Revolut faucets Koinly for cryptocurrency tax stories

As cryptocurrencies more and more fall beneath the purview of world tax authorities, digital financial institution Revolut has built-in an automatic tax reporting service for its customers.

The digital monetary providers supplier has partnered with cryptocurrency tax answer Koinly to permit customers to generate cryptocurrency tax stories to work out positive factors and losses. Revolut customers will have the ability to synchronize their cryptocurrency transaction historical past with Koinly to expedite tax calculations.

A reduction on the service is being supplied to new Koinly clients, with the onboarding course of facilitated by means of the Revolut cell app.

Revolut serves over 18 million customers throughout a variety of completely different jurisdictions all over the world following the acquisition of a banking license in Lithuania in late 2018. The digital financial institution has been providing cryptocurrency custody providers since Dec. 2017.

The fintech agency has since expanded its providers all over the world along with regulatory compliance processes in varied nations. This consists of receiving a greenlight from the UK’s Monetary Conduct Authority (FCA) in Sep. 2022 to supply cryptocurrency services and products within the nation.

Related: Study claims 99.5% of crypto investors did not pay taxes in 2022

Koinly’s head of tax Danny Talwar beforehand highlighted the importance of cryptocurrency tax providers in serving to residents in the USA make the most of ‘tax loss harvesting’.

Chatting with Cointelegraph ahead of the U.S. tax deadline in April 2023, Talwar mentioned that taxpayers would do nicely to make the most of depressed cryptocurrency markets to scale back their tax liabilities.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips