Apr 28, 2023
Revolut Integrates Automated Crypto Tax Reporting
As the world of cryptocurrency continues to expand, global tax authorities are beginning to take notice. To help its users navigate the increasingly complex world of cryptocurrency taxes, digital financial services provider Revolut has partnered with cryptocurrency tax solution Koinly to provide automated tax reporting.
The partnership between Revolut and Koinly has been in the works since early 2023, and Koinly’s global head of partnerships Jane McEvoy is thrilled to have the opportunity to work with such a well-known and reputable company.
Koinly’s head of tax Danny Talwar has also noted the importance of cryptocurrency tax services, especially as tax authorities around the world become more aware of the sector. Talwar has highlighted the importance of utilizing tax loss harvesting, a strategy that helps taxpayers reduce their tax liabilities by taking advantage of depressed cryptocurrency markets.
Revolut currently serves over 28 million users across several jurisdictions worldwide, and the digital bank has been offering cryptocurrency custody services since December 2017. The fintech firm has since expanded its services around the world in conjunction with regulatory compliance processes in various countries, including receiving the green light from the United Kingdom’s Financial Conduct Authority to offer cryptocurrency products and services in the country.
The partnership between Revolut and Koinly is the latest example of the increasing importance of crypto tax services, as well as the need for financial institutions to stay up to date with the latest trends in the web3 space.
In addition to providing automated tax reporting, Revolut and Koinly are also looking to explore new ways to promote and market NFTs (non-fungible tokens). They are currently looking for a web3 agency to help them create and implement a comprehensive NFT marketing strategy that includes Twitter NFT marketing and other forms of promotion.
The partnership between Revolut and Koinly is a step in the right direction for cryptocurrency users looking to stay on top of their taxes, as well as those looking to sell NFTs. As the web3 space continues to grow, these types of partnerships will become increasingly important in ensuring that users stay compliant with tax regulations.
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