Canadians Can Now Easily Calculate Their Cryptocurrency Taxes

Apr 29, 2018 InsightsPress Releases 0

Vancouver, B.C.iComply Investor Services (iComply), a RegTech software company that has created the world’s first global regulatory automation service for blockchain securities, is today announcing that it has formed a strategic partnership with Cointaxes, whose platform opens up for Canadian taxpayers this week.

For those who are wondering, yes you need to pay taxes on your crypto, and no, your blockchain-based transactions not completely anonymous, so you’ll want to be on top of your taxes sooner rather than later.
The Cointaxes and iComply integration enable taxpayers to securely verify their identity and claim gains and losses across different wallets, automatically calculating liabilities and generating all required tax forms. iComply takes compliance and privacy one step further by making it possible to separate legal-entity identity information and the compliance ledger, removing privacy vulnerabilities and adding transparency by enabling compliance procedures to occur at the protocol level. This means the technology can be used in a variety of applications including blockchains, central banking systems, and stock exchanges as an enterprise compliance solution.
“Partnering with iComply made complete sense, we share a common mission to build the infrastructure for compliance in a blockchain-based future. Cointaxes handles the tax and consumer compliance angle, and iComply is focused on KYC and transaction monitoring for tokenized securities.” – Chris Kovalik, CEO of Cointaxes.
iComply’s product, iComplyID is a portable KYC (“know your customer”) solution already in use by cryptocurrency exchanges, fintech platforms, and initial coin offerings. Referred to as “Worldcheck for decentralized finance” the product is well suited to applications beyond blockchain securities such as traditional financial institutions, government, and healthcare applications.
About Cointaxes
Cointaxes makes it possible to prepare tax-ready cryptocurrency trading records. Cointaxes’ tax engine and ledger technology were built to automate tax reporting for millions of cryptocurrency users and to help them make smarter, tax-optimized decisions every day. Cointaxes’ primary product is high-quality cryptocurrency tax preparation and optimization software for individuals, businesses and tax professionals. It guides consumers step-by-step through the process, creating confidence and certainty along the way. Learn More: Cointaxes.com
About iComply
iComply Investor Services Inc. (iComply) is a regulatory technology company focused on the digital identification, legal workflows and compliance automation for initial issuance and secondary trading of tokenized assets (security and utility). The technology also interacts beyond blockchain and can be used by traditional and decentralized companies alike. iComply currently has two major components: Prefacto Compliance and iComplyID. Prefacto is the first solution to unlock compliant secondary trading for decentralized assets and is technology agnostic—meaning that new blockchains, mesh networks, or centralized trading systems can be integrated securely. iComplyID covers identity verification and investor privacy. An integrated ecosystem, the software streamlines legal and accounting processes and provides automated checks and balances which occur before a transaction is posted, enabling an efficient workflow between investors, regulators, securities issuers, and capital markets service providers. Learn more: iComplyICO.com

 

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Jacques Y

Jacques is a founding partner and CEO of CryptoCanucks.com with a background in marketing and finance. He has a well-rounded foundation of knowledge in Investing, trading, and researching both Forex and the Cryptocurrency markets. He likes to stay active playing basketball, swimming and walking his dog while pursuing his entrepreneurial lifestyle.

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