Crypto.com Now Offers a Free Crypto Tax Calculator in Germany
The Crypto.com cryptocurrency exchange makes it easier for crypto investors in Germany to meet their tax obligations.
Following the soft launch of its “Crypto.com Tax” service in the US, Canada, Australia and the UK, the Hong Kong-based platform is rolling it out in Europe, with other markets to follow shortly.
Now, cryptocurrency investors in Germany can import their transaction records from over 20 supported wallets and exchanges via CSV files or using API synchronization.
As crypto adoption continues to grow, many jurisdictions around the world have imposed tax reporting on virtual currencies. The move shows how concerned regulators are not just about cracking down on cryptocurrency crimes, but also about prosecuting those who use the digital asset class to hide their wealth or avoid paying taxes.
It’s nothing new, but it’s gotten a bit complicated in recent months as a booming market has made some crypto dealers millionaires virtually overnight.
With its country-specific calculation formulas, Crypto.com Tax simplifies the entire process of reporting complex crypto taxes. This service, which is completely free, allows users to generate well-organized crypto tax reports, which can then be downloaded for tax reporting.
Crypto.com says it has worked with professional tax advisors 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 to calculate complex crypto taxes for free. This tool allows users to quickly generate organized reports, including transaction history and capital gains and losses records. Crypto.com Tax provides users an estimate of instantly taxable crypto gains/losses based on the share split calculation method on the relevant crypto transactions, which can then be downloaded in a format of their choosing,” the exchange 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 into other markets.
Although the popular exchange and payment 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 trading needs. Now, in seemingly anticipation of tax filing requirements in many countries, they are offering their users a way to automate their tax filing.
The digital asset exchange, which claims more than 10 million users worldwide, has had a busy year snapping up sports sponsors left and right. They have signed deals with European football giant Paris Saint-Germain, the Ultimate Fighting Championship (UFC), Formula 1 racing, Italy’s Lega Serie A and the IIHF World Hockey Championship, among others. .