Leading cryptocurrency exchange Binance has announced the launch of a tax estimating tool that will help users stay on top of their cryptocurrency transactions for tax reporting purposes.
The tool, Binance Tax, lets its users download a tax summary report, which includes any gain or losses which have occurred throughout the year in their Binance account. The data includes spot trades, cryptocurrency donations, and rewards from blockchain-based forks.
According to Binance, the new tool is being launched in response to a growing number of user inquiries regarding their tax liabilities, and is currently in a pilot phase in France and Canada, before it rolls out to other markets.
While the tool is currently only available for information on Binance, the firm says it’s looking to integrate it with other platforms in the industry in the future. It’s worth noting that other exchanges, including Coinbase, offer similar solutions.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/feb/06/