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Crypto.com Partners with Leading Tax Providers to Simplify Reporting Process

Crypto.com, a pioneering payment and cryptocurrency platform, has partnered with three reputable tax providers–Token Tax, CryptoTrader Tax, and CoinTracker for simplified tax reporting with the click of a button. This decision was made following requests by the Crypto.com community to be tax compliant.

Crypto adoption escalates

Cryptocurrencies are continuously being embraced across the globe based on their decentralized nature, interest in the crypto space is growing, as shown by the skyrocketing of Bitcoin searches on Baidu and Google.

This upward trend in the crypto space has necessitated relevant government agencies worldwide to necessitate tax reporting on cryptocurrencies. Individuals are required to claim cryptocurrency on tax filing documents by the US Internal Revenue Service.

Recently, the UK Tax Authority, Her Majesty’s Revenue and Customs (HMRC) updated its guidelines pertaining to crypto taxation. Companies involved buying or selling tokens were liable to tax.

Crypto.com has, therefore, heeded the call of tax filing as the forged agreement will make reporting of crypto holdings for various jurisdictions easier.

Tax reporting in the fast-paced crypto sector

Through the strategic collaboration, Crypto.com users will be able to export their historical crypto transactions to the respective platforms for the generation of the required tax reports in just a click of a button. Later on, these reports can be sent to tax filing software solutions or will be made available to a tax professional.

Kris Marszalek, CEO and co-founder of Crypto.com added, “You can’t escape death and taxes, might as well attempt to make the latter as seamless as possible. We’re thrilled to partner with leading players in this space to simplify the reporting process for Crypto.com users.”

Simplified tax reporting is a significant milestone in the crypto space based on the creation of a conducive working environment. In October 2019, crypto tax payments started being permitted in Bermuda using a stablecoin called USD Coin (USDC).

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Cash App Integrates TaxBit for Streamlined Crypto Tax Reporting

Cash App, a mobile payments processor, has integrated tax and accounting software provider TaxBit into its platform to streamline the tax reporting process for Bitcoin users. The integration, which was announced by both companies, allows Cash App users to track their Bitcoin transactions for tax purposes using TaxBit’s platform. TaxBit’s chief operating officer, Lindsey Argalas, stated that their platform simplifies tax reporting for anyone who has integrated digital assets into their investment portfolio.

Cash App launched its Bitcoin trading services in 2018 and introduced BTC deposits the following year. As of now, the company boasts over 10 million Bitcoin users. Its parent company, Block Inc., has generated billions of dollars in Bitcoin revenue over the years. Block Inc. reported $1.96 billion in Bitcoin revenue during the fourth quarter of 2021, according to United States Securities and Exchange filings.

TaxBit, on the other hand, launched TaxBit Network in 2022, which provides crypto traders free tax forms. The industry consortium was launched with over a dozen U.S.-based companies, including PayPal, Coinbase, Binance.US, Paxos, and Gemini. The aim of TaxBit Network is to simplify tax reporting for cryptocurrency traders and investors.

The Internal Revenue Service (IRS) of Washington has set January 23 as the start of the 2022 tax filing season, giving most taxpayers until April 18 to file and pay their taxes owed. In January, the IRS reminded taxpayers of their crypto income reporting obligations, including capital gains from trading, mining, and staking activities.

The integration of TaxBit into Cash App’s services comes as more companies are exploring the potential of cryptocurrency and blockchain technology. As the popularity of digital assets continues to grow, regulators and tax authorities are paying closer attention to the tax implications of crypto investments. Platforms like TaxBit can help investors and traders stay on top of their tax obligations and avoid any potential legal issues.

In conclusion, the integration of TaxBit into Cash App’s services is a positive step for the cryptocurrency industry. It provides a more efficient and streamlined way for Bitcoin users to manage their tax obligations. As the industry continues to evolve, we can expect to see more developments aimed at making crypto investments more accessible and easier to manage.

Revolut Integrates Crypto Tax Service

An automatic tax reporting solution for bitcoin transactions has been incorporated by Revolut, a digital financial services firm that has more than 28 million customers throughout the globe. The financial technology company has formed a partnership with the cryptocurrency tax solution provider Koinly in order to simplify the tax filing process for its customers. Users of Revolut who have their accounts integrated with Koinly will have the ability to produce cryptocurrency tax reports, which will make it possible for them to assess profits and losses based on their bitcoin transactions. This will make the often complicated process of filing taxes easier, particularly for those who have more than one cryptocurrency exchange and wallet.

