Since its development, the blockchain industry has demonstrated that its main objective is the search for solutions. Adaptability and decentralization are other characteristics of this technology, however, users who obviously reside in a particular country and its jurisdictions, may be limited in the use of blockchain and this can be a problem for businesses or entrepreneurship seeking to migrate.
For this reason, Binance has developed the Tax application for its exchange, which will allow the subtraction of the estimates of tax responsibilities according to the user’s country, thus taking a step forward in the naturalization of cryptocurrencies and demonstrating that the industry is versatile and adaptable.
Binance Tax is still under development but we know that the tool can support up to 100,000 transactions and will be available first for France and Canada, the exchange says it has identified that for many crypto-users it is a challenge to file annual tax returns and Binance Tax is the tool they need.
Binance Tax, radiography.
It provides detailed information about the transactions you make within our ecosystem to help you file your taxes; such as: cash exchanges, crypto donations and even blockchain fork rewards.
Please note that some transaction types are still in the process of being implemented in Binance Tax.
It’s worth mentioning that the “Regulation” theme has its role within this tool, since Binance and its founder have repeatedly made public their desire to develop a blockchain environment that can subsist reciprocally with the traditional environment but this time making cryptocurrencies part of the financial and evolutionary solutions of society.
For now, Binance Tax will let you simply see all your transactions on a single screen without the need to search hash by hash on the blockchain, assuming that automation is a pillar within the web3, we hope that more platforms will join this initiative and in turn propose more solutions of this type during 2023.