Binance is launching a tax reporting tool to prepare users for the tax season
Binance is launching a tax reporting tool to prepare users for the tax season.
Binance tax tools help users access tax information aligning with their crypto activity to help report information during the upcoming tax season
The tax season is right on the corner which means companies in the crypto industry will need to be ready to help their users comply with local regulations.
Binance tax lets its users download a tax summary report which includes any gains or losses which have occurred throughout this year in their Binance account.
According to Binance, this comes as a response to a growing number of inquiries from users about their tax liabilities.
Binance tax is currently pilot stage in France and Canada before extending to other global markets in the Binance ecosystem. it is only available for information held on the Binance platforms it is looking to expand to integrate with other platforms in the industry in the future.
This comes after one month after Binance expresses its participation in an association to address compliance with global sanctions.