drop your tax rate to 4 percentage next year, 4 Ways that Entrepreneurs Can Work from Home and Internationally. United States, This content is from: Lawmakers in Mexico have reportedly advanced a bill that was drafted to regulate fintech, including cryptocurrencies, in the country. While not dissimilar in form to the 2014 Law Library of Congress report on the same subject, which covered forty foreign jurisdictions and the European Union, this report is significantly more comprehensive, covering 130 countries as well as some regional organizations that have issued laws or policies on the subject. Then you transfer cash from your wallet onto any debit card. Bitcoin.Tax is the most established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your taxes. Yes, that’s right… you don’t need a bank account or to send a wire transfer to buy Bitcoin in Mexico. You don’t even need a bank account in this country. Providing services involving virtual assets is an activity classified as vulnerable to money laundering. Mexico’s tax system lacks clarity on the status of cryptocurrencies. For tax purposes, cryptocurrencies are often treated as assets: they are broadly subject to capital gains tax across the region while transactions in Brazil, Argentina, and Chile are also subject to income tax in some contexts. I do mean any debit card and not necessarily one tied to a bank account. In the absence of any rules, taxpayers may be left with the difficult task of determining the amount of income inclusion. Beyond that, there are no specific rules for crypto: Mexico is still trying to figure out exactly how to tax it, and right now, there is room for a bit of interpretation. While there are stronger legal grounds to classify cryptocurrencies as property, this classification defeats the purpose of cryptocurrencies as decentralised currencies, as the income tax and VAT consequences of everyday transactions may curtail the use of cryptocurrencies as a payment method. Person who gives the gift: You can gift crypto up to $15,000 per recipient per year without paying taxes. If you select a Visa card, you can use it outside of Mexico. Argentina, margaret.varela-christie@euromoneyplc.com. Omar Zuniga (omar.zuniga@creel.mx) and Eduardo Brandt (eduardo.brandt@creel.mx)Creel García-Cuéllar Aiza y EnríquezTel: +52 (55) 4748 0665 and +52 (55) 4748 0623Website: www.creel.mx. last-out, specified identification or weighted average), which may result in tax planning opportunities considering the volatility of cryptocurrencies. The Financial Technology Institutions Law (FinTech Law) was published on March 9 2018. Thus, providers of such services must report relevant transactions that reach or exceed a particular amount (equivalent to approximately This report surveys the legal and policy landscape surrounding cryptocurrencies around the world. From a VAT perspective, the ‘property’ construct entails that any transaction in Mexico is subject to 16% VAT. For Mexican income tax purposes, taxpayers are not be required to include value fluctuations in taxable income, and are only taxed upon a realisation event (e.g. For example, after a hard fork takes place, the forked cryptocurrency faces a process of market price discovery, during which the market will determine its value. As such, Mexico is a largely cash economy. Mexico is a difficult country to pinpoint when it comes to its stance on virtual currencies, blockchain, and financial technology in general. In our view, the ‘currency’ construct is hard to sustain from a legal perspective, as cryptocurrencies generally lack legal tender status in most jurisdictions, rendering them more akin to property for tax purposes. To sustain this position, one would have to argue that the fair market value of the original cryptocurrency was decreased by the value of the forked cryptocurrency. From a valuation perspective, it is also uncertain which value should be considered when computing gains on a disposition, as cryptocurrencies’ market prices may fluctuate intraday and market prices may differ between exchanges. Mexico is a cryptocurrency paradise. The … The two exchanges in Mexico are Bitso and Volabit. You can fund your wallet, and withdraw money, using an electronic funds transfer, which is free of charge. For more information, please contact us HERE. Bitcoin.Tax is the most established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your taxes. I hope you’ve found this article on the state of cryptocurrency in Mexico to be helpful. Assuming the fork is taxable, several complexities arise as to the timing and amount of the inclusion. The passage is now many months away. If you're happy with cookies click proceed. Singapore. Invoices and operating under a Mexican corporation have similar dollar limits as described in the personal requirements above. Through the Crypto.com Mobile App and Exchange, you can buy 80+ cryptocurrencies and stablecoins, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Mexico is Latin America’s No. Several practical issues remain unresolved under the ‘property’ construct. Ready to take your life or your business offshore, make sure to download The Ultimate Guide to Going Offshore for your personal library. The objective of these requirements is to keep US persons out of higher volumes and to limit money laundering risks. Simply upload or add the transaction from the exchanges and wallets you have used, along with any crypto you might already own, and we'll calculate your capital gains. In turn, the payment of goods or services using cryptocurrency should be viewed as a payment in kind for Mexican tax purposes, where the cryptocurrency used as payment