The new Binance tax reporting tool helps users summarize their transactions to more easily comply with local tax requirements.
, which means companies in the crypto industry will need to be ready to help their users comply with local regulations.it is launching a tax reporting tool to help users stay on track of their crypto transactions for tax reporting purposes.
According to the announcement, Binance Tax lets its users download a tax summary report which includes any gains or losses which have occurred throughout the year in their Binance account. This includes spot trades, crypto donations and blockchain-based fork rewards. The company said this comes as a response to a growing number of inquiries from users about their tax liabilities.
Binance Tax is currently in a pilot phase in France and Canada before it extends to other global markets in the Binance ecosystem later in the year. Currently, it is only available for information held on the Binance platforms, however, it says it is looking to expand to integrate with other platforms in the industry in the future.
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