Bitget Teams Up with KoinX to Simplify Crypto Tax Reporting

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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Last updated: 

August 23, 2024

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Bitget, a global leader in cryptocurrency exchange services, announced a partnership with crypto tax reporting solutions provider KoinX on Friday.

The collaboration seeks to streamline tax reporting for Bitget users by integrating KoinX’s advanced software with Bitget’s platform.

With features such as automated syncing and comprehensive tax reports, this partnership is set to reduce the complexities associated with crypto tax obligations, ensuring users can manage their investments efficiently and accurately.

Bitget Partnership with KoinX

The newly formed alliance between Bitget and KoinX is designed to address the growing need for simplified tax reporting within the cryptocurrency industry.

One of the features of this integration is the automated syncing capability.

This feature allows Bitget users to synchronize their trading data automatically with KoinX, eliminating the need for manual data entry and reducing the risk of errors.

This automation is particularly beneficial during tax season. It enables users to generate detailed tax reports effortlessly, making the filing process less stressful and more manageable.

Additionally, the integration promises enhanced security measures and a user-friendly interface, further simplifying managing crypto investments.

Bitget’s Regulatory Compliance Amid Growth

Bitget’s partnership with KoinX comes at a time when the exchange is intensifying its focus on regulatory compliance.

The company has collaborated with regulatory bodies across various jurisdictions to strengthen its compliance framework.

This effort is mainly pushed by the recent appointment of Hon Ng, a former Binance executive, as Bitget’s new Chief Legal Officer (CLO).

Ng’s role involves overseeing global regulatory compliance, engaging with regulators, and leading initiatives to obtain licenses in new markets.

As part of its commitment to compliance, Bitget has mandated that all users submit Know Your Customer (KYC) details.

In addition to its focus on compliance, Bitget has been expanding its service offerings to enhance user experience.

The exchange recently integrated Apple Pay and Google Pay, enabling users to convert fiat currency to crypto within 30 seconds.

The latest data also indicates that Bitget is gaining noteworthy traction in the market.

Bitget Wallet has recently surpassed 30 million users globally, reflecting a 150% year-over-year growth. This milestone was accompanied by over 1.6 million downloads in July 2024, surpassing MetaMask’s downloads for the same period.

The wallet has seen massive expansion, particularly in Asia, with downloads in countries like Japan, the Philippines, and Thailand surging approximately 20 times compared to the previous year.

The platform has also gained popularity in Nigeria, outperforming major social media apps in local rankings, and has seen substantial traction in countries like Russia, Italy, Sweden, and Australia.

Between April and June 2024, the exchange ranked third in net capital inflow among crypto exchanges and demonstrated the strongest market share growth compared to its competitors.

During this period, investors transferred $700 million to Bitget, and the exchange activity expanded by nearly 50%.

Notably, Bitget has recently expressed interest in expanding into the Indian market and is actively engaging with the country’s regulators to ensure compliance with local licensing requirements.

India is considered a high-priority market for Bitget, given its rapid adoption of crypto and the potential for positive changes in the country’s crypto policies.