Payments and cryptocurrency platform Crypto.com has simplified cryptocurrency tax reporting for its users through a new partnership with 3 tax providers.

On March 24, Crypto.com announced the collaboration with crypto revenue enhancement calculator CoinTracker, crypto taxation software platform TokenTax and crypto tax reporting business firm CryptoTrader.Tax.

Now, Crypto.com's users can import their historical crypto transactions from the platform into one of the aforementioned tax reporting platforms to generate necessary revenue enhancement reports. Users then can pass the forms along to a tax professional person or transfer to tax filing software for further processing.

A response to crypto taxation around the earth

The new pick comes in response to growing crypto adoption, equally well equally new requirements from regulators around the world making cryptocurrency owners report on their holdings. Thus, terminal summer, the The states Internal Revenue Service (IRS) began asking digital currency holders to amend their tax filings, while compelling others to pay back taxes and interest and penalties.

At the time, the IRS said that it was focused "on enforcing the constabulary and helping taxpayers fully sympathise and run into their obligations." Last October, the IRS issued its guidelines for crypto-based tax reporting, requiring roughly 150 million American taxpayers to answer the question whether they received, sold, sent or exchanged any virtual currency.

At the aforementioned time, most members of the European Union have a radically unlike approach to tax codes to govern their respective crypto sectors. For case, in Germany, Bitcoin (BTC) is not field of study to whatever capital gains taxation, thereby allowing investors to avoid paying significant levies on their holdings if the value of their BTC appreciates.