• Binance Exchange has launched the Binance Tax service to aid easy taxation filing.
• The new service will be first rolled out in France and later globally.
• Users can access the tool for free as they prepare for the upcoming tax season.
Introduction
Binance Exchange has announced its latest product dubbed Binance Tax as it looks set to help its users adhere to local taxation laws.
Binance Tax Service
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.
Benefits of Binance Tax
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.
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 per stated by exchange . However, there are plans underway to integrate other wallets soon so that users on other exchanges can also benefit from this feature too..
Conclusion
The new product aims at making life easier for cryptocurrency investors by reducing their burden when it comes time to file taxes accurately and correctly according to local laws and regulations. With this new service launching first in France but expected eventually all around globe more people should feel comfortable getting involved in trading crypto assets knowing they have an easier way of handling their taxes properly