Revolut enables its Australian customers to meet their crypto tax reporting obligations
Revolut, the global financial super app with more than 28 million customers worldwide, opens the crypto customers’ access to an external tax reporting service at discounted prices, and takes another step forward towards its mission to build the first super app for all-things-money.
The partnership between Revolut and Koinly, a renowned platform in the industry, makes tax reporting less stressful and time-consuming as well as more accurate compared to manual calculations. Currently, Revolut customers can buy and sell tokens from a portfolio of 100+ cryptocurrencies or they can test and trade 12+ Crypto Collections, moreover they can use the super-app to increase their knowledge of crypto, with Learn & Earn. The third-party tax reporting service will complement the diverse offer proposed by Revolut to millions of customers all over the world. (Note: availability of features and tokens varies by region).
The advantage of reporting one’s crypto income tax with Koinly is the frictionless and intuitive process proposed to the clients. It is not only easy to use, but also enables a consolidated report that integrates the crypto assets and trading activities held with other platforms. The selected partner has the expertise to generate reports integrating transactions with 1,700+ tokens, 170+ supported blockchains, 100+ wallets and is available in 34 markets.
The feature is accessible in the Crypto section of the Revolut app. The customer must click on the link to Koinly’s platform and complete the sign-up process through SSO (Single Sign-On). After synchronising the transactions made through Revolut, the customer will have to review the reported transactions and, at check-out, will be informed of the cost of the service. The final price paid by a customer will vary depending on the number of crypto transactions done with Revolut or other crypto platforms selected by the customer, including a generous discount of up to 60%. Once the report is paid for, and downloaded, the customer will be able to use it to complete their tax filings with the relevant tax authorities of their jurisdiction.
Revolut’s Global Business Head of Crypto, Mazen Eljundi, said, “Filing taxes for cryptocurrency and other digital assets is a challenge for many of our customers. We searched for a solution that would seamlessly track, consolidate, and generate a tax report in a matter of minutes, in order to meet our customers’ needs. We are confident that the crypto tax service offered through our partnership with Koinly will make this legally required activity easier, less stressful, and more accessible to all.
We want to be the most responsible provider of crypto services, helping our users to onboard to web 3 whilst building a safer and compliant eco-system in the crypto industry. Compliance with applicable requirements is at the heart of everything we do at Revolut. This is a significant step towards empowering Revolut customers to meet their tax obligations.”
Koinly’s Global Head of Partnerships, Jane McEvoy, said, “We are absolutely thrilled to join forces with Revolut, marking our collaboration with a leading global financial superapp. Revolut has made substantial strides in enhancing its cryptocurrency offerings, and we are proud to become their exclusive tax partner – a move that further bolsters their already robust value proposition. Revolut users can now effortlessly access Koinly directly through the Revolut app, streamlining the process of calculating their crypto taxes.”
How to buy or sell cryptocurrencies through Revolut?
Revolut, a company first established in the United Kingdom, offers a wide range of financial products through its financial super app, and crypto is an increasingly popular feature. There are several ways to buy and sell crypto on Revolut. Customers can set up a stop or limit order so they don’t have to time the market or use the Recurring Buy feature to average out volatility. Customers can also round up any spare change in a cryptocurrency of their choice, from a list of over 100 cryptocurrencies. (Note: number of tokens varies by region).
As part of our goal to be the safest place to trade, use and learn about crypto, Revolut regularly communicates with customers that crypto tokens are volatile assets and prices can change quickly. Revolut believes in widening access to crypto and also recognises that it may not be appropriate for everyone, so the company encourages its customers to research the various cryptocurrencies and the risks and opportunities before buying or selling. Customers should review independent sources and learn the differences between tokens as well as consider their circumstances when buying or selling crypto. Cryptocurrencies are unregulated. Funds invested in crypto are not protected meaning you could lose your whole investment. Tax could be payable on gains.
More information can be found here: www.revolut.com/legal/revolut-koinly-promotion/