- Koinly and Revolut have partnered to automatically sync tax filings for cryptocurrency transactions.
- The deal was being discussed since the start of 2023.
Revolut has introduced a new tool to help its customers automatically report taxes for their cryptocurrency transactions, in response to increased scrutiny by tax authorities worldwide.
Revolut has teamed up with Koinly, a cryptocurrency tax service, to provide its customers with an automatic tax reporting tool. This tool will allow users to generate cryptocurrency tax reports to calculate their capital gains and losses. Koinly will automatically sync tax filings for crypto transactions made on the Revolut platform.
Several Jurisdictions Covered
Jane McEvoy, who is the global head of partnerships at Koinly, said that the agreement between Revolut and Koinly has been in progress since the beginning of 2023. Koinly has over 50 partners globally, which helps the company cater to the needs of customers in different jurisdictions that have different cryptocurrency tax regulations.
Danny Talwar, who is in charge of tax matters at Koinly, mentioned that since tax authorities around the world are paying attention to the cryptocurrency industry, an increasing number of people are using tax software for crypto.
Earlier, Talwar highlighted the benefits of using crypto tax services to perform “tax loss harvesting,” which can help Americans save on their taxes. Before the U.S. tax deadline in April 2023, Talwar encouraged taxpayers to make use of the current decline in cryptocurrency prices.
Revolut is a digital bank that got a banking license in Lithuania in 2018. It has grown to serve over 28 million customers in various countries. Revolut started offering cryptocurrency custody services to its customers in December 2017.
Revolut has expanded its banking services to serve customers in different countries, including cryptocurrency custody services since December 2017. To comply with regulations in various jurisdictions, the company has grown its services internationally. One example is receiving permission from the UK Financial Conduct Authority in September 2022 to sell cryptocurrency goods and services in the country.