Binance Launches Tax Calculator
A tool that helps users calculate the tax obligations related to cryptocurrency transactions was released by cryptocurrency exchange Binance.
The tool can report up to 100,000 transactions, which should ease governments becoming increasingly concerned that cryptocurrency will cause them to lose money. Customers in Canada and France are the first to have access to the free reporting tool. There are plans to expand it to other locations. Binance Tax will make calculating profits and losses for the year easier. This could amount to thousands of transactions for regular traders, which would necessitate significant labor and time to ensure accurate computation.
However, the product is still in beta and does not support all financial transactions. Users will need to make corrections as necessary. Simply add your Binance trades to the new tax calculator on the company's website, and you'll get a simple but comprehensive estimate of your tax liability based on the jurisdiction. All of the company's international markets can access this function.
As a result, cryptocurrency taxation has become more stringent in many jurisdictions. For example, the Italian government instituted a 26% tax on cryptocurrency trading profits of more than €2,000 ($2,160) at the end of the previous year. This month, India introduced a clause to its crypto tax regulations that could subject violators to 84 months in prison if they do not report their earnings.
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