- Tax filings for crypto transactions will be automatically synced with Koinly.
- The agreement has been in the works since the beginning of 2023.
With the cryptocurrency sector coming under the scrutiny of tax authorities throughout the world, the fintech company Revolut has added an automatic tax reporting tool for its customers.
The fintech firm has collaborated with Koinly, a cryptocurrency tax solution, to give its customers the ability to produce cryptocurrency tax reports that can be used to calculate capital gains and losses. Tax filings for crypto transactions made with Revolut will be automatically synced with Koinly.
Several Jurisdictions Covered
The agreement has been in the works since the beginning of 2023, according to Jane McEvoy, global head of partnerships at Koinly. More than 50 global partners are integrated into the service, allowing the business to meet the needs of customers in a variety of jurisdictions with varying cryptocurrency tax regulations.
Danny Talwar, head of tax at Koinly, noted that as tax authorities across the globe focus on the industry, more and more people are turning to crypto tax software.
Previously, Talwar emphasized the value of crypto tax services for enabling Americans to engage in “tax loss harvesting.” Ahead of the April 2023 U.S. tax deadline, Talwar advised taxpayers to take advantage of the current bear market in cryptocurrencies.
Since obtaining a banking license in Lithuania in late 2018, Revolut has expanded to serve more than 28 million customers in a variety of countries. Since December 2017, customers of the digital bank have had access to cryptocurrency custody services.
As a result, the fintech company has grown its services internationally in tandem with regulatory compliance procedures in several jurisdictions. Among them is being given permission to sell crypto goods and services in the United Kingdom by the Financial Conduct Authority in September 2022.