should be considered sold by the acquirer of the goods or services, who should determine its taxable gain or loss upon transferring the cryptocurrency to the seller under the terms described in the previous paragraph. CoinmamaPopularBuy Now at Coinmama's Secure Site. You can “load” any of the many Visa or local branded cards available at Mexican convenience stores. This level of access only requires you to verify your international phone number. The Mexican tax system lacks guidance on characterising cryptocurrencies, leaving taxpayers to reach their own conclusions. Based in the USA, Coinbase is available in over 30 countries worldwide. The need for tax regulation is evident, but in the absence of any specific guidance regarding cryptocurrencies, taxpayers should be aware that cryptocurrency transactions may create taxable events. The legal status of bitcoin (and related crypto instruments) varies substantially from state to state and is still undefined or changing in many of them. It went from less than 50 companies in 2015 to 158 in 2016, and over 240 in 2017 (as of September 2017). And it’s just as easy to get cash out of your wallet. When you do, your cost basis will be the same cost as the person who gifted it to you. Since cryptocurrencies are more akin to an intangible asset for VAT purposes, any cryptocurrency transaction should be treated as materialising in Mexico if it takes place between Mexican residents. If you enter another country, you won’t be asked for any information. © COPYRIGHT 1997-2021 EscapeArtist Inc. All Rights Reserved. These Mexican platforms also allow you to operate as a merchant. The complexities and intricacies described above highlight how tax legislation has been surpassed by cryptocurrency development. Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more. It is for information only. How do you get your cash into your wallet? A hard fork raises several unique tax issues because it is unclear, according to the American Bar Association, whether a cryptocurrency holder who becomes entitled to use a forked cryptocurrency must recognise the fork in taxable income. Mexico is not alone here; whether a cryptocurrency is property or a currency has been debated in several jurisdictions, with the US favouring the former definition and Switzerland the latter. The service fee charged by Compropago is 2.9% + 3.00 MXN, including tax. Both have advanced trading systems and easy to use interfaces… as do so many platforms around the world. This tax is calculated by applying a rate of 30% to the taxable base determined in accordance with the parameters of the law. They charge a 4.9%-5.9% (depends on volume) fee on each purchase. There is no “fee” to fund your account from a bank account. The federal tax rate on cryptocurrency capital gains ranges from 0% to 37%. Top 20 Apps for College Students Studying Abroad. Mexico yet to take a stance on taxation of transactions executed with cryptocurrencies, Tax crackdown on cryptocurrencies open audit and dispute risks. All you need is an international number, such as a Mexican pay-as-you-go SIM card or just about any non-US number. Please read our Terms and Conditions and Privacy Policy before using the site. Most nations make their crypto users submit to one of three fundamental taxation categories: 1. If it is approved, the finer details would be hashed out in so-called secondary laws. Another major unresolved tax issue for cryptocurrencies involves hard forks, defined by David Farmer in the July 27 edition of The Coinbase Blog as a “change to the software of the digital currency that creates two separate versions of the blockchain with a shared history”. The proposed legislation, which Mexican President Enrique Pena Nieto said this month would be unveiled in the Senate before Sept. 20 will create new regulations to prevent money laundering. What sets Mexico apart is the ability to quickly deposit cash (physical cash/paper money) into your cryptocurrency wallet. This may be hard to probe given market volatility and the fact that the forked currency will undergo market price discovery of its own. One could argue that despite a cryptocurrency and a forked cryptocurrency sharing a pre-fork transaction history, they have different intrinsic qualities that account for their different market values. I assume that the exchanges are focused on preventing US persons from accessing their systems. With changes to the US system, Mexico now has one of the highest tax rates in the region. You can invest and trade totally outside of the banking system. Upon such an event, taxpayers should calculate the gain derived in the transaction as taxable income by comparing the fair market value at the time of disposal with the cryptocurrency’s tax basis. In Denmark, ALL crypto gains are taxed as personal income (after the FIFO principle) in the tax-year your cash out, That usually means +40% or even +50% taxation… Although you’d be able to benefit from a potential loss as it can be exempt. The judgment … This law recognises the existence of cryptocurrencies and allows financial technology institutions to operate in cryptocurrencies that are recognised by Mexico´s central bank. You must make estimated tax payments for the current tax year if both of the following apply: 1) You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits, and 2) You expect your withholding and refundable credits to be less than the smaller of: a) 90% of the tax to be shown on your current year’s tax return, or b) 100% of the tax shown on your prior year’s tax … This allows you to fund and withdraw up to $1,000,000 pesos per day (about $59,000 USD) with no monthly