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Kryptos, a leading provider of simplified global crypto tax compliance software, is pleased to announce strategic investments from Binance Labs and Gate Labs. These investments signal a strong vote of confidence in Kryptos's innovative solutions and its mission to simplify crypto tax compliance for individuals, professionals, and enterprises worldwide.
As global crypto adoption continues to rise, the need for specialized taxation tools becomes increasingly evident. According to a 2022 Fidelity report, 58% of institutional investors globally have an active crypto footprint, while 82% of high-net-worth individuals have invested in crypto assets, underlining the growing interest in digital assets. Additionally, Crypto.com reports a remarkable 39% increase in global cryptocurrency owners, reaching 425 million by December 2022. Against this backdrop, the importance of compliance with evolving tax requirements, such as DAC8, CARF, MiCA, and others, cannot be overstated. The tax tool market holds immense potential driven by the growing demand for streamlined tax reporting and the increasing regulatory pressures.
Kryptos, with its comprehensive suite of solutions including accounting, portfolio management, and tax reporting, is uniquely positioned to address the critical need for accurate and efficient tax reporting in the crypto ecosystem. Supporting over 2000+ DeFi protocols, 100+ exchanges and wallets, and 50+ blockchains, Kryptos offers a one-stop-shop solution for all Web3 finance needs.
The investments from Binance Labs, a renowned incubator and supporter of blockchain projects, and Gate Labs further solidify Kryptos's position in the industry. This comes after Kryptos's selection in the Binance Labs Incubation Program in November 2022, which showcased their exceptional potential to transform the crypto tax compliance landscape.
"We are thrilled to have the support of Binance Labs and Gate Labs," said Sukesh Tedla, CEO of Kryptos. "Their investments not only validate the value of our solutions but also enable us to further enhance our platform and expand our reach. With their expertise and backing, we are confident in our ability to simplify crypto tax compliance and drive the adoption of our platform globally."
"Kryptos's commitment to simplifying crypto tax compliance with its user-friendly approach solves a pain point and removes manual compliance duties,” said Alex Odagiu, Investment Director at Binance Labs. "Through our investment, we aim to support Kryptos in their mission and contribute to the growth and adoption of blockchain technology."
"GateLabs is proud to announce an investment partnership with Kryptos. We believe that Kryptos's simplified global crypto tax compliance software will revolutionize the way individuals and enterprises manage their crypto finances, said Investment director at Gate Labs. We are proud to be part of their journey and look forward to their continued success."
Kryptos simplifies Web3 finance for clients globally with a comprehensive suite of solutions that include accounting, portfolio management, and tax reporting. Supporting over 2000+ DeFi protocols, 100+ exchanges and wallets, and 50+ blockchains, Kryptos is the one-stop-shop for all Web3 finance needs.
With the strategic investments from Binance Labs and Gate Labs, Kryptos is poised for accelerated growth and expanded market reach. The company remains committed to its mission of simplifying crypto tax compliance and delivering exceptional value to its global user base.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
| Country | Issue | Kryptos Use Case |
|---|---|---|
| India | Cryptocurrency transactions are taxed as capital gains, with evolving legislation creating uncertainty. | Kryptos.io streamlines the process by automatically tracking transactions and computing capital gains, adjusting to new regulations for precise reporting. |
| Brazil | Cryptocurrencies are subject to capital gains tax and must be reported, posing challenges with complex requirements. | Kryptos.io simplifies compliance by offering real-time transaction tracking and detailed tax calculations, making it easier to meet Brazil’s tax obligations. |
| Nigeria | Regulatory framework for cryptocurrencies is evolving, with uncertainty around taxation and restrictions from the Central Bank. | Kryptos.io provides an adaptable solution by maintaining detailed records and generating flexible reports, helping users stay compliant despite regulatory changes. |
| USA | Cryptocurrency transactions are subject to capital gains tax, with detailed IRS reporting requirements. | Kryptos.io enhances compliance by automating the tracking of transactions and generating comprehensive tax reports, facilitating adherence to IRS requirements. |
| UK | Cryptocurrencies are taxed under both capital gains tax and income tax, requiring careful tracking and reporting. | Kryptos.io aids UK users by monitoring both capital gains and income from crypto transactions, ensuring accurate and straightforward tax reporting. |
| Australia | Cryptocurrencies are subject to capital gains tax, and users must report their gains and losses to the ATO. | Kryptos.io assists Australian users by providing seamless transaction tracking and precise capital gains calculations, ensuring efficient compliance with ATO reporting requirements. |
