Digital bank Revolut has partnered with Koinly, a cryptocurrency tax solution, to integrate cryptocurrency tax report and calculation services for users.
As cryptocurrencies increasingly come under the jurisdiction of global tax authorities, Revolut has incorporated an automated tax reporting service for its customers.
The digital financial services provider has partnered with Koinly, a cryptocurrency tax solution, to enable users to generate cryptocurrency tax reports to calculate gains and losses. To accelerate tax calculations, Revolut users can synchronize their cryptocurrency transaction history with Koinly.
New Koinly clients receive a discount on the service, with the onboarding process facilitated by the Revolut mobile app.
After acquiring a banking license in Lithuania at the end of 2018, Revolut now serves more than 18 million customers in various countries. Since December 2017, the digital bank has offered cryptocurrency custody services.
Since then, the fintech company has expanded its services globally with regulatory compliance procedures in various countries. This includes obtaining approval from the Financial Conduct Authority of the United Kingdom in September 2022 to offer cryptocurrency-related products and services in the country.
Danny Talwar, the director of tax at Koinly, has previously emphasized the significance of cryptocurrency tax services in assisting U.S. citizens in taking advantage of “tax loss harvesting.”
Ahead of the April 2023 tax deadline in the United States, Talwar advised taxpayers to take advantage of depressed cryptocurrency markets to reduce their tax liabilities.
