Crypto Tax Solution Koinly Launches in Ireland
Koinly.io is a leading cryptocurrency tax solution that automates capital gains reporting for crypto transactions. By linking exchange accounts and wallet addresses with Koinly, investors can get a detailed tax report (related to their crypto earnings) within a matter of minutes. The whole process is relatively straightforward and secure; Koinly only needs read-access to the transaction data, so private keys and other sensitive data is never at risk.
“We realized early on that tax reporting for cryptocurrencies is going to be a major issue, partly due to how difficult it is to consolidate accounts but also due to lack of clarity around regulations. Our aim with Koinly is to make it easy for both investors and accountants to generate tax reports that comply with local laws. Ireland in particular has a unique way of reporting capital gains so existing solutions require a lot of manual work. Koinly solves that,” said Robin Singh, Koinly founder.
The platform currently provides integration support for 33 crypto exchanges as well as 6000+ cryptocurrencies.
The crypto economy is worth over £100B so it is no wonder that tax agencies want their fair share. Last month HMRC requested information from crypto exchanges on their users in an attempt to track down tax avoiders. The USA’s tax agency has gone a step further and sent out notices to over 10,000 crypto investors whose details it acquired from Coinbase in 2017. As bitcoin’s reach continues to grow, thousands of investors are finding themselves on the wrong side of the law.