Blockpit Acquires Rival Tax Platform Accointing to Improve EU Crypto Tax Services
Blockpit, an Austria-based crypto tax service provider, has acquired its rival platform Accointing from the crypto data company Glassnode. This acquisition positions Blockpit to align with the upcoming EU tax regulations, known as the Eighth Directive on Administrative Cooperation (DAC8).
According to Blockpit, they completed the acquisition as a “multi-million-dollar” deal, all cash and no share swap. Blockpit CEO Florian Wimmer said the deal was “all financed via debt through our shareholders.”
The on-chain market intelligence service provider Glassnode acquired Accointing in October, 2022 with an undisclosed amount and terms.
Blockpit’s acquisition of Accointing is a key step to provide enhanced tax reporting services as a prominent platform in Europe. “This deal marks a significant milestone in our mission to deliver top-tier tax solutions to crypto users across Europe,” said Wimmer.
EU’s New DAC8 Crypto Tax Regulations on the Horizon
Wimmer’s statement remarked the company’s readiness to adapt to the upcoming regulatory changes: “Accointing’s integration into Blockpit is a leap forward in our preparation for DAC8, ensuring our users a seamless transition to the new tax reporting standards.”
The European Parliament voted in favor of DAC8 on September 13, 2023. DAC8 issues new guidelines for crypto-asset service providers (CASPs) to report certain information about their clients’ transactions to the tax authorities of the EU member states
On October 17, the EU adopted the Eighth Directive on Administrative Cooperation (DAC8) and set to enforce it in 2024. In the future, EU member states will have until December 31, 2025, to implement these rules before they officially come into effect on January 1, 2026.