Blockpit, an Austria-based bitcoin tax software, announced earlier this week it has merged with CryptoTax to form what it considers the largest European provider of Cryptocurrency tax solution.
Blockpit reported that since the beginning of 2020, it has been in contact with its CryptoTax, which it dubbed its German competitor. Through the merger, Blockpit and CryptoTax will be using each other’s “advantages and ensure international competitiveness.”
“While Blockpit has always had a very strong focus on usability and automatization, CryptoTax has deeply committed itself to regulatory issues in order to be able to offer audited tax reports for several countries based on a law-centered approach. By seamlessly merging Blockpit’s platform with CryptoTax’s engine to be used for multiple respective countries, we are able to take our software to a whole new level and offer the best solution for the calculation of crypto taxes not only in Europe, but also internationally.”
Blockpit further explained that for existing customers of both companies, nothing will change at first, as the previous functions as well as the price model will remain the same. The migration to a common platform should take place over the next months. The users of CryptoTax can then look forward to an upgrade of the interface as well as enhanced functions. Blockpit went on to add:
“The expanded product range resulting from the merger is another major step towards becoming a holistic RegTech for digital assets. The software developed by CryptoTax for the German capital gains tax deduction procedure offers – for issuers of traditional as well as innovative “tokenized” securities – a comprehensive tax solution, while Blockpit, through the development of a KYT tool (Know-Your-Transaction), has set its sights on the legally compliant money laundering audit of digital assets in addition to tax returns.”