Despite the current market scenario, the number of individuals who are putting their funds into cryptocurrency continues to skyrocket on a daily basis. This is owing to the fact that, within a relatively short period of time, it has the potential to turn many traders into millionaires or even a billionaire. History is the best evidence.
However, if you have used cryptocurrency exchanges to make trades, the procedure of paying taxes on those trades can be a complicated and difficult one to complete. If you are a crypto investor, you will most likely engage in a number of transactions throughout the course of the year. It is not practicable for everyone to keep track of these transactions and then calculate their net profit and loss.
The good news is that you can now get assistance from Cryptiony, which is a revolutionary cryptocurrency tax tool. This tool automatically syncs across cryptocurrency exchanges and wallets, calculates your capital gains and losses, and delivers you comprehensive tax reports, which can then be utilized for the purpose of completing your taxes. This article will outline what Cryptiony is and how you can take advantage of it.
What Exactly Is Cryptiony?
Cryptiony is a web application that automates cryptocurrency taxes for people and tax professionals. The tool was launched in 2021 and makes filing cryptocurrency taxes fast and simple. Utilizing automation and encryption techniques to make crypto tax compliance stress-free, it simplifies the process of cryptocurrency tax calculation, making it easy for beginners as well as professional traders and accountants to do in a way that is quick and affordable.
Cryptiony’s long-term goal is to become an educational and automated platform that is so widely used that it is considered a fundamental part of the Web3 economy. The company holds the view that the cryptocurrency market is still in its early stages, making it highly volatile but also possessing enormous potential. In order for businesses to stay up with the progression of technology, a lot of them have begun implementing components of Web3, and Web3 is going to transform the tax and accounting industry.
In light of this, Cryptiony is under the impression that it is prepared for the revolution. Cryptiony is a tool for calculating taxes on cryptocurrency transactions, but it also attempts to educate users. Cryptiony is of the opinion that this problem, which is caused by the fact that many individuals are unaware that cryptocurrencies are subject to taxation, may be solved by educating people and sharing information.
How Does Cryptiony Work?
It is relatively easy to calculate cryptocurrency taxes with the help of Cryptiony. Simply registering with an email address, importing and reviewing transactions, and downloading a tax report are the only steps required from you. Given its user-friendly interface and its ability to quickly synchronize with cryptocurrency exchanges, Cryptiony is both more convenient and quicker than its competitors.
Cryptiony provides a seamless and lightning-fast interaction with cryptocurrency exchanges, which enables users to perform calculations quickly and obtain accurate results. In addition to that, it displays any pending tax obligations in real-time. Cryptiony is not only an application for tax calculation prior to the filing of tax forms; it is also an application for tracking tax liabilities in order to achieve tax optimization. This is because when users perform crypto transactions, following synchronization, Cryptiony updates tax liabilities in the application.
What Are The Benefits Of Using Cryptiony?
When running a business that accepts cryptocurrency transactions, it is imperative that proper tax reporting procedures be followed. Utilizing trustworthy tax preparation software is the only method to accomplish this goal in a way that is both practical and effective. Cryptiony is widely considered to be among the top choices currently available.
This is the most trustworthy full-featured accounting solution that is compatible with crypto. The crypto-specific elements of Cryptiony are centered on the difficulties that are inherently associated with accounting for crypto assets. The following is a list of some of the one-of-a-kind benefits of using Cryptiony:
1. Cost Saving
The relatively low cost of employing Cryptiony is one of the most significant advantages of doing so. To hire someone to execute the work manually would require an excessive investment of time and resources. In addition, its pricing structure is based on the payment of annual subscription fees.
The number of cryptocurrency transactions that a person conducts per month determines which plan they should choose. Cryptiony provides an unrivaled price in the UK, allowing users to conduct up to 500 transactions completely free of charge.
2. Speed
Cryptiony is a lightning-fast crypto taxation software that provides rapid synchronizations with cryptocurrency exchanges and blockchains, accurate calculations, and no data gaps whatsoever.
3. User Friendly
Cryptiony provides an educational part on the blog where you can learn the fundamentals of how to correctly file your crypto taxes.
Although tax is not a pleasant subject, Cryptiony is well-liked by its users since it makes the lives of traders and accountants easier. In addition to that, it has excellent support for customers. There are crypto professionals available for support who may provide assistance at any time.
4. Ideal For Individuals And Businesses
Given the one-of-a-kind features of crypto transactions, it is essential to have specialized software that is compatible with these dealings. Cryptiony gives customers the ability to manage and keep tabs on all of their transactions linked to cryptocurrencies. The user’s cryptocurrency wallet can be connected to the software and used just in minutes.
Following this, the company will be able to obtain real-time reports, which will assist it in making decisions regarding cryptocurrency transactions. For instance, on a single platform, it is possible to conduct detailed reports for a number of different locations.
5. Backed By Crypto Geeks
It was in 2021 when Cryptiony’s CEO, Bartosz Milczarek, was having trouble filing his own cryptocurrency taxes that the idea for the company was conceived. Krzysztof Dworakowski is the Chief Technology Officer of the company, while Hanna Milczarek is the Chief Marketing Officer.
Both Bartosz and Krzysztof are “crypto geeks,” each with more than ten years of expertise designing IT solutions for the banking, forex broking, and blockchain industries respectively. In the field of information technology, Hanna Milczarek has professional experience in corporate accounting and finance. Due to their expertise in technology and finance, in addition to their interest in cryptocurrency, they were able to turn their enthusiasm into a profitable business.
Why Should You Use Cryptiony For Tax Calculation?
As of the 29th of December 2021, there were 295 million users of cryptocurrency all around the world, according to research from crypto.com. In the United Kingdom, there are around 4.2 million people that use cryptocurrencies. Due to the sheer volume of users, an increasing number of nations are now regulating the industry for tax purposes. The problem, however, is that cryptocurrency exchanges do not offer any kind of tax reporting to their customer base.
In addition, the computations for cryptocurrency taxes are difficult, require a lot of time, and can be very expensive if you use an accountant. There are insufficient numbers of accountants who are knowledgeable about the regulatory standards that pertain to cryptocurrencies. Gain and loss must be determined for each individual disposal in the UK because of the country’s complex tax system.
This covers activities such as trading cryptocurrencies with other cryptocurrencies and making purchases using cryptocurrencies; it is not limited to simply exchanging cryptocurrencies for fiat currency. Since a significant number of crypto users are active on a number of different platforms and blockchains, it can be exceedingly difficult to monitor all of an individual’s holdings and past transactions.
In addition, there are several complicated restrictions regarding capital gains, making the process of paying cryptocurrency taxes an impossible effort without the assistance of an automation tool. You can utilize Cryptiony since it provides solutions to all of the issues that were discussed previously. In addition to this, it possesses a multitude of advantages that simplify the process of crypto tax calculation.
The company has been awarded a statue and has been named the 2021 startup of the year at Invest Cuffs 2022, one of the major trade fairs in Europe. Cryptiony was also awarded the Audience Award as well as a spot in the top three winners at the Fintech Summit Poland.
In addition to that, it was one of the businesses that triumphed in the Blockchain Innovations Chains pitch competition that took place during the Reach4.biz Meetup. Cryptiony provides an unrivaled price in the UK, allowing users to conduct up to 500 transactions completely free of charge. It provides a seamless and quick interaction with the cryptocurrency exchanges, allowing you to easily calculate your taxes without encountering any complications.
