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Cryptocurrencies and taxes made easy with Blockpit

Blockpit © Blockpit Gmbh

© Blockpit Gmbh

8. January 2020

A growing number of professionals have been trading in so-called ‘virtual assets’ or cryptocurrencies for several years now. Some 8% of the working population in the industrialised countries have already dealt in cryptocurrencies, but are often unaware both of the tax that is due on profits and the applicable anti-money laundering legislation.

Only a very few declare their profits in their tax returns, and banks have already had to freeze private accounts because of the risk of money laundering. Tax advisors and banks are keen to this growing target demographic, but manual calculation of the transactions involved diverts valuable resources and has proved complicated and liable to error.

This is where the Blockpit platform comes in. It provides a simple solution for dealing with complex tax issues in the form of cross-platform compliance monitoring and tax-reporting for cryptocurrencies.

Blockpit GmbH was founded in August 2017 and was named best blockchain startup at the 2018 CESAwards (Central European Startup Awards). The full version of the web platform has been available since the beginning of 2019, and it has always been the company’s founders’ ambition to be the first firm to establish a European standard for tax reporting for all aspects of cryptocurrencies.

Rooted in Upper Austria – used around the world: 2019 saw Upper Austria’s Export Center OÖ join forces for the second time with hub,ert, the Upper Austrian non-profits network, and ADVANTAGE AUSTRIA in search of the best international start-ups. From all the applications, 15 from Upper Austria won awards in the Hottest International Start-ups category.

Last modified
7. January 2020

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