- Binance Exchange has launched the Binance Tax service to aid easy taxation filing.
- The new product first launches in France but will be rolled out globally soon.
Binance Exchange has announced its latest product dubbed Binance Tax as it looks set to help its users adhere to local taxation laws. According to a Press Release shared with Crypto-News Flash, the Binance Tax product will be launched first in France but there are plans for the service to be launched in other jurisdictions in the near term.
The Binance Tax service is a simplified product that is integrated with the exchange’s global platform. To access the tax service, Binance users will need to log into their accounts and navigate to the tax section. Users can then select from ‘Realized Capital Gains’, ‘Income Gains’, or ‘Transactions’ and then this will then generate a downloadable tax report, with a summary of any gains or losses.
The hurdle that is attached to filing tax returns as it relates to cryptocurrencies is one that has largely prevented many from entering the crypto ecosystem. The difficulty in pooling crypto transactions for the effective filing of tax returns has also pushed many into the crosshairs with regulators in different jurisdictions.
With the Binance Tax product making its debut in France, the exchange’s customers can access the tool for free as they prepare for the upcoming tax season.
“We’re always looking at how we can build products to make our customers’ lives easier and that often means listening and reacting directly to user feedback,” said Mayur Kamat, head of product at Binance. “We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, starting in France.”
Binance said it plans to launch the new service in other countries in the near term to bring the new service to its users across the board.
Binance Tax and the Interoperability Feature
The launch of the Binance Tax product is bound to establish the digital asset trading firm as the biggest in the world. The new service is exclusive to the Binance platform, at least for now, as the exchange noted.
According to the exchange, the new Binance tool does not support other wallets for now. However, the exchange said there are plans underway to integrate the support in the near future. In a bid to expand the functionalities of the Binance Tax product, the exchange said it will expand the service’s interoperability to other wallets and platforms in the near future.
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In addition to these defined plans, Binance also said it will introduce other improvements it believes will be beneficial to tax tools in the near future.
Many countries including China, South Korea, India, and the United Kingdom are renowned for their crypto taxation provisions. While Binance has a limited presence in these countries, the Binance Tax tool is billed to set a new standard among crypto entities, many of which may also be looking to float related services in the mid-to-long term.
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