Revolut launches a service that allows users to download a tax report for cryptocurrencies
The popular fintech application has established cooperation with the Koinly platform.
In the near future, Revolut will provide its users with the ability to fully automatically download a report for tax purposes in the field of cryptocurrencies. This will happen thanks to a strategic partnership with the Koinly platform, which offers software tools in this field. This move comes as digital currencies are increasingly falling within the remit of global tax authorities.
Revolut partners with Koinly
A popular digital service provider that allows, among others, the purchase and sale of cryptocurrencies, announced a new strategic partnership, thanks to which its users will be able to automatically generate reports on virtual currencies for tax purposes.
The cooperation mentioned above was concluded with the Koinly platform. This company offers free software to calculate taxes on digital currencies. The result of this partnership will be that Revolut users will be able to synchronize the history of cryptocurrency transactions to speed up and improve the calculation of tax reports.
Jane McEvoy, who is a representative of Koinly, recently revealed to the media that the partnership has been underway since early 2023. What's more, the company currently cooperates with over 50 different financial partners from around the world. Therefore, the company supports a global group of users with diverse preferences and tax requirements in the area of digital currencies.
Tax authorities are constantly planning regulation in the cryptocurrency sector
Koinly Tax Manager Danny Talwar recently stated that the use of automated software tools to calculate cryptocurrency tax reports is becoming more accessible and popular amid the growing interest in this area from tax authorities.
For many investors using numerous trading platforms and cryptocurrency wallets, keeping records for tax purposes is currently relatively burdensome. Automated development tools aim to solve this issue.
Revolut currently serves over 28 million users in several countries around the world. At the end of 2018, the company obtained official permission to offer digital currency products and services in the UK. This license was granted by the UK Financial Conduct Authority.