As cryptocurrencies increasingly fall under the purview of global tax authorities, digital bank Revolut has integrated an automated tax reporting service for its users.
The digital financial services provider has partnered with cryptocurrency tax solution Koinly to allow users to generate cryptocurrency tax reports to work out gains and losses. Revolut users will be able to synchronize their cryptocurrency transaction history with Koinly to expedite tax calculations.
A discount on the service is being offered to new Koinly customers, with the onboarding process facilitated through the Revolut mobile app.
Revolut serves over 18 million users across a number of different jurisdictions around the world following the acquisition of a banking license in Lithuania in late 2018. The digital bank has been offering cryptocurrency custody services since Dec. 2017.
The fintech firm has since expanded its services around the world in conjunction with regulatory compliance processes in various countries. This includes receiving a greenlight from the United Kingdom’s Financial Conduct Authority (FCA) in Sep. 2022 to offer cryptocurrency products and services in the country.
Related: Study claims 99.5% of crypto investors did not pay taxes in 2022
Koinly’s head of tax Danny Talwar previously highlighted the importance of cryptocurrency tax services in helping citizens in the United States take advantage of ‘tax loss harvesting’.
Speaking to Cointelegraph ahead of the U.S. tax deadline in April 2023, Talwar said that taxpayers would do well to take advantage of depressed cryptocurrency markets to reduce their tax liabilities.
Magazine: Best and worst countries for crypto taxes — plus crypto tax tips