The team at Blockchain.com, a provider of a crypto wallet, block explorer, and digital asset trading platform, notes that if you are new or just getting started with crypto taxes, then no need to worry because “so is everyone.”
That’s why later this month, Blockchain.com plans to introduce a Tax Center in order to help users simplify their tax reporting.
In partnership with CoinTracker, users will be able to “easily export the full transaction history from your Blockchain.com Wallet and Exchange accounts to calculate gains, losses, and income.”
During the past 10 years, tens of millions of people “have used Blockchain.com to buy, sell, swap, store, and earn crypto.” Over $1.2 trillion has been transacted on their platform since inception, and they “know firsthand how important it is to understand the tax implications of crypto transactions.”
With the Blockchain.com Tax Center, you’ll be able to “simply upload your transaction history to CoinTracker and get free tax reports for up to 500 transactions.”
The platform will “send a reminder to customers later this month when the Tax Center is available.” Blockchain.com has also shared crypto tax tips “starting with answers to the three most common questions. Stay tuned for more in the coming weeks.”
Virtual currencies are “not bank deposits, are not legal tender, and are not backed by the government,” the company clarified.
Blockchain Access UK Ltd’s products and services are “not within the jurisdiction of the UK Financial Ombudsman Scheme, nor are they subject to the UK Financial Services Compensation Scheme, the US Federal Deposit Insurance Corporation or Securities Investor Protection Corporation, or any other non-UK or non-US governmental or government-backed protections.”
Legislative and regulatory changes or actions in any jurisdiction in which Blockchain.com’s customers are located “may adversely affect the use, transfer, exchange, and value of digital currencies,” the firm noted