Bitwala Integrates CryptoTax as Painkiller for Tax Declaration Woes

In the daily rush of cryptocurrency swings, traders often defer taxation issues until later. But when the deadline for the annual tax declaration is nearing, many crypto trading platforms are still failing their customers to provide even simple itemizations – a typical cause for headaches.

As the first blockchain-banking service ever, Bitwala is now integrating CryptoTax to kill the pain: Finally, enclosing statements on cryptocurrencies with your tax report will be as simple as attaching a PDF-file to an email.

Cryptocurrencies such as Bitcoin are taxable

“Taxation is a part of life, and cryptocurrencies are not exempted. Both trading gains and losses impact your tax balance, yet most cryptocurrency exchanges fail to provide any tools for proper reporting. With the integration of CryptoTax, Bitwala customers no longer have to worry about reporting their trades,” said Benjamin Jones, CEO/CTO and Co-Founder at Bitwala.
Available for all 31 countries in the EEA

Starting with the tax year 2019, Bitwala customers in all 31 countries of the European Economic Area (EEA) will benefit from ready-for-use and fully compliant tax statements for all transactions. German and Swiss taxpayers will receive country-specific tax reports meeting all legal requirements. Based on the expertise that the CryptoTax’ solution provides, the individualized reports can be easily passed on to be processed by tax accountants or directly handed over to tax authorities. For the tax year 2019 the creation of tax reports will be free of charge for Bitwala users.

Even tax advisors are struggling

“Even tax advisors are struggling with reporting cryptocurrency trades to the tax authorities the right way. With CryptoTax, standardized reports leave no room for ambiguity. Bitwala customers will be the first to benefit from our solution which makes taxation of cryptocurrencies as user friendly as possible,” said Klaus Himmer, CEO and Co-Founder of the Munich-based firm.

For EEA residents outside of Germany and Switzerland, CryptoTax will produce elaborate generic tax reports, which can serve as a solid foundation for reporting taxes in the respective jurisdictions. Progressively, CryptoTax will include more EEA countries to optimize taxation by the click of a button.

Buy and sell bitcoin directly from the bank account

Bitwala is superior to most, if not all, other gateways to Blockchain-borne assets as its general setup requires no special technological knowledge. It works just like conventional online banking and is therefore different from an account at a crypto exchange as customers can also use it to manage their daily finances as well as benefit from higher legal safeguards. What is more, Bitwala only charges a competitive 1 percent fee for bitcoin trading – the account and the Bitwala Debit Card are free of charge.

With the integrated Bitcoin wallet users can buy and sell bitcoin directly from their bank account. The balance in EUR or BTC is available on the account within the hour. On top, the Bitwala wallet features innovative peer-to-peer functionalities such as transferring bitcoin between friends and family: users can easily send and receive bitcoin, or request a specific amount of bitcoin via QR code. Transactions in the wallet can be authorised by using biometrics.

“With Bitwala your bitcoin are booked directly on the Blockchain via a multi-signature wallet. This is another way of saying that hacking Bitwala is as useless as breaking the Blockchain itself and that our customers are fully in control of their Bitcoin wallets at all times. Therefore, we are the safest way to buy, sell, and store bitcoin – now even on your smartphone,” said Christoph Iwaniez, Chief Financial Officer at Bitwala.

Manage the free debit card securely via app

Bitwala provides its account holders with a free debit Mastercard that can be used for contactless payments and money withdrawals at over 40 million locations worldwide without any fees. If the card is lost or stolen, it can be blocked directly in the new app. Ordering a replacement is as easy as the click of a button. Optional pushnotifications, account holders can remain abreast on all activities on their bank account, such as card transactions or incoming EUR and BTC transfers.