Bitwala, a bank account which enables businesses to directly buy and sell Bitcoin, has integrated new cryptocurrency tax services.
Through its new CryptoTax solution, companies will be able to easily include statements on cryptocurrencies on their tax reports.
Beginning from the tax year of 2019, customers in all 31 in the European Economic Area (EEA) will have access to ready-for-use and compliant tax statements for all transactions. German and Swiss taxpayers will receive country-specific tax reports which meet their specific legal requirements.
Individualized reports created by the CryptoTax solution will be easily processed by tax accountants and directly handed to tax authorities.
For companies outside Germany and Switzerland, they will receive a generic tax report which can act as a solid foundation for reporting taxes. Over time, the company will add more EEA countries.
Bitwala CEO/CTO and co-founder Benjamin Jones said, “Taxation is a part of life, and cryptocurrencies are not exempted. Both trading gains and losses impact your tax balance, yet most cryptocurrency exchanges fail to provide any tools for proper reporting. With the integration of CryptoTax, Bitwala customers no longer have to worry about reporting their trades.”
Earlier in the year, Bitwala released Bitcoin banking for mobile phones which gave consumers the ability to open a German bank account with an attached Bitcoin wallet. The account comes with digital identification protection and a Mastercard to make payments with Bitcoin in stores.
Implementing regulations on cryptocurrencies is still causing trouble around the world. At the start of 2019, the European Securities and Markets Authority (ESMA) released its advice to the European Union Institutions on initial coin offerings and how they should be regulated.
More recently, the Bank of Lithuania has issued guidelines on security token offerings to improve regularity clarity and improve protections for investors.
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Copyright © 2018 RegTech Analyst
