Crypto.com Now Offers Free Crypto Tax Calculator in Germany
The Crypto.com cryptocurrency exchange makes it easier for crypto investors in Germany to meet their tax obligations.
After the smooth launch of its “Crypto.com Tax” service in the United States, Canada, Australia and the United Kingdom, the Hong Kong-based platform is rolling out it in Europe, and other markets will follow under little.
Now, cryptocurrency investors in Germany can import their transaction records from over 20 supported wallets and exchanges via CSV files or using API sync.
As the adoption of crypto continues to grow, many jurisdictions around the world have made tax reporting on virtual currencies mandatory. This ruling highlights how concerned regulators are not only about tackling cryptocurrency crimes, but also about prosecuting those who use the digital asset class to hide their wealth or avoid paying taxes. .
This is nothing new, but it has become a bit complicated in recent months as a booming market has made some crypto dealers into millionaires practically overnight.
With its country-specific calculation formulas, Crypto.com Tax simplifies the entire process of reporting complex crypto taxes. This completely free service allows users to generate well-organized crypto tax reports, which can then be downloaded for tax reporting.
Crypto.com claims to have worked with professional tax advisers to ensure that the calculation logic complies with the guidelines and laws available for filing crypto taxes in each supported jurisdiction.
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“Crypto.com Tax makes it easy and free to calculate complex cryptographic taxes. This tool allows users to quickly generate organized reports, including transaction history and records of capital gains and losses. Crypto.com Tax provides users with an estimate of taxable crypto gains / losses instantly based on the share pool calculation method on the relevant crypto transactions, which can then be downloaded in any format they choose ”, the scholarship said.
Crypto.com launched its own crypto tax calculator in March 2021. Canada was its first supported jurisdiction, followed by the United States and now Europe, with plans to expand to other markets. .
While the popular exchange and payments platform hasn’t revealed which jurisdiction is next, it will likely focus on where the majority of its customers are located.
Founded in 2016, Crypto.com stands out as a one stop shop for all crypto transaction needs. Now, in order to apparently avoid tax reporting requirements in many countries, they are offering their users a way to automate their tax reporting.
The digital asset exchange, which claims more than 10 million users worldwide, has had a very busy year pulling up sports sponsorships left and right. They have signed deals with European football giant Paris Saint-Germain, the Ultimate Fighting Championship (UFC), Formula 1 racing, the Italian Lega Serie A and the IIHF hockey world championship, among others.