The Binance Exchange Press Office has announced the launch of a new tool for exchange buyers. It has proposed Binance Tax, which will help users calculate the tax value of their cryptocurrency transactions.
According to supporters of the service, the product is needed as governments increasingly want to strengthen the tax regime for virtual currency investors and…
Binance’s free tool can report up to 100,000 transactions and will initially be available only to users in
Canada and France. The exchange intends to extend the product’s capabilities to other areas.
In recent months, a number of states have quickly introduced stricter crypto asset tax regulations: at the end of 2022, the Italian government imposed a 26% tax on profits from transactions in digital currency units if the amount offered exceeds €2, 000 ($2, 16, 000).
Meanwhile, Indian regulators have tightened tax laws on virtual currencies. It has been announced that violations of virtual currency reporting requirements can result in up to 84 months in prison.
Thus, the main objective of the Binance Tax is to facilitate the payment of gains and losses over the past year. Every day, investors have every opportunity to make thousands and even tens of thousands of transactions. For them, it may take days or even weeks to prepare their tax accounts to ensure proper settlement. The new product is in its early stages and does not yet support all types of transactions.
Therefore, users will need to make some adjustments manually.
In a statement, Binance said, “With one click, you can enter your own Binance transactions into our calculator and get a simple and comprehensive estimate of your tax liability per jurisdiction. Cannot read all totals.
