Trust Wallet will be integrated into the three platforms to provide a cost-effective and convenient way to generate tax reports. This allows crypto users on decentralized and centralized platforms to comply with crypto tax regulations across several jurisdictions.
The integration follows the recent launch of the Binance Tax tool, a tax reporting tool on Binance, the parent company of Trust Wallet, which launched in Canada and France in February. Apart from generating tax reports, the new integrated feature will also provide users with free insights reports helping them gain a broader understanding of their crypto holdings.
Eric Chang, Trust Wallet’s head of product, said:
“Our free insights report offers a comprehensive overview of a user’s crypto holdings, which can be just as useful for those who don’t want to file taxes.”
“We’re committed to making the Trust Wallet experience as seamless as possible for our users. With this new feature, we’re taking another step towards empowering our users with insights and simplifying the crypto tax reporting process.”
The tax tool allows Trust Wallet users to seamlessly get their tax reports in a one-click service without manually inputting the information.
Users can now easily calculate their liabilities in their jurisdiction, removing the complexities of taxation, especially in DeFi. The integration is an optional reference tool to help users more easily comply with tax regulations in different regions.
According to Eivind Semb, CEO and founder at Coinpanda, integration with Trust Wallet makes tax reporting “accessible to everyone in the crypto community.”
“We believe that everyone should be able to easily and accurately report their cryptocurrency taxes, regardless of their level of expertise,” Semb further said. “We are very excited to partner with Trust Wallet to offer their users a seamless integration with Coinpanda’s tax software.”
Trust Wallet is a Web 3-built wallet hub enabling crypto users to easily and conveniently manage, own, control, and leverage the power of their digital assets. Following the partnership with Coinpanda, Koinly, and Cointracker, the wallet’s users can get discounts to file their taxes and generate tax reports.
Moreover, every Trust Wallet user will be eligible for a 50 TWT discount to make it more affordable to render their complete tax reports using any partner service. TWT is the native token of the Trust Wallet.
The chief operating officer (COO)at CoinTracker, Vera Tzoneva, said:
“We’re thrilled to partner with Trust Wallet. At CoinTracker, our mission is to enable everyone to use crypto with peace of mind. A huge part of that is simplifying crypto taxes. This partnership lets users calculate their tax liability quickly and accurately and then file.”
Jane McEvoy, the global head of partnerships at Koinly, while commenting on this partnership with Trust Wallet, believes the new integration will be a step forward in regulating the crypto field by helping users “calculate and pay their taxes in time.”
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