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.