Bitget and KoinX have partnered to provide simplified crypto tax reporting.
Bitget, the global leader in cryptocurrency trading services, announced on Friday a partnership between KoinX, a provider of crypto tax reporting software.
This collaboration aims to simplify tax reporting by Bitget users through the integration of KoinX’s advanced software and Bitget’s platform.
This partnership will reduce the complexity of crypto tax obligations by providing features like automated syncing, comprehensive tax reports and a streamlined investment management system.
Bitget partnership with KoinX
Bitget and KoinX have formed a new alliance to simplify tax reporting for the cryptocurrency industry.
KoinX has come a long way, but we’ve got miles ahead! 🚀
Excited to announce @getkoinx is now global!
We’ve teamed up with @bitgetglobal, one of the top exchanges in the world, to simplify tax reporting for all their users.
This is just the beginning of making crypto compliance… pic.twitter.com/417h9qBkdG— Punit Agarwal (@a__punit) August 23, 2024
This integration has the ability to automatically sync.
This feature allows Bitget to automatically synchronize its trading data with KoinX. It eliminates the need for manual entry of data and reduces the risk of error.
This automation is especially beneficial during tax season. The software allows users to create detailed tax reports easily, which makes the filing process easier and less stressful.
The integration also promises improved security and an intuitive interface to simplify managing crypto investments.
Bitget’s Compliance with Regulations Amid Growth
Bitget’s partnership is with KoinX at a moment when the exchange is focusing on regulatory compliance.
The company has worked with regulatory agencies in various jurisdictions to improve its compliance framework.
This is due to the recent appointment by Bitget of Hon Ng as its new Chief Legal Office (CLO), a former Binance executive.
Ng’s role includes overseeing global compliance with regulatory requirements, engaging regulators, as well as leading initiatives to acquire licenses in new market.
Bitget, as part of its commitment towards compliance, has mandated all users to submit Know Your Customer details.
Bitget is expanding its services to improve the user experience, in addition to its focus of compliance.
Recently, the exchange integrated Apple Pay and Google Pay. This allows users to convert fiat currencies to crypto in 30 seconds.
The latest data shows that Bitget has also gained a significant amount of traction on the market.
Bitget Wallet recently surpassed global 30 million users, a growth of 150% from year to year. This milestone was accompanied with over 1.6 millions downloads in July 20,24, surpassing MetaMask downloads during the same period.
Downloads from countries such as Japan, Thailand, and the Philippines have increased by 20 times in comparison to last year.
It has gained popularity in Nigeria and outperformed major social media applications in local rankings. The platform is also popular in other countries such as Russia, Italy and Sweden.
The exchange’s market share grew the most compared to other crypto exchanges between April 2024 and June 2024.
During this time, investors transferred 700 million dollars to Bitget and the trading activity increased by almost 50%.
Bitget recently expressed an interest in expanding to the Indian market, and is actively interacting with country regulators to ensure that local licensing requirements are met.
India is a market that Bitget considers a priority, due to its rapid adoption and potential for positive change in the country’s cryptocurrency policies.
