• Skip to main content
  • Skip to primary sidebar

Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

  • Tokenomics is not Economics – Digital CX -The Digital Transformation
  • Resume / CV – Michael Noel
  • Contact Us
  • Featured
You are here: Home / Blockchain / Binance Launches Tax Reporting Tool to Help Users Comply with Local regulations

Feb 06 2023

Binance Launches Tax Reporting Tool to Help Users Comply with Local regulations

Because the tax season is just around the horizon for many nations, businesses in the cryptocurrency sector will need to be ready to assist their customers in complying with the requirements that are in place in those countries.

The cryptocurrency exchange Binance made the announcement on February 6 that it would be developing a tax reporting tool to assist customers in keeping track of their cryptocurrency transactions for the purposes of filing tax returns.

According to the statement, Binance Tax provides its customers with the ability to receive a tax summary report that details any profits or losses that have taken place in their Binance account during the course of the year. This includes contributions made in cryptocurrency, spot transactions, and fork prizes that are based on blockchain technology.

According to the corporation, this decision was made in response to an increasing number of enquiries received from consumers concerning their respective tax responsibilities.

Currently, France and Canada are participating in the pilot programme for Binance Tax, which will later this year be rolled out to more worldwide areas inside the Binance ecosystem.

At the moment, it can only be used to access data that is stored on platforms owned and operated by Binance; however, the company has said that it intends to grow and eventually interface with other platforms used in the sector.

This follows the announcement made by Binance one month ago on its involvement in an association to ensure compliance with worldwide sanctions.

Over the course of the last year, global authorities have increased the pressure they apply to the cryptocurrency business. This is especially true in the wake of the FTX crisis, which rattled the market.

The Securities and Exchange Commission of Thailand recently made an announcement that it intends to tighten up regulations for the cryptocurrency business with a primary emphasis on the safety of investors. Exchanges in inquiries have been targeted for investigation by regulators in both South Korea and the Netherlands for alleged non-compliance with local rules.

The cryptocurrency industry has also caught the attention of regulators in the United States. Compliance issues led to a settlement that needed to be reached between the bitcoin exchange Kraken and the Office of Foreign Assets Control within the Treasury Department.

The United States Securities and Exchange Commission issued a call for companies in December 2022, requesting that they report their exposure to crypto bankruptcy and risks. In the meanwhile, the head of a House committee on crypto innovation has presented a measure that would let businesses can apply to government agencies for what is called a “enforceable compliance agreement.”

[mailpoet_form id="1"]

Binance Launches Tax Reporting Tool to Help Users Comply with Local regulations Republished from Source https://blockchain.news/news/binance-launches-tax-reporting-tool-to-help-users-comply-with-local-regulations via https://blockchain.news/RSS/

Written by bizbuildermike · Categorized: Blockchain · Tagged: blockchain

Primary Sidebar

https://youtu.be/Qvad1CQ9WOM

Blockchain Weekly Rebooted –

During the Blockchain Spring 2016 to 2020 I hosted Blockchain Weekly. Each week I interviewed someone who was doing interesting things in the blockchain space. At one time we had 29k subscribers and we were consistently getting over 15k views a week on the channel. All of that went away during the lockdown, including the Gmail address that controlled that channel. Recently, I found some of the original videos on some old hard drives. So I’m reposting a few of the relevant ones while I am starting to shoot new Blockchain Weekly Episodes to be aired 1st quarter 2023. Please subscribe to bless the You Tube Algorithm, and allow me to let you know about any updates! Our Sponsor – https://BlockchainConsultants.io

The Utah State Legislature has approved a new law, the Utah Decentralized Autonomous Organizations Act, providing legal recognition and limited liability to decentralized autonomous organizations (DAOs). This legislation, also known as the “Utah LLDs,” was passed after the combined efforts of the Digital Innovation Taskforce and the Utah Blockchain Legislature. The Utah DAO Act defines […]

Search Here

Market Insights

  • FTX Founder Allegedly Sought Federal Regulation Before Collapse
  • DeFi Hack Linked to North Korea
  • US Banking Crisis Fuels Regulation Debate
  • HSBC approves multi-million-pound bonuses for Silicon Valley Bank UK staff
  • Swiss regulators consider UBS takeover of Credit Suisse to prevent collapse
  • Mid-Size Banks Ask for Deposit Insurance Extension
  • Former Coinbase CTO Bets $1 Million on Bitcoin Reaching $1 Million in 90 Days
  • Binance Responds to U.S. Senators Letter, Excludes Financial Data
  • Crypto Entrepreneur Bail Package Revised
  • DeFi Hacker Returns $5.4M to Euler Finance

Tags

AI (259) andrewchen (4) Biz Builder Mike (28) Blockchain (824) Crowd Funding (68) crowdfundinsider (2) entrepreneur (957) eonetwork (42) Front Page Featured (33) MIT AI (89) startupmindset (145) Technology (667) virtual reality (1) youngupstarts (99)
  • Twitter
  • Facebook
  • About Us
  • LinkedIn
  • ANTI-SPAM POLICY
  • Google+
  • API Terms and Conditions
  • RSS
  • Archive Page
  • Biz Builder Mike is all about New World Marketing
  • Cryptocurrency Exchange
  • Digital Millennium Copyright Act (DMCA) Notice
  • DMCA Safe Harbor Explained: Why Your Website Needs a DMCA/Copyright Policy
  • Marketing? Well, how hard can that be?
  • Michael Noel
  • Michael Noel CBP
  • Noels Law of decentralization

Copyright © 2023 · Altitude Pro on Genesis Framework · WordPress · Log in