Binance Introduces Tax Payment Calculation Tool ──First Offered in Canada and France | coindesk JAPAN | Coindesk Japan

Cryptocurrency exchange Binance has introduced a tool to help users calculate taxes on cryptocurrency transactions as governments tighten their taxes on cryptocurrencies. .

The free tool supports up to 100,000 transactions and will be available first to users in Canada and France. It plans to expand to other regions in the future, Binance said in a February 6 blog post.

In recent months, several countries have introduced stricter requirements for taxation of crypto assets. Since the end of last year, Italy has imposed a 26% tax on cryptocurrency trading profits above 2,000 euros (about 284,000 yen). Meanwhile, India this month tightened its crypto taxation rules, introducing provisions that carry prison terms of up to 84 months for failure to comply with reporting requirements.

Binance aims to simplify the calculation of profits and losses for its users. For frequent traders, there can be thousands of trades and it can take hours to get the math right. However, the tool is in the early stages of development and does not support all types of transactions, so users will need to tweak it.

“You can now import your Binance transactions into our calculator with a single click, providing a simple and comprehensive tax estimate based on your region,” Binance said.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Crypto Exchange Binance Introduces Tool for Calculating Taxes on Transactions