The global cryptocurrency exchange Bitget has partnered with KoinX, a renowned provider of crypto tax reporting solutions. This collaboration aims to enhance how Bitget users manage their tax obligations and help them better comply with local regulations.

Alliance to Simplify Compliance

According to the official statement, the partnership between Bitget and KoinX could have tax-related burdens that crypto traders and investors face. By integrating KoinX's tax reporting software into Bitget's trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, the two entities have promised a reduction in tax reporting complexities.

One of the standout features of this integration is automated syncing. Bitget users can now synchronize their trading data with KoinX, eliminating the need for manual entries and minimizing errors. This feature aims to ensure that users can easily generate comprehensive tax reports.

Besides automated syncing, the integration promises enhanced security and a user-friendly interface, simplifying crypto investment management. The collaboration reflects both companies' commitment to innovation, aiming to provide a superior user experience.

Partnering with Regulators

Additionally, the two entities are reportedly collaborating with regulatory bodies in their respective countries to strengthen their compliance structures. Bitget's regulatory compliance efforts are further highlighted by its recent appointment of Hon Ng, a former Binance executive, as Chief Legal Officer.

Ng's role will involve overseeing global regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, engaging with regulators, and spearheading efforts to obtain licenses in new markets. Moreover, starting December 15, 2023, Bitget will require all users to submit their Know Your Customer (KYC) details to access the platform's trading services.

Recently, Bitget integrated Apple Pay and Google Pay to allow users to convert fiat currency to crypto reportedly within 30 seconds. This initiative is part of Bitget's step to enhance accessibility and streamline the crypto purchasing process for users.

The latest reports also show that between April and June, Bitget ranked third in net capital inflow among crypto exchanges and showed the strongest market share growth compared to its competitors. Investors transferred $700 million to Bitget in the second quarter, and activity on the exchange expanded by nearly 50%.

Bitget is also eying becoming a regulated firm in India. The company's announcement comes as India faces the complexities of integrating cryptocurrencies into its financial ecosystem.