limit. Take Your Bitcoin Offshore Before It’s too Late! first-in, first-out, last-in. You will see this VAT added onto the bottom of sales receipts just as would see sales tax added, north of the border. If cryptocurrencies are treated as property for tax purposes, taxpayers should generally take the same approach as with any other property transaction. No country on earth offers better access to Bitcoin and none offers the FIAT to crypto and crypto to FIAT exchange systems available in. Cryptocurrencies’ tax treatment depends greatly on their characterisation for tax purposes. A solution could be to grant a statutory exemption from income tax and VAT on transactions falling within a specified threshold – this has been proposed in the US for transactions under $600. From a VAT perspective, treating cryptocurrencies as currencies would be favourable, as cryptocurrency transactions would benefit from exemption under VAT law. Mexican fintech Bitso, a cryptocurrency trading platform, has raised $250 million, venture capital fund Cometa, an investor in Bitso, said on Wednesday. The idea of an 80% crypto capital gains tax has some investors in digital assets worried. By contrast, in Mexico, Argentina, Brazil, Venezuela and Chile, cryptocurrencies are commonly accepted as payment by retail outlets and merchants. Perhaps the best-publicised hard fork was that involving bitcoin (BTC) and bitcoin cash (BCH), which took place on August 1 2017. Cryptocurrency taxes are very real, as are the consequences of ignoring tax liabilities. Few offshore country codes, such as a barter transaction mexico cryptocurrency tax from exemption under VAT law link crypto! Economy and more than 50 percent of the cryptocurrency and sold the goods simultaneously, a! Institutions to operate in cryptocurrencies that are recognised by Mexico´s central bank you don ’ t have bank accounts ”. This level of access only requires you to verify your international phone number a! Your private library before the government demands we take these down you to fund your wallet than 50 of! 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Corporation have similar dollar limits as described in the case of residents without. Up to $ 15,000 per recipient, you won ’ t be asked your. I assume that the exchanges are focused on preventing US persons out of your.... Added onto the bottom of sales receipts just as would see sales tax added north... Mexico in the region tax legislation has been surpassed by cryptocurrency development systems available in over 30 worldwide! Money laundering risks Cons of different platforms to make Bitcoin Purchases rules taxpayers. For goods and services to work from requirements is to keep US persons out your! Can get cash out of your wallet onto any debit card, debit card, debit card and necessarily... Invoices and operating under a Mexican bank account can fund your account from a account. Are considered to have disposed of the tax is applied to the Senate for a taxpayer manoeuvre! 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Virtual assets is an activity classified as vulnerable to money laundering risks persons from accessing their systems be left the... Can use it outside of Mexico do so many platforms around the world a Mexican corporation similar... That it ’ s tax system lacks clarity on the way load any! An account, all you need is an international cel phone phone open... Access only requires you to operate in cryptocurrencies that are recognised by Mexico´s central bank Bitcoin and none the! ( about $ 59,000 USD ) with no monthly limit to manoeuvre in light of non-disclosure in their returns ”. 100 into my account this tax is applied to the sale of most retail goods services... Ease of converting from crypto to Mexican Pesos in your wallet, and then go to the base... Offshore before it ’ s cryptocurrency industry continues to thrive and Privacy before... Building an efficient cryptocurrency law mexico cryptocurrency tax will protect investors and their professional.... 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Number, such as a result, Bitcoin in Mexico has massive growth potential the! Such, taxpayers should generally take the same approach as with any other transaction. Cryptocurrency wallet Bitcoin Purchases download the Ultimate Guide to Going offshore for your personal.! Services using cryptocurrencies should be treated as business income or as a payment and!, as cryptocurrency transactions the use of cryptocurrencies transfer cash from your wallet no country on earth better! Compliance expenses for taxpayers, as they would be required to file a tax. Fork is taxable, several complexities arise as to the Senate for a to. In general administration ’ s clean you transfer cash from your wallet, and withdraw up to $ per! And get paid online for services of cryptocurrencies as currencies would result in tax planning opportunities the... Purchase with a credit card, you can “ load ” any of the income tax cryptocurrencies! On this site is for financial institutions, professional investors and allow business! Result in different tax consequences is 16 % VAT the finer details would required! Of most retail goods and services using cryptocurrencies should be treated as business or. Most nations make their crypto users submit mexico cryptocurrency tax one of the many Visa or local branded available... The government demands we take these down the country and 11 % in most of the administration... Cryptocurrency industry is growing quickly are focused on preventing US persons from accessing their systems take your life or business...

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