Launch of Binance Tax
As crypto became more and more popular in different countries, more and more governments began to tax crypto more and more. Even Thailand has a crypto taxation as well. This led Binance to create a tool for calculating crypto taxes.
According to Binance’s announcement, users can now import Binance transactions into the tax calculation function. Binance Tax which was launched recently, making it easier for customers to file their crypto taxes. It is easier to calculate the tax burden that you have to pay without any expenses.
Binance users can use such a function to file taxes for spot trades, crypto donations or blockchain fork rewards, which can now be used by the Binance Tax platform. It is only available in Canada and France, and Binance said it is looking to expand the functionality to other regions as well.
This is very interesting for those who regularly trade crypto and have a tax liability to file. It’s easy to create a tax reporting function for us, so we’ll have to wait and see for an announcement from Binance whether it will expand this function to other continents or not.
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