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European crypto tax firms merge to expand into North American markets

September 8, 2020

European cryptocurrency tax reporting experts team up to enter US and Canadian markets.

Blockpit, an Austria-based expert for compliance with cryptocurrencies, has completed a merger with its German competitor CryptoTaxannounced the company on September 8th.

Both companies focused on providing tax information tools for cryptocurrencies. Blockpit and CryptoTax will now work together to expand to global jurisdictions such as the US, Canada, Australia and the UK in 2021.

European crypto tax firms merge to expand into North American marketsEuropean crypto tax firms merge to expand into North American markets

Currently in operation in Germany, Austria and Switzerland, With the merger, Blockpit and CryptoTax are also planning to expand their European presence.said representatives for Blockpit.

Klaus Himmer, co-founder and CEO of CryptoTax, said that The new merger essentially enables the two companies to become one international company. “The medium-term goal is to merge both companies into a renowned global company and to expand intensively into the US market,” said Himmer.

Blockpit managers noticed this The merger will not affect the current customers of either company in any way, as both Blockpit and CryptoTax will have their respective offices in Linz and Munich.. In the coming months, CryptoTax will redesign its front end and adapt it to the Blockpit interface, according to company representatives.

The joint effort by Blockpit and CryptoTax to expand their expertise in reporting on cryptocurrencies comes shortly after the U.S. tax authority, the Internal Revenue Service, published an update on cryptocurrency tax regulations. According to the IRS, crypto income from micro-tasks through crowdsourcing or similar platforms is taxable as ordinary income.

Blockpit and CryptoTax will apparently face stiff competition in the US., as there are a number of local companies that focus on cryptocurrencies, such as CryptoTrader.Tax and TokenTax in Missouri.

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