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As cryptocurrencies increasingly come under the oversight of international tax authorities, digital bank Revolut has implemented an automated tax reporting feature for its users.
The digital financial services provider has collaborated with cryptocurrency tax solution Koinly to enable users to create cryptocurrency tax reports to calculate gains and losses. Revolut users will have the ability to synchronize their cryptocurrency transaction history with Koinly to streamline tax computations.
Koinly’s global head of partnerships, Jane McEvoy, informed Cointelegraph that the collaboration has been in development since the beginning of 2023. The service collaborates with over 50 different partners globally, allowing the company to accommodate a diverse array of users with varying cryptocurrency tax needs and preferences.
Koinly’s head of tax, Danny Talwar, noted that the adoption of crypto tax software is becoming more prevalent as tax authorities worldwide focus on the sector.
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“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 previously emphasized the significance of cryptocurrency tax services in assisting U.S. citizens in leveraging “tax loss harvesting.” In a conversation with Cointelegraph prior to the U.S. tax deadline in April 2023, Talwar mentioned that taxpayers could benefit from the current depressed cryptocurrency markets to lessen their tax obligations.
Related: Study claims 99.5% of crypto investors did not pay taxes in 2022
Revolut serves more than 28 million users across various jurisdictions globally, following the acquisition of a banking license in Lithuania in late 2018. The digital bank has been providing cryptocurrency custody services since December 2017.
The fintech company has since broadened its services worldwide in alignment with regulatory compliance measures in different countries. This includes receiving approval from the United Kingdom’s Financial Conduct Authority in September 2022 to offer cryptocurrency products and services within the country.
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