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.


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Binance Australia partners with Koinly for tax reports as ATO ramps up compliance

The Australian branch of leading cryptocurrency exchange Binance has increased the ability for users to accurately report tax liabilities amidst increased pressure from local tax authorities.

Binance has partnered with cryptocurrency tax startup Koinly to assist users grappling with ever-increasing tax obligations down under. Binance users in Australia have been offered access to Koinly’s tax reporting solution through the integration.

Koinly was founded in 2018 and supports over 600 exchanges and wallets, enabling users to sync their full crypto trading history with one central ATO-compliant platform.

The move comes as the Australian Tax Office (ATO) increases its effort to collect taxes on cryptocurrency gains. In July last year, the ATO targeted 350,000 crypto asset investors and holders with a letter regarding undeclared cryptocurrency gains.

In May 2021, the ATO doubled down with its efforts, reminding 100,000 Australian crypto users to report all gains on their tax returns — with a further 300,000 people expected to be prompted to do so as they lodge their returns. It estimated that there are over 600,000 taxpayers that have invested in crypto-assets in recent years. The ATO uses data matching with exchanges to identify users who may have tax bills.

In an announcement shared with Cointelegraph, Koinly founder Robin Singh explained:

“The ATO is collecting bulk records data from Australian crypto exchanges and comparing it to amounts entered on previous tax returns. Failure to declare crypto gains can attract a penalty of 75% of the outstanding tax liability.”

Binance is also increasing its educational efforts down under by hosting an end of financial year tax masterclass in collaboration with Koinly on July 22.

Related: Two-fifths of Aussie millennials think crypto investments beat real estate

Sam Teoh, of Binance Australia, stated that the crypto community has voiced their concern around tax compliance, adding “with approximately one in six Australians investing in crypto, taxpayers and tax agents alike are on a steep learning curve.”

Australians are not the only ones coming under the watchful eye of the taxman. In late May, the U.S. Treasury proposed crypto transactions over $10,000 be reported to the Internal Revenue Service.


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