Revolut has formed a new partnership with Koinly to support its clients with crypto tax declaration.
Revolut and Koinly launch new crypto tax return support service
Global financial app Revolut has announced a new partnership with Koinly to support its clients in handling cryptocurrency tax return obligations.
Thanks to Koinly, a platform that offers globally recognized tax services, Revolut now offers a new service that simplifies and makes everything tax-related less stressful for its users.
And indeed, Revolut’s customers will be able to generate tax reports for whatever they need, related to cryptocurrencies held within the financial super-app, as well as in other wallets and trading platforms.
Not surprisingly, Koinly has the expertise to generate reports that integrate transactions with over 1,700 tokens, over 170 supported blockchains, over 100 wallets and is available in 34 markets.
This crypto tax reporting service adds to Revolut’s existing global app services, such as buying and selling over 100 tokens, testing and exchanging over 12 cryptocurrency collections, and the Learn & Earn crypto knowledge service.
Revolut: How does the new crypto tax return service work?
To use and access the new service, simply go to the Crypto section of the Revolut app, click on the link to Koinly’s platform, and complete the registration process via SSO (Single Sign-On).
After synchronizing the transactions made through Revolut, the customer will need to review the registered transactions and, upon check-out, will be informed of the cost of the service.
The final price paid by a client will vary depending on the number of crypto transactions made with Revolut or other platforms selected by the client, and includes a generous discount of up to 60%. Once it is paid for and downloaded, the customer will be able to use it to complete their tax return with the relevant tax authorities in their jurisdiction.
In this regard, Mazen Eljundi, Global Business Head of Crypto at Revolut said:
“Filing taxes for cryptocurrency and other digital assets is a challenge for many of our customers.
We searched for a solution that would seamlessly track, consolidate, and generate a tax report in a matter of minutes, in order to meet our customers’ needs.
We are confident that the crypto tax service offered through our partnership with Koinly will make this legally required activity easier, less stressful, and more accessible to all.
We want to be the most responsible provider of crypto services, helping our users to onboard to web 3 whilst building a safer and compliant eco-system in the crypto industry.
Compliance with applicable requirements is at the heart of everything we do at Revolut. This is a significant step towards empowering Revolut customers to meet their tax obligations.”
Tax management of crypto assets: there are still few dedicated tools
In Italy, with the recent financial law, it becomes of paramount importance on the one hand to plan the cash out, but on the other hand to be able to analytically reconstruct the past movements and historical value of one’s crypto.
This is a more accurate way of managing the tax aspect of crypto assets that can protect users and investors from audits by the IRS.
Much like Revolut, which tracks the movements made with all crypto assets so that with the new service it can do even more accurate tax reporting of accounts that would otherwise be done by hand.
And indeed, in today’s market, there are still few dedicated tools.
In addition to Revolut’s newly launched service, there is also Cryptobooks dedicated to Italian-only tax regulations. This app makes it possible to connect wallets and exchange accounts used by the user, in a single solution, so as to control and track all crypto held by the investor.
Source: https://en.cryptonomist.ch/2023/04/27/revolut-tax-return-crypto/