Binance launches cryptocurrency taxation tool
The cryptocurrency exchange announced the creation of a new function that will facilitate the calculation of taxes on this asset
Binance, the world’s largest cryptocurrency exchange, has launched a tool to help its clients calculate and report their tax liabilities related to digital currency trading activity. The solution, called Binance Tax, is free and can support reporting of up to 100,000 transactions. Initially, it will be available to users in France and Canada.
Binance Tax allows you to import Binance transactions and make an estimate of clients’ tax liabilities, depending on the rules of your jurisdiction. The tool is easy to use and allows users to review all of their platform transactions on a single platform instead of having to do it manually.
The launch of Binance Tax comes at a time when countries around the world have introduced stricter requirements for the taxation of digital assets, such as a new tax regime in Italy that imposes a 26% tax on top crypto trading profits. to $2,000.
Binance Tax is in its early stages and currently only supports certain activities, such as spot trading, donations, and cryptocurrency rewards. The current version does not integrate with other platforms or wallets beyond Binance Wallet, but the company has announced plans to expand the tool to more markets and to integrate with other platforms in the future.
(Reference image source: file)
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