KEY TAKEAWAYS
- Bybit partners with Taxbit to enhance global tax compliance under CARF and DAC8 directives.
- This collaboration aims to automate tax reporting for Bybit users, ensuring compliance across 70+ jurisdictions.
- Bybit’s integration with Taxbit reflects its commitment to a compliance-driven trading environment.
- Users benefit from seamless compliance, reducing manual effort and reporting errors.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a collaboration with Taxbit, a leading provider of digital asset tax and accounting solutions. This partnership aims to enhance Bybit’s global tax compliance capabilities under the Crypto-Asset Reporting Framework (CARF) and the EU’s DAC8 directive. The announcement was made here.
This collaboration reflects Bybit’s commitment to creating a compliance-driven and user-friendly trading environment as global tax regulations continue to evolve. Through Taxbit’s advanced infrastructure, Bybit will facilitate automated CARF-compliant tax information reporting for its users, including those under Bybit EU and Bybit Global. This initiative ensures adherence to regulatory requirements across more than 70 jurisdictions worldwide.
Robert MacDonald, Chief Legal and Compliance Officer of Bybit, emphasized the importance of compliance and transparency in their operations. He stated that partnering with Taxbit allows Bybit to meet new international tax standards while simplifying the process for users. This collaboration ensures that Bybit’s community can trade confidently, knowing that the exchange prioritizes safety and customer compliance.
With this integration, Bybit users will benefit from seamless compliance with global requirements, minimizing manual effort and reducing reporting errors. Users do not need to take any additional steps beyond providing basic onboarding information. Once activated, the process operates in the background, allowing users to focus on trading while remaining compliant.
Bybit selected Taxbit for its CARF and DAC8 rollout due to Taxbit’s strong track record and expertise in crypto tax automation for both institutional and retail clients. Lindsey Argalas, CEO of Taxbit, expressed pride in supporting Bybit on its global CARF journey, highlighting Bybit’s proactive approach to making regulatory compliance accessible for digital asset users worldwide.
This partnership underscores Bybit’s mission to align with international regulatory frameworks while continuing to deliver a trusted, transparent, and innovative trading experience for all users.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit has partnered with Taxbit to enhance its global tax compliance capabilities, aligning with new international standards under the Crypto-Asset Reporting Framework (CARF) and the EU’s DAC8 directive.
Recent industry reports indicate that the implementation of CARF and DAC8 will significantly impact cryptocurrency exchanges by enforcing stringent tax transparency and compliance requirements. This aligns with Bybit’s initiative to ensure seamless compliance for its users, reflecting a broader trend towards enhanced regulatory frameworks in the crypto space.
A Gordon Law report highlights that the IRS now treats cryptocurrency as property, meaning that virtually every transaction triggers a taxable event. This supports Bybit’s collaboration with Taxbit to streamline compliance, ensuring that users remain informed and compliant with evolving tax regulations.
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