Filing taxes remains an integral part of holding cryptocurrencies. Blockpit, an Australian compliance expert and software developer, has acquired CryptoTax. Through this acquisition, the Austrian firm hopes to make a bigger impact in North America.
A big Acquisition for Blockpit
Blockpit has tried to make an impact in North America, although it has been a difficult task.
CryptoTax is by far one of the most popular solutions to file taxes as a cryptocurrency enthusiast in North America.
Acquiring this company is a major step forward for Blockpit. as they hold 100% stake in CryptoTax.
Combining tax services with compliance tools will make life a lot easier for customers of both companies.
Competing in the same market segment often leads to acquisitions being made, such as this one.
Blockpit’s financial solutions for portfolio management and tax reporting rely on blockchain technology.
Making taxes and compliance easier is good for users, but also for tax agencies aiming to collect revenue.
Following this acquisition, no immediate changes will be made to either tool.
All previous functionality of both software kits, as well as their individual pricing, will be retained for the foreseeable future.
Both Blockpit and CryptoTax have tax-optimization methods to generate reports, which are then audited by one of the Big Four firms.
It is expected that Blockpit will keep expanding its presence across Europe, South Korea, Canada, and Australia in the next 18 months.
Moving toward holistic RegTech solutions for digital assets is one of the next developments on the software side.
Blockpit is also mulling the use of a Know-Your-Transaction tool to combat fraudulent and suspicious revenue streams.