CoinMarketCap Powers Accurate Tax Reporting with CryptoTax
Since the launch of
our professional API in August, we have been working hard to
ensure that the data is fresh, robust and reliable. This is
important to the companies and developers who rely on our data to power
their businesses, funds, and apps. One of the important use cases of this data,
then, is to help cryptocurrency exchanges and users understand just how much
they need to report on their tax filings to ensure compliance. In order
to fulfil their tax declaration obligations, they need a way to accurately
calculate and reflect returns, and report them to the relevant authorities. One
of the projects that we have been working with is CryptoTax. Their
goal, to simplify legal obligations for digital asset investors, is something
that we support – making data and services accessible to end users will
drive increasing adoption in the crypto space. Based in Munich, the team
has been actively working with KPMG to develop tax frameworks for several
countries, to ensure that users can stay compliant wherever they reside. The
correct valuation of blockchain-based assets is the basis of every tax
report, requiring the right exchange rates and reliable output that takes into
account when assets were bought and sold. As such, we are excited that our
world-class data will now work in concert with CryptoTax’s quality offerings to
their B2C and B2B customers, giving these customers credible insight into their
portfolio. “This is an important step towards helping crypto traders to become
tax compliant,” said Klaus Himmer, CEO & co-founder of CryptoTax, “We
continue to differentiate by providing high quality and reliable tax
tracking and reporting services. The long-standing experience of market data
leader CoinMarketCap helps us to foster the fundamental value of our services,
and I am confident that this partnership is an essential driver for the
establishment of crypto assets as an aspiring asset class.” Let’s all continue
working towards greater adoption and acceptance of cryptocurrencies! Interested
in using our data for your own project? Be sure to check out our Professional
API. (We continue to provide a free tier to support our community!)
Since the launch of
our professional API in August, we have been working hard to
ensure that the data is fresh, robust and reliable. This is
important to the companies and developers who rely on our data to power
their businesses, funds, and apps. One of the important use cases of this data,
then, is to help cryptocurrency exchanges and users understand just how much
they need to report on their tax filings to ensure compliance. In order
to fulfil their tax declaration obligations, they need a way to accurately
calculate and reflect returns, and report them to the relevant authorities. One
of the projects that we have been working with is CryptoTax. Their
goal, to simplify legal obligations for digital asset investors, is something
that we support – making data and services accessible to end users will
drive increasing adoption in the crypto space. Based in Munich, the team
has been actively working with KPMG to develop tax frameworks for several
countries, to ensure that users can stay compliant wherever they reside. The
correct valuation of blockchain-based assets is the basis of every tax
report, requiring the right exchange rates and reliable output that takes into
account when assets were bought and sold. As such, we are excited that our
world-class data will now work in concert with CryptoTax’s quality offerings to
their B2C and B2B customers, giving these customers credible insight into their
portfolio. “This is an important step towards helping crypto traders to become
tax compliant,” said Klaus Himmer, CEO & co-founder of CryptoTax, “We
continue to differentiate by providing high quality and reliable tax
tracking and reporting services. The long-standing experience of market data
leader CoinMarketCap helps us to foster the fundamental value of our services,
and I am confident that this partnership is an essential driver for the
establishment of crypto assets as an aspiring asset class.” Let’s all continue
working towards greater adoption and acceptance of cryptocurrencies! Interested
in using our data for your own project? Be sure to check out our Professional
API. (We continue to provide a free tier to support our community!)
