Crypto.com launches cryptocurrency tax calculator in Canada. The Hong Kong-headquartered exchange which has been pushing for crypto mass adoption says they will later see a wider rollout after Canada. Crypto.com while pushing for mass adoption has partnered with several firms including BC Vault to allow users to secure their crypto. others include using crypto for international payments. this way, the crypto users will need to pay tax.
The firm’s tax tool is aimed at reducing the complexity of filing cryptocurrency tax returns.
Through a blog post-Wednesday, Crypto.com said its new tool provides “an estimation of taxable gains/losses on relevant crypto transactions,” which can be downloaded for tax filing.
With the free service, users across supported exchanges can import transaction records via CSV files or using API synchronization where supported.
The service is first available to Canadian crypto users but will later be rolled out to other jurisdictions.
While finding its foothold in other countries, it is reported to apply country tax-specific laws. For instance, if it applies to US and Hong Kong users, it will apply the country’s tax laws respectively.
Concurrently, Crypto.com disclosed;
“We worked with professional tax advisers to ensure that the calculation logic is consistent with available guidance and laws for filing crypto taxes in Canada,”