Binance Launches Tax Calculation Tool

The crypto industry is gradually emerging from the gray area, slowly but consistently acquiring the characteristics of a more regulated and legal industry. With the advent of regulators, the topic of taxation of participants in the crypto industry also becomes relevant. The largest crypto exchange Binance decided to help its users deal with this difficult matter.

Binance introduced a useful tool

Paying taxes is our civic duty. However, in practice, this exercise can be a very intricate process. To do this, a crypto trader needs to manually track all of their trades, calculate profits and losses, and then file tax returns.

Understanding this, the Binance team decided to provide its users with a new useful service that allows them to accurately calculate the amount of tax. On February 6, an announcement appeared in the official account of the exchange:

“Taxes can be a very tricky business, especially in the crypto space. To help traders, we have added a new #Binance Tax tool to the platform. The launch of the service will initially take place in France, with subsequent plans for application in other regions. Binance Tax will allow users to better understand how much tax they have to pay.”

Binance recently acquired a majority stake in the troubled crypto platform Gopax, thus returning to the South Korean cryptocurrency market after leaving it two years ago.

The new tool is not yet available to everyone and not in everything

The Binance Tax tool will support up to 100,000 transactions, collecting data about them and calculating the tax amount. Users will be able to report information about spot transactions, crypto donations and rewards for blockchain forks in the service. However, the algorithm will not support certain trading activities such as options and futures trading.

In addition, initially this functionality will be available only in Canada and France. Community members were immediately interested in whether the Binance Tax tool would be available in other countries. In response, the exchange team said that they are actively working to ensure that the new service is presented in more regions.


Comments (No)

Leave a Reply