Trading cryptocurrencies has become a lucrative profession for many investors, but one that is difficult to remain compliant within. The nature of the assets leads to constant price fluctuations and trading of many cryptocurrencies spread across multiple wallets, and its decentralised nature makes this activity difficult to track and analyse for tax calculations.
Koinly provided a tax management platform for cryptocurrency traders, allowing users to import cryptocurrency transaction records directly from ledgers, and aggregate it all into a tax report. The platform also helps users to track their portfolios, ROI, and capital gains within a minimalist dashboard, helping them to identify how to reduce taxes for the next year.
Many different cryptocurrency platforms aim to help traders analyse markets and make smart investment decisions, but the complications of tax reporting for crypto remain untackled. Koinly has recognised this gap in the market, claiming that its platform helps reduce the amount of time and money it takes to produce a crypto earning tax report, whilst identifying tax issues within transaction histories and ultimately ensuring compliance.
Steph
Company Specialist at Welcome to the Jungle
