On Tuesday, payments and cryptocurrency platform Crypto.com made an important announcement. According to this announcement, Crypto.com was able to simplify the process of cryptocurrency tax reporting for its users. The platform formed a partnership with three tax providers.
Crypto.com collaborated with crypto tax calculator CoinTracker, as well as crypto tax software platform TokenTax. Another partner is the crypto tax reporting firm CryptoTrade.Tax.
As a result of this partnership, customers of cryptocurrency platform will be able to import their historical transactions from the platform. The next step is to import this data in one of the above-mentioned tax reporting platforms to generate necessary tax reports.
Users can send this information to tax professionals or transfer to tax filing software.
Crypto industry and authorities
Cryptocurrencies became more popular around the world. At the same time, owners of various cryptocurrencies have to comply with regulations. Moreover, they have to pay taxes and in this situation, it is not easy to deal with bureaucracy.
Last year, the U.S. Internal Revenue Service (IRS) started to ask cryptocurrency owners to amend their tax filings.
Furthermore, in the U.S. IRS issued its guidelines regarding the cryptocurrency tax reporting. As a result, roughly 150 million American taxpayers have to provide information. However, not every country decided to introduce such measures.
For example, in Germany, Bitcoin is not subject to any capital gains tax. Thus, owners do not have to worry about the topic.
Another news connected with cryptocurrency comes from the crypto exchange Bitfinex. This exchange implemented its proprietary market surveillance tool called “Shimmer”. The purpose of this tool is to tackle the problem related to market abuse on the platform. Moreover, the integration of Shimmer with its matching engine will allow Bitfinex to improve market integrity and visibility.
Thanks to Crypto.com and its partners the process of tax reporting will become much easier for the users.