As cryptocurrencies increasingly fall under the control of global tax authorities, digital bank Revolut has integrated an automated tax filing service for its users.
The digital financial services provider has partnered with cryptocurrency tax solution Koinly to allow users to generate cryptocurrency tax reports to calculate profits and losses. Revolut users will be able to sync their cryptocurrency transaction history with Koinly to speed up tax calculations.
Koinly's global head of partnerships, Jane McEvoy, tells Cointelegraph that the partnership has been a work in progress since early 2023. The service works with more than 50 different partners around the world, which has allowed the company to serve a wide range of users. with different cryptocurrency tax preferences and requirements.
Koinly's head of tax, Danny Talwar, added that the use of crypto tax software is becoming increasingly popular as tax authorities around the world zero in on the sector.
โMany cryptocurrency traders have multiple exchanges and wallets, which means keeping tax records is a nightmare. With stringent and onerous record keeping requirements globally, crypto tax software saves time and automates tax filing.โ
Talwar previously stressed the importance of cryptocurrency tax services to help US citizens take advantage of the "tax loss harvest." Talking to Cointelegraph before the US tax deadline. In April 2023, Talwar said that taxpayers would do well to take advantage of depressed cryptocurrency markets to reduce their tax liabilities.
Related: A study claims that 99.5% of cryptocurrency investors did not pay taxes in 2022
Revolut serves more than 28 million users in various jurisdictions around the world following the acquisition of a banking license in Lithuania at the end of 2018. The digital bank has been offering cryptocurrency custody services since December 2017.
Since then, the fintech firm has expanded its services around the world along with regulatory compliance processes in various countries. This includes getting a green light from the UK Financial Conduct Authority in September 2022 to offer cryptocurrency products and services in the country.
Magazine: Best and Worst Countries for Cryptocurrency Taxes, Plus Cryptocurrency Tax Tips
Post navigation
Previous Post
Here is how the NFT market fared in 2023 so far
