Key Takeaways

  • New Vision (VSN) Token: Bitpanda introduces Vision (VSN), a unified Web3 token replacing BEST and Pantos.
  • Token Migration, Not a Swap: The merge is tax-neutral and treated as a Token Migration event—there is no taxable acquisition.
  • Tax-Free Legacy Status Remains: If your BEST or PAN tokens qualify as legacy (pre-2021) assets, they retain their tax-free status.
  • Proper Labeling in Blockpit: Using the Token Migration label correctly transfers acquisition data and avoids triggering taxable events.

Table of Contents

  1. What is the Vision Token?
  2. What does the BEST & Pantos Merge involve?
  3. How is the Token Migration handled for tax purposes?
  4. Do my tax-free legacy tokens remain tax-free?
  5. How to record the merge correctly in Blockpit
  6. How are fees handled in Token Migrations?
  7. Conclusion: Ensuring tax neutrality during token merges

1. What is the Vision Token?

With Vision (VSN), Bitpanda is launching a new Web3 token that unites the utilities of BEST and Pantos (PAN). Vision will:

  • Unlock features and rewards on Bitpanda,
  • Act as a gas token within the Vision Protocol,
  • Be governed by the independent Vision Web3 Foundation.

Exchange rates are based on a 30-day average closing price:

  • 1 BEST = 4.91 VSN
  • 1 PAN = 0.89 VSN

Trading for BEST and PAN will be disabled shortly before VSN goes live. The token conversion will be automatic.

2. What does the BEST & Pantos Merge involve?

This is not a traditional swap or sale. It’s a structured token migration, executed directly by Bitpanda.

From a tax perspective, this event is treated like a corporate action, not a taxable event. This means:

✅ No disposal
 ✅ No capital gains
 ✅ No new acquisition for tax purposes

3. How is the Token Migration handled for tax purposes?

The migration is comparable to a reverse stock split or token redenomination.

➡️ Important:

This merge does not trigger a taxable disposal or acquisition.
 Your existing acquisition cost and holding period are carried over to the new VSN tokens.

📘 Legal reference:

  • Not a taxable swap under § 2 para 2 no. 2 EStG
  • No deemed acquisition under § 6 of the Austrian Kapitalmaßnahmen-VO
  • Historical acquisition costs must be apportioned to the newly merged tokens

4. Do my tax-free legacy tokens remain tax-free?

Yes – if you acquired BEST or PAN before March 1, 2021, those holdings qualify as legacy assets under Austrian law and are exempt from capital gains tax.

Since the merge is not considered a disposal or a new acquisition, your tax-free status remains intact.

Your holding period and original acquisition data are preserved through the Token Migration process.

5. How to record the merge correctly in Blockpit

To ensure your reports reflect this correctly, use the “Token Migration” transaction label in Blockpit.

Steps to record a Token Migration manually:

  1. Go to Transactions > + Transaction
  2. Enter the date and time (e.g., based on Bitpanda’s announcement on March 28, 2025)
  3. Select Transaction Label: Token Migration
  4. Input the outgoing asset (e.g., BEST or PAN) and the incoming asset (VSN) along with the respective amounts:
    • e.g. 1,000 BEST → 4,910 VSN
    • or 2,000 PAN → 1,780 VSN
  5. Add any applicable fees
  6. Click Save

🧠 Note:
 The Token Migration label is currently only available for crypto assets. For stocks or derivatives, use appropriate workarounds until full support is available.

6. How are fees handled in Token Migrations?

Case A – Fee paid in the outgoing asset:

  • Example: 1,000 PAN → 890 VSN, with 0.01 PAN as a fee
  • PAN withdrawal = 999.99 PAN
  • Fee recorded as a separate outgoing transaction

Case B – Fee paid in the incoming asset:

  • Example: 1,000 BEST → 4,910 VSN, with 10 VSN fee
  • Net incoming = 4,900 VSN
  • Fee recorded separately

Blockpit properly tracks these transactions and adjusts your taxable gains accordingly. Just make sure to label them correctly.

7. Conclusion: Ensuring tax neutrality during token merges

The launch of Vision (VSN) marks a significant milestone for Bitpanda and its users. For tax purposes, the key takeaways are:

  • The merge is a non-taxable corporate action
  • It does not result in a disposal or taxable gain
  • Legacy (tax-free) status is preserved, assuming proper documentation
  • The Token Migration label in Blockpit ensures accurate tracking of acquisition cost and holding periods

📌 Pro Tip: Use Blockpit to document token migrations properly and avoid unintentional tax events. Your acquisition data and holding periods remain intact – crucial for long-term planning.