Bittax provides a platform that accurately tracks cryptocurrency transactions and calculates tax liabilities by determining the cost basis for each asset, enabling users to generate precise tax and Anti-Money Laundering (AML) reports. By supporting over 100 exchanges and blockchains, Bittax helps users achieve up to 80% savings on their tax obligations while streamlining compliance processes.
Funding
Funding not disclosed
Founders
Product
Problem
Calculating taxes on cryptocurrency transactions is complex due to the need to accurately track cost basis across numerous exchanges and blockchains. Existing methods are often time-consuming and prone to errors, potentially leading to inaccurate tax filings and compliance issues.
Solution
Bittax offers a platform designed to streamline cryptocurrency tax reporting and anti-money laundering (AML) compliance. The platform automatically synchronizes with user wallets and supports API integrations with over 100 exchanges and blockchains, including DeFi protocols, to track crypto activity. By identifying and calculating the cost basis of each coin, Bittax generates precise tax reports and AML reports, enabling users to optimize their tax obligations. Users can upload transaction data, review transactions, choose a cost-basis method, and export ready-to-file reports for submission to tax authorities or CPAs.
Target Audience
Bittax is designed for individuals, CPAs, and institutions involved in cryptocurrency transactions who need accurate tax and AML compliance reporting.
Features
- API integrations with over 100 cryptocurrency exchanges and blockchains for automated transaction tracking
- Support for DeFi protocols
- Automated cost basis calculation for accurate tax reporting
- Specific Identification technology for tracking on-chain and off-chain activities
- Option to choose preferred cost-basis method (e.g., Specific Identification, FIFO)
- Generation of ready-to-file tax and AML reports
- Reporting of full crypto activity, including exchange and blockchain transactions