- The partnership will improve tax reporting procedures in the cryptocurrency industry, which will simplify things for users.
- Other countries are now setting up tax reporting measures as crypto adoption continues to grow.
- The collaboration will offer automation and efficiency in taxation reports in the crypto market.
Crypto.com has just announced that it is collaborating with three major tax providers, namely; Token Tax, CryptoTrader Tax, as well as CoinTracker. The three partnering tax providers offer wholesome tax preparation services.
With the continuous adoption of cryptocurrency and blockchain technology, countries have started setting up tax reporting procedures for participants in the industry. For instance, the United States’ Internal Revenue Service requires that crypto traders and other stakeholders claim cryptocurrency on tax filing documents. On a similar note, some other countries have adopted similar strategies regarding taxation policies on cryptocurrency.
The partnership will make reports on crypto holdings easier
According to Crypto.com, the collaboration with these tax providers will make reports on crypto-assets for different jurisdictions much easier. It will also expand the portfolio of services offered by the Crypto.com platform.
The partners will provide users the opportunity of importing their historical crypto transactions within the Crypto.com network. With this, it will be easy to get the required tax reports just by clicking a button.
Once the reports are generated, they can be sent to tax filling software platforms or taken to tax professionals for further actions.
According to the Chief Operating Officer of CoinTracker, Chandan Ladha, “We’re extremely excited to be partnering with Crypto.com, a market-leading global cryptocurrency platform.”
He also pointed out that collaboration will help them achieve one of the most difficult things in the industry. It will bring the company closer to making the tracking of cryptocurrency portfolio and taxes easier and accessible for everyone.
The collaboration will bring automation and efficiency
Chief Executive Officer of TokenTax, Zac McClure, also commented on the development. He said with the partnership, users can now get answers for special tax situations in the crypto space. He pointed out that they can use TokenTax for matters on taxation reports on crypto transactions.
While responding to the development, Chief Executive of CryptoTrader.Tax, David Kemmerer, said the team is also happy to collaborate with Crypto.com to bring an automated and efficient crypto tax reporting system to users. He said the collaboration shows that Crypto.com is still the leader in the industry. He also revealed that his team has pledged to bring its own experience and expertise in tax reporting to make sure all parties realize the goal of the project.