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Taxbit Launches Enhanced Global Compliance Platform for CARF/DAC8 Reporting

In a landmark move for the digital asset sector, Taxbit has announced an expansion of its platform to facilitate compliance with the European Union's DAC8 directive and the OECD's Crypto-Asset Reporting Framework (CARF). This upgraded offering, set to take effect on January 1, 2026, will empower Reporting Crypto-Asset Service Providers (RCASPs) across more than 65 jurisdictions to automate their tax reporting obligations effectively.

As regulatory landscapes shift, Taxbit is poised to become a formidable player in the realm of digital asset compliance. With the introduction of DAC8 and CARF regulations, the need for a streamlined, automated reporting solution is more crucial than ever. The company aims to simplify compliance through a secure and scalable platform, ultimately enabling digital asset platforms to navigate the new requirements with confidence.

A New Era of Digital Asset Reporting

According to Michelle O'Connor, Vice President of Global Market Expansion at Taxbit, these regulations will significantly change the digital asset landscape, marking a pivotal moment for asset platforms. 'With clearer global reporting requirements, Taxbit provides the necessary tools for these platforms to meet their obligations seamlessly,' O'Connor stated. The platform's design focuses on transforming regulatory complexity into operational simplicity, which is essential for a frictionless user experience.

Taxbit not only aims to enhance compliance but also to turn it into a competitive advantage. Erin Fennimore, VP of Tax Solutions, highlighted that the challenge now extends beyond mere data collection and reporting. It requires a comprehensive system that ensures accuracy while supporting high-volume, complex transactions across borders.

Key Features of Taxbit for DAC8/CARF

The Taxbit platform boasts several critical features tailored to meet the new regulatory challenges posed by DAC8 and CARF, including:

• - Digital Self-Certification SDK: A plug-and-play tool for automatic tax residency self-certification at the onboarding stage, making it easier for users to comply right from the start.
• - Automated Reporting Engine: This feature enables end-to-end generation and filing of CARF/DAC8 XML reports, streamlining what was once a cumbersome process.
• - Enterprise-Grade Security: Taxbit ensures that all data handling is encrypted and compliant with GDPR and SOC II standards, addressing security concerns head-on.
• - Real-Time Insights Dashboard: Clients can monitor their reporting status, identify gaps in compliance, and manage risk effectively through this comprehensive dashboard.

The Support of Industry Leaders

One of the notable clients of Taxbit, PayPal, has shared its positive experience with the platform. The collaboration with Taxbit has enabled PayPal to enhance customer trust by simplifying the complexities of digital asset trading and taxation processes. Taxbit's contribution to easing customer responsibilities and ensuring compliance has positioned PayPal to stay ahead in the rapidly evolving cryptocurrency sector.

Taxbit's Commitment to a Compliant Future

As Taxbit prepares for the upcoming global information reporting season under DAC8 and CARF, its focus is not only on compliance but also on helping clients achieve operational efficiencies. The platform's capabilities have been developed by tax experts and are powered by advanced technology, ensuring accuracy and scalability in reporting. Taxbit aims to help businesses remain compliant and empowered for future challenges in the digital asset realm.

About Taxbit

Taxbit is a leading tax and accounting compliance platform, designed with input from CPAs and tax attorneys, aimed at simplifying compliance for digital assets. Trusted by enterprises, financial institutions, and government entities, Taxbit provides an end-to-end solution for accurate reporting. With over $235 million in funding from notable global investors like Ribbit, IVP, and PayPal Ventures, the company operates numerous offices across the United States. This expansion reflects its commitment to establishing itself as a key player in the digital economy.

For further details, visit Taxbit's official site.