Nexo, a cryptocurrency trading services company has announced a partnership with Koinly, a market leader in tax calculation services, to enable investors to file their crypto taxes with ease. Koinly has firmly established itself as a market as the go-to platform for tax filing solutions, thanks in large part to the extensive network of exchanges and wallets it integrates with. With Koinly integrated into Nexo, it will be much easier for Nexo users to determine their tax liabilities.
Koinly has made it easier for cryptocurrency investors engaging in cryptocurrency-related activities like trading, mining, staking, or airdrops, to report their taxes easily. The platform is favoured by traders, investors, and accountants who work with crypto customers.
Many Nexo users will undoubtedly be pleased by the integration announcement, which comes just before the tax season deadline. Effective today, Nexo users will benefit from Koinly’s streamlined services for preparing financial statements and tax returns. Furthermore, traders don’t need any background in accounting or finance to automate the report generation process.
Koinly has customised its tax reporting to fit the specific crypto tax regimes of more than 100 countries and Nexo users will enjoy the tailored account reports. Nexo’s collaboration with Koinly is a significant step forward in its mission to offer cryptocurrency solutions focused on users. This will help drive the industry towards widespread acceptance and user-level compliance that is easy to apply.
Many jurisdictions still have grey areas in as far as the taxation of digital assets is concerned. This has meant that many users often find themselves in trouble with tax authorities because of confusion about their digital asset tax responsibilities. A solution has emerged, though, in the form of purpose-built software like Koinly, which works with both centralised and decentralised trading platforms.
The integration introduces a user-friendly tax filing experience, and Nexo users will interact with Koinly’s tax calculator without paying for it. Koinly offers a free calculation for up to 800 transactions per year, and users that process more than 800 transactions each year can save 30%. In addition, customers can easily create Koinly tax forms and reports that are customised to their individual tax needs and fiscal responsibilities. All these are accessible by a click of a button in the Transactions section of the Nexo app.
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