Bitget Collaborates With KoinX To Enable Easy Crypto Tax Reporting
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Major cryptocurrency exchange, Bitget, has announced a collaboration with the provider of crypto tax reporting solutions KoinX.
According to the announcement, the partnership will enable Bitget users to easily comply with local regulations and manage their tax obligations.
The collaboration will offer simplicity to tax-related issues that users of both platforms face. Crypto investors and traders are usually faced with tax-related issues. But Bitget’s trading platform wants to integrate Koinx’s tax reporting software to help users easily manage their tax issues and avoid tax reporting difficulties.
The Partnership Will Utilize Automated Syncing
According to the partners, the collaboration will offer an automated syncing solution where users can synchronize their trading data with KoinX. This reduces errors as it eliminates the need for manual entries. The new feature will enable users to generate comprehensive tax reports effortlessly.
Apart from automated syncing, the collaboration will also provide user-friendly features and improve security, which simplifies crypto investment management. Integrating KoinX into Bitget’s platform will be beneficial to both companies and their customers who are looking for better tax reporting methods for their trading.
The partnership shows that both parties are committed to innovation as they want to provide a superior user experience.
The two firms are also partnering with regulatory watchdogs in their countries to improve their compliance standards. In line with this, Bitget has strengthened its regulatory compliance by appointing former Binance executive, Hon Ng, as its Chief Legal Officer.
Bitget And KoinX Are Are Engeging Regulatory Bodies
Ng will oversee global regulatory compliance as he continues to engage with regulators. He will also lead the company’s efforts to gain licenses in the markets. Additionally, Bitget has updated its Know Your Customer (KYC) policies, beginning in December 2024. The firm noted that users will be required to submit their KYC details to have access to its trading services.
Bitget has also integrated Google Pay and Apple Pay to enable users to quickly access cryptocurrencies by converting their fiat currency. The initiative is part of the company’s plan to improve the crypto purchasing process and its accessibility for users.
Bitget has also been doing well in the market. A recent report shows that the firm was ranked third when it comes to net capital inflow from April to June this year compared to other crypto exchanges.
It also indicates that the company has the highest market share among other crypto exchanges. The second quarter saw an impressive $700 million transferred to the exchange while activities on the platform surged by almost 50%.
