Founded in 2017, Blockpit developed Cryptotax software to offer the automated calculation of taxable profits from trading crypto assets such as Bitcoin and Ethereum, as well as from other activities of crypto traders and investors such as income from staking, DeFi, lending, mining, and margin trading. The data is imported in real time from common crypto exchanges and wallets, standardized, and then consolidated in a country-specific report which displays taxable profits and other important data.
Cryptotax was most recently deployed in Spain and France, making the audited tax reports available across six countries: Austria, Germany, France, Switzerland, Spain, the US.
According to Blockpit, demand for the software has increased heavily due to the upcoming introduction of the EU DAC-8 directive coupled with the strong upswing of crypto assets in the past months. DAC-8 is expected to facilitate data exchange between trading platforms and financial authorities across the EU in the future.