The Binance company launched in Spain “Binance Tax”, a tool that aims to allow users to access details of their cryptocurrency trading activity and download a report showing a summary of their profits or losses made with their platform. This was reported to Cointelegraph en Español through a statement.
“The generation of this report is intended to assist users in the preparation and filing of their tax returns, that must be submitted as of January 1, 2024”, they explained from the company.
“‘Binance Tax’ was designed following the growing demand from our users for an easy-to-use tool to understand their obligations on the platform, in order to help them prepare and file their taxes and tax obligations. Users can access a breakdown of trading activity by logging in with their Binance account. Once connected, users can view a history of their transactions or operations, and the resulting capital gains and income generated by their activity. They can also download this information on a earnings report of: capital, income or transactions”, they remarked from the company.
Mayur Kamat, Head of Product at Binance stated: “We’re always looking at how we can build products to make our customers’ lives easier, and that often means listening and reacting directly to user feedback.”, he further added: “We found that our users wanted an easier way to see and understand their taxes, so we’re excited to bring this new free tax tool to our community.”.
After carrying out the initial pilot in France, the company diversified the tool to a selection of countries around the world, including Spain.. The new feature is in the early development stages and aims to provide a better understanding of transactions to assist in the management of tax liabilities. “The current version does not integrate with other platforms or wallets, but there will be plans to develop this, studying what integrations and future improvements would be beneficial in the future for this product.”, they highlighted in the statement.
Javier Garcia de la Torre, Director of Binance for Spain and Portugal expressed: “At Binance Spain, we are committed to providing innovative solutions that enhance the experience for our users. The launch of ‘Binance Tax’ is a significant step towards that goal. This tool will not only help our users understand and manage their tax obligations, but will also provide them with a valuable resource to efficiently prepare and file their tax reports.”.
García de la Torre concluded: “We will continue working to improve the tool and look for additional integrations to ensure a smooth and complete experience. At Binance we pride ourselves on providing innovative solutions that make the world of cryptocurrency more accessible and transparent for all of our users.”.
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