| Germany | Cryptocurrencies are taxed as private assets with gains subject to tax if held for less than a year. | Kryptos.io supports German users by tracking holding periods and computing taxes on cryptocurrency transactions, ensuring adherence to German tax regulations. |
| Japan | Cryptocurrency gains are treated as miscellaneous income and are subject to high tax rates. | Kryptos.io helps Japanese users by offering a detailed tracking system and calculating taxes on miscellaneous income, efficiently managing high tax obligations. |
| Scenario | Description | Kryptos Features that can be of aid |
|---|---|---|
| Multiple Exchanges and Wallets | Consolidating records from various exchanges and wallets to maintain a comprehensive overview of crypto activities. | Seamless integration with numerous exchanges and wallets, automatic import, and consolidation of records. |
| International Transactions | Managing records for cross-border transactions, including currency conversions and compliance with international tax laws. | Support for multiple currencies, efficient management of cross-border activities, accurate currency conversion for reporting. |
| Complex Transactions | Handling trades, swaps, staking, lending, and other sophisticated crypto activities. | Advanced tracking, reporting, and documentation for various transaction types. Kryptos' DeFi and NFT modules offer specialized tools for managing decentralized finance and NFT activities, ensuring precise records and comprehensive oversight. |
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.
Kryptos, a leading provider of simplified global crypto tax compliance software, is pleased to announce strategic investments from Binance Labs and Gate Labs. These investments signal a strong vote of confidence in Kryptos's innovative solutions and its mission to simplify crypto tax compliance for individuals, professionals, and enterprises worldwide.
As global crypto adoption continues to rise, the need for specialized taxation tools becomes increasingly evident. According to a 2022 Fidelity report, 58% of institutional investors globally have an active crypto footprint, while 82% of high-net-worth individuals have invested in crypto assets, underlining the growing interest in digital assets. Additionally, Crypto.com reports a remarkable 39% increase in global cryptocurrency owners, reaching 425 million by December 2022. Against this backdrop, the importance of compliance with evolving tax requirements, such as DAC8, CARF, MiCA, and others, cannot be overstated. The tax tool market holds immense potential driven by the growing demand for streamlined tax reporting and the increasing regulatory pressures.
Kryptos, with its comprehensive suite of solutions including accounting, portfolio management, and tax reporting, is uniquely positioned to address the critical need for accurate and efficient tax reporting in the crypto ecosystem. Supporting over 2000+ DeFi protocols, 100+ exchanges and wallets, and 50+ blockchains, Kryptos offers a one-stop-shop solution for all Web3 finance needs.
The investments from Binance Labs, a renowned incubator and supporter of blockchain projects, and Gate Labs further solidify Kryptos's position in the industry. This comes after Kryptos's selection in the Binance Labs Incubation Program in November 2022, which showcased their exceptional potential to transform the crypto tax compliance landscape.
"We are thrilled to have the support of Binance Labs and Gate Labs," said Sukesh Tedla, CEO of Kryptos. "Their investments not only validate the value of our solutions but also enable us to further enhance our platform and expand our reach. With their expertise and backing, we are confident in our ability to simplify crypto tax compliance and drive the adoption of our platform globally."
"Kryptos's commitment to simplifying crypto tax compliance with its user-friendly approach solves a pain point and removes manual compliance duties,” said Alex Odagiu, Investment Director at Binance Labs. "Through our investment, we aim to support Kryptos in their mission and contribute to the growth and adoption of blockchain technology."
"GateLabs is proud to announce an investment partnership with Kryptos. We believe that Kryptos's simplified global crypto tax compliance software will revolutionize the way individuals and enterprises manage their crypto finances, said Investment director at Gate Labs. We are proud to be part of their journey and look forward to their continued success."
Kryptos simplifies Web3 finance for clients globally with a comprehensive suite of solutions that include accounting, portfolio management, and tax reporting. Supporting over 2000+ DeFi protocols, 100+ exchanges and wallets, and 50+ blockchains, Kryptos is the one-stop-shop for all Web3 finance needs.
With the strategic investments from Binance Labs and Gate Labs, Kryptos is poised for accelerated growth and expanded market reach. The company remains committed to its mission of simplifying crypto tax compliance and delivering exceptional value to its global user base.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.
