Crypto.com now offers free crypto tax Calculator in Germany
Cryptocurrency exchange Crypto.com is making 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-headquartered platform is rolling it out for Europe, with other markets to follow suit shortly.
Now, cryptocurrency investors in Germany can import their transaction records from more than 20 supported wallets and exchanges via CSV files or using API synchronization.
As crypto adoption continues to expand, many jurisdictions worldwide have mandated tax reporting on virtual currencies. The move highlights how regulators are not only concerned with combating cryptocurrency crimes, but also chasing 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 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, enables users to generate well-organized crypto tax reports, which can then be downloaded for tax filing.
Crypto.com says it has worked with professional tax advisers to ensure that the calculation logic complies with available guidance and laws for filing crypto taxes in each supported jurisdiction.
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“Crypto.com Tax makes it easy to calculate complicated crypto taxes at no cost. This tool enables users to quickly generate organised reports, including transaction history and records of capital gains and losses. Crypto.com Tax provides users with an estimation of taxable crypto gains/losses instantly based on the share-pooling calculation method on relevant crypto transactions, which can then be downloaded in a format of their choice,” the exchange said.
Crypto.com launched its own crypto tax calculator back in March 2021. Canada was its first supported jurisdiction, followed by the United States and now Europe, with plans to expand to other markets.
Although the popular exchange and payment platform didn’t reveal which jurisdiction is next, they will likely focus on where the majority of their customers are located.
Founded in 2016, Crypto.com stands out as a one-stop-shop for all crypto transaction needs. Now, in order to seemingly preempt tax reporting requirements in many countries, they’re providing their users with a way of automating their tax filing.
The digital asset exchange, which claims over 10 million users worldwide, has had a very busy year snatching up sports sponsorships left and right. They have inked deals with European soccer giant Paris Saint-Germain, the Ultimate Fighting Championship (UFC), Formula 1 racing, Italy’s Lega Serie A, and the IIHF Hockey World Championship, amongst others.
