FinTAX’s launch aligns with ongoing advancements in blockchain-based financial services, reshaping cryptocurrency tax compliance frameworks.
TaxDAO, known for its expertise in Web3 finance and tax consultancy, has officially launched the FinTAX Telegram mini-App, marking an important step in simplifying cryptocurrency tax management. This mini-App, accessible via Telegram, introduces the first professional cryptocurrency tax filing software tailored for TON users.
In an announcement published on their website, TaxDAO detailed how the FinTAX Telegram mini-App will expand its services to mobile devices, providing convenient financial and tax management.
FinTAX Product Details
Key features of FinTAX include seamless mobile access, allowing users to manage their crypto assets directly from their smartphones or tablets. The mini-App integrates securely with TON wallets, ensuring automatic synchronization of wallet data for enhanced convenience and security.
One of its standout capabilities is automated tax filing, simplifying the process by generating compliant tax forms from imported transaction data. FinTAX also enhances user security with stringent measures in place, safeguarding privacy by not collecting personal details from Telegram accounts.
The platform’s intuitive interface facilitates easy navigation and access to essential financial and tax management tools, catering to both novice and experienced crypto users. Payment integration through TON Wallet and potentially through the Apple Store via Telegram Star will improve accessibility, streamlining user interactions within the TON ecosystem.
FinTax Launched Telegram Mini-App
See more: https://t.co/kdq9cSE2JCThe FinTax Telegram Mini-App has officially launched on the Telegram platform. This Mini-App extends the core functionalities of FinTax crypto assets financial and tax management software to mobile devices,… pic.twitter.com/hvDG2JHwfm
— TaxDAO (@TaxDAO_DC) July 12, 2024
FinTAX’s launch aligns with ongoing advancements in blockchain-based financial services, reshaping cryptocurrency tax compliance frameworks. FinTAX was founded by the former tax director of Bitmain, adding significant expertise to the platform.
Global Crypto Tax Landscape
Recent changes in cryptocurrency tax policies demonstrate a global push for stricter regulation. TaxDAO’s Crypto Compliance Policy Report for the second half of June 2024 provides some insights into the ongoing developments.
In Australia, the Australian Tax Office (ATO) intensified efforts to catch crypto tax evaders, expanding its data matching program to collect transaction data from 2014 to 2026 from all legal crypto exchanges. This initiative aims to gather detailed information on 1.2 million crypto investors annually to ensure compliance.
In the United States, the IRS introduced Form 1099-DA for reporting digital asset transactions. The Chamber of Digital Commerce expressed concerns about privacy and complexity, recommending that the form only ask for necessary information. In addition, the IRS issued final rules on crypto broker reporting, deciding not to include decentralized exchanges (DEXs) and self-custody wallets after considering industry feedback.
In other parts of the world, Brazil’s Federal Revenue plans to request information from foreign crypto exchanges to enforce new tax laws and identify illegal activities. Meanwhile, Tanzania has proposed a 3% withholding tax on crypto transactions, designating digital platform owners and facilitators as withholding agents responsible for tax remittance.
These developments highlight the need for investors and businesses to stay informed and comply with evolving tax policies.
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