As a result of the increased attention that tax authorities all over the globe are paying to the cryptocurrency industry, more and more people are turning to the usage of bitcoin tax software. Danny Talwar, the head of tax at Koinly, pointed out that many cryptocurrency traders have many exchanges and wallets, which makes it very difficult to maintain accurate records. Crypto tax software helps save time and automates tax reporting, which is especially helpful given the stringent and burdensome record-keeping rules that apply internationally.

Since December of 2017, Revolut has been providing bitcoin custody services, and the most recent addition to its cryptocurrency offerings is the inclusion of an automated tax reporting service. The regulatory permission for the digital bank has been obtained in a number of countries, including a banking license in Lithuania in late 2018. In September 2022, the United Kingdom’s Financial Conduct Authority granted the fintech company permission to sell bitcoin goods and services inside the nation after reviewing the company’s proposed plans.

The incorporation of the automated tax reporting service is a component of Revolut’s overall plan to grow its services all over the globe while adhering to the regulatory standards imposed by a variety of nations. Users of Revolut will find it much simpler and more convenient to comply with tax legislation and keep up with the rapidly shifting regulatory environment if they utilize tax reporting software.

In conclusion, the integration of Revolut with Koinly’s automated tax reporting service is a big step in simplifying the process of tax reporting for the cryptocurrency users of Revolut’s platform. Because of the continued expansion of the bitcoin industry and the accompanying rise in regulatory scrutiny, automated tax reporting solutions are quickly becoming an absolute must. This is a strong evidence of Revolut’s dedication to provide creative solutions that suit the increasing demands of its consumers, and the decision to offer this service to Revolut’s users is a clear indicator of that commitment.

CoinLedger Joins Forces with MetaMask for Streamlined Crypto Tax Reporting

CoinLedger, a prominent cryptocurrency tax software company, has announced a strategic partnership with MetaMask, the widely-used Web3 self-custody wallet. This collaboration aims to introduce automatic tax reporting features to the MetaMask Portfolio, thereby reducing the burden of tax calculations for its users.

The partnership emerges at a critical time when the Internal Revenue Service (IRS) and other global tax authorities are tightening regulations on cryptocurrency transactions. As the crypto ecosystem matures, regulatory compliance has become a key focus, with tax reporting being an essential aspect for every crypto investor. CoinLedger’s integration with MetaMask is poised to make the process more efficient by automating the generation of necessary tax documents based on users’ transaction histories.

Crypto tax reporting can be a daunting task due to the complexity of transactions that can include trades, swaps, staking rewards, and more. With CoinLedger’s expertise in tax software, users of MetaMask Portfolio will be able to track their transactions seamlessly and generate real-time tax reports. This feature not only aims to ensure compliance with tax laws but also helps users make informed decisions by understanding the tax implications of their trades.

MetaMask, developed by ConsenSys, is a leading gateway to decentralized applications (dApps) on various blockchains, and its Portfolio service allows users to manage their digital assets across different accounts and networks. The integration of CoinLedger’s tax reporting tools represents a significant step in making MetaMask a more comprehensive platform for managing crypto assets.

The collaboration is indicative of a broader trend in the cryptocurrency space where service providers are actively seeking to reduce the barriers to entry for new users and increase the convenience for existing ones. By addressing one of the most pressing concerns for crypto investors – tax reporting – CoinLedger and MetaMask are contributing to the overall growth and accessibility of the cryptocurrency market.

Additionally, this partnership reflects the increasing intersection between decentralized finance (DeFi) and traditional financial systems, where regulatory compliance is becoming an integral part of the user experience. As the crypto industry continues to evolve, partnerships that streamline and simplify essential processes, like tax reporting, are likely to become more commonplace.

While this move has been welcomed by many in the crypto community, it also highlights the importance of privacy and data security. Both CoinLedger and MetaMask will need to ensure that users’ financial data remains secure while providing these new services. As the integration progresses, it will be critical to maintain the trust of users by upholding high standards of security and privacy.

In conclusion, the partnership between CoinLedger and MetaMask is a testament to the industry’s commitment to simplifying the user experience and ensuring compliance with emerging regulations. As the crypto ecosystem continues to integrate with traditional financial systems, such collaborations may set the standard for future developments in the sector.