As cryptocurrencies face increasing regulation by global tax authorities, Revolut, a fintech company, has collaborated with Koinly to integrate an automated tax reporting service for its users. Revolut users can now generate cryptocurrency tax reports using Koinly to calculate gains and losses quickly. By synchronizing their cryptocurrency transaction history with Koinly, Revolut users can expedite their tax calculations.
Koinly’s Head of Partnerships, Jane McEvoy, explains that the partnership has been a work in progress since the start of 2023. Koinly can cater to a diverse range of users with different cryptocurrency tax preferences and requirements, thanks to its partnership with over 50 different organizations worldwide.
Koinly’s Head of Tax, Danny Talwar, stated that cryptocurrency tax software is becoming increasingly popular as tax authorities worldwide focus on the industry. He also emphasized the usefulness of cryptocurrency tax services in helping US taxpayers take advantage of tax loss harvesting, a strategy that reduces their tax liabilities by using depressed cryptocurrency markets.
“Many crypto traders have multiple exchanges and wallets, meaning keeping tax records is a nightmare. With strict and onerous record-keeping requirements globally, crypto tax software saves time and automates tax reporting.”
Revolut is a digital bank that has been offering cryptocurrency custody services since December 2017. With its banking license in Lithuania in late 2018, the company now serves over 28 million users worldwide. The firm has expanded its services around the world, including receiving approval from the United Kingdom’s Financial Conduct Authority to offer cryptocurrency products and services in the country in September 2022.
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