Revolut has partnered with Koinly, a tax reporting platform, to offer discounted crypto tax reporting services to its customers. The new feature provides a consolidated report integrating crypto assets and trading activities held with other platforms. It is accessible in the Crypto section of the Revolut app and is available in 34 markets. This move by Revolut is another step towards its mission to become the first super app for all-things-money.
Revolut and Koinly Partner to Offer Crypto Tax Reporting Services
Revolut, the global financial super app, has partnered with Koinly to offer discounted tax reporting services to its crypto customers. Koinly is a platform renowned in the industry for making tax reporting less stressful and time-consuming, and its service will complement the diverse range of offerings provided by Revolut, which include buying and selling tokens from a portfolio of 100+ cryptocurrencies, 12+ Crypto Collections, and Learn & Earn.
How it Works
Revolut customers can access the third-party tax reporting service through the Crypto section of the app. They must click on the link to Koinly’s platform and complete the sign-up process through SSO (Single Sign-On). The customer then syncs their transactions made through Revolut, reviews the reported transactions, and at check-out, will be informed of the cost of the service. The final price paid by a customer will vary depending on the number of crypto transactions done with Revolut or other crypto platforms selected by the customer, including a discount of up to 60%. After the report is paid for and downloaded, the customer can use it to complete their tax filings with the relevant tax authorities of their jurisdiction.
The Benefits of Using Koinly
The advantage of reporting one’s crypto income tax with Koinly is the frictionless and intuitive process proposed to the clients. It is not only easy to use, but also enables a consolidated report that integrates the crypto assets and trading activities held with other platforms. Koinly has the expertise to generate reports integrating transactions with 1,700+ tokens, 170+ supported blockchains, 100+ wallets, and is available in 34 markets.
Revolut’s Commitment to Compliance
Revolut’s Global Business Head of Crypto, Mazen Eljundi, said, “We want to be the most responsible provider of crypto services, helping our users to onboard to web 3 whilst building a safer and compliant eco-system in the crypto industry. Compliance with applicable requirements is at the heart of everything we do at Revolut. This is a significant step towards empowering Revolut customers to meet their tax obligations”.
Buying and Selling Cryptocurrencies Through Revolut
Revolut offers a wide range of financial products through its financial super app, and crypto is an increasingly popular feature. Customers can set up a stop or limit order so they don’t have to time the market or use the Recurring Buy feature to average out volatility. They can also round up any spare change in a cryptocurrency of their choice from a list of over 100 cryptocurrencies. Revolut encourages its customers to research the various cryptocurrencies and their risks and opportunities before buying or selling, as cryptocurrencies are unregulated and funds invested in crypto are not protected, meaning they could lose their whole investment. Tax could also be payable on gains.
Pros and Cons of Using Crypto Tax Reporting Services
Using a crypto tax reporting service such as the one offered by Koinly through Revolut can have both benefits and drawbacks. Here are some of the pros and cons to consider:
Here is a list of the benefits and the drawbacks to consider.
- Frictionless and intuitive tax reporting process
- Consolidated report that integrates crypto assets and trading activities held with other platforms
- Expertise to generate reports integrating transactions with a wide range of tokens, blockchains, and wallets
- Access to discounted pricing through Revolut
- Compliance with tax regulations and requirements
- Additional cost for the service
- Reliance on third-party service for accurate tax reporting
- Need to review reported transactions for accuracy
While using a crypto tax reporting service can provide benefits such as ease of use, consolidated reporting, and compliance with tax regulations, it also comes with additional costs and reliance on a third-party service for accuracy. It is important to review reported transactions for accuracy and consider the costs and benefits before deciding to use a crypto tax reporting service.
- Revolut has partnered with Koinly, a tax reporting platform, to offer discounted crypto tax reporting services to its customers
- Customers can access the feature in the Crypto section of the Revolut app and will receive a consolidated report integrating crypto assets and trading activities held with other platforms
- The service is available in 34 markets and offers customers a frictionless and intuitive process to file their crypto income taxes
- Revolut is continuing its mission to become the first super app for all-things-money and to provide its customers with the most responsible crypto services
View Article Sources
- Revolut Business – Revolut
- Crypto Tax Reports In Under 20 Minutes – Koinly
- Revolut Tops 25 Million Retail Customers as Global Expansion – SuperMoney
- Understanding Crypto And Capital Gains Taxes – SuperMoney