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Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users.
The fintech company Revolut has incorporated an automated cryptocurrency tax reporting service for its users as cryptocurrencies come under the scrutiny of international tax authorities more frequently.
To enable users to create Bitcoin tax reports and calculate gains and losses, the supplier of digital financial services has teamed with cryptocurrency tax solution Koinly. To speed up tax calculations, Revolut customers can synchronise their Bitcoin transaction history with Koinly.
According to Jane McEvoy, worldwide head of partnerships at Koinly, the alliance has developed since the beginning of 2023. The service collaborates with more than 50 partners globally, allowing the business to serve diverse users with various tax preferences and cryptocurrency needs.
The use of crypto tax software is growing in popularity as tax authorities worldwide focus on the industry, according to Koinly’s head of tax Danny Talwar.
“Many crypto traders have multiple exchanges and wallets, meaning keeping tax records are a nightmare. With strict and onerous record keeping requirements globally, crypto tax software saves time and automates tax reporting.”
Talwar has previously emphasised the significance of bitcoin tax services for assisting Americans to benefit from “tax loss harvesting.” Before the April 2023 U.S. tax deadline, Talwar said taxpayers would be wise to use the weak cryptocurrency markets to lower their tax obligations.
After obtaining a banking licence in Lithuania in late 2018, Revolut now serves more than 28 million consumers in several countries worldwide. Since December 2017, the digital bank has provided cryptocurrency custody services.
With the help of numerous national regulatory compliance procedures, the fintech company has subsequently globalised its services. This includes obtaining approval from the UK’s Financial Conduct Authority in September 2022 to provide Bitcoin goods and services there.
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