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- Tax reports for cryptocurrency transactions will be automatically synchronized with Koinly.
- The partnership has been in development since early 2023.
As tax authorities globally increase their oversight of the cryptocurrency industry, the fintech company Revolut has introduced an automated tax reporting feature for its users.
The fintech organization has partnered with Koinly, a cryptocurrency tax solution provider, to enable its users to generate cryptocurrency tax reports that assist in calculating capital gains and losses. Tax reports for crypto transactions conducted through Revolut will be automatically synchronized with Koinly.
Multiple Jurisdictions Included
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The partnership has been in development since early 2023, as stated by Jane McEvoy, global head of partnerships at Koinly. The service integrates with over 50 global partners, allowing the company to cater to clients across various jurisdictions with differing cryptocurrency tax laws.
Danny Talwar, head of tax at Koinly, remarked that as tax authorities worldwide intensify their focus on the sector, an increasing number of individuals are utilizing crypto tax software.
Previously, Talwar highlighted the importance of crypto tax services for enabling Americans to engage in “tax loss harvesting.” In advance of the April 2023 U.S. tax deadline, Talwar encouraged taxpayers to leverage the current downturn in the cryptocurrency market.
Since acquiring a banking license in Lithuania in late 2018, Revolut has expanded its services to over 28 million customers across various countries. Customers of the digital bank have had access to cryptocurrency custody services since December 2017.
Consequently, the fintech company has broadened its services internationally while adhering to regulatory compliance in multiple jurisdictions. This includes receiving authorization from the Financial Conduct Authority in September 2022 to offer crypto products and services in the United Kingdom.
