Global cryptocurrency exchange Binance has launched a tax reporting tool called “Binance Tax” to help users calculate their tax obligations on crypto transactions.

Initially available in Canada and France, the tool provides a simple and comprehensive estimate of tax obligations and is expected to expand to other regions in the future. The launch of Binance Tax comes in response to growing inquiries from users about their tax liabilities and as governments worldwide introduce firmer tax requirements for crypto assets.

What is Binance Tax?

• Binance Tax is launched to help users calculate their tax obligations on crypto transactions.
• Binance Tax is currently in a pilot phase and is only available for information held on the Binance platform, but the company intends to expand and integrate with other platforms in the future.
• It will first be available to Binance users in Canada and France.
  • Binance said it plans to extend Binance Tax to more regions in the future.
• Binance Tax can support reporting of up to 100,000 transactions.

Why did Binance launch a crypto tax calculator?

• The company said Binance Tax aims to simplify the calculation of gains and losses throughout the year for crypto traders.
  • This can range from spot trades, fork rewards, and even crypto donations.
  • That said, not all transactions are supported and users are still required to make adjustments for such transactions.
• The tool’s launch comes as governments worldwide introduce firmer tax requirements for crypto assets.
  • An increasing number of Binance users are also clamoring for the company to release this tool.

What are the latest news from Binance in the Philippines?

• Binance recently announced that users in the Philippines can now convert their crypto from their accounts and deposit it to their local bank accounts. The crypto is immediately converted to crypto before it reaches the person’s bank account.
• The company also organized a community meetup in Cebu, where General Manager Kenneth Stern highlighted the growing interest of Cebuanos in cryptocurrencies.
• Find more articles about Binance on BitPinas.

Sources 1, 2

This article is published on BitPinas: Binance Tax Launched so Users Can Calculate Their Crypto Taxes

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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