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Taxbit's Global Platform Expansion for CARF/DAC8 Compliance

As the landscape of digital asset regulation becomes increasingly intricate, Taxbit is stepping up to support businesses navigating these new challenges. On March 26, 2025, the leading provider of automated tax and accounting solutions announced a significant expansion of its platform to facilitate compliance with the EU's DAC8 directive and the OECD's Crypto-Asset Reporting Framework (CARF). This strategic move allows Reporting Crypto-Asset Service Providers (RCASPs) in over 65 jurisdictions to automate their mandatory tax reporting seamlessly, embodying a major leap towards maximizing efficiency in digital asset management.

A Paradigm Shift for Digital Asset Reporting

Starting January 1, 2026, the implementation of DAC8 and CARF regulations will significantly alter the reporting landscape for digital assets. Michelle O'Connor, Vice President of Global Market Expansion at Taxbit, remarks, "With clearer global reporting obligations now established, Taxbit empowers digital asset platforms to reliably meet new compliance requirements. Our solution features an automated, secure, and scalable compliance infrastructure that supports seamless growth." This expansion indicates not just a shift in Taxbit’s capabilities, but also reflects a pivotal moment for digital asset reporting as a whole.

Ensuring Integrity in the Digital Economy

Taxbit’s ambition is to foster the integration of digital assets into the global economy. The platform's enhancement for CARF/DAC8 compliance not only reinforces Taxbit’s position as a leader in the field, but also addresses the upcoming global reporting season commencing in 2026. Erin Fennimore, Tax Solutions Vice President at Taxbit, explains, “The challenge has shifted from merely collecting and reporting tax information to ensuring that complex regulations can be executed with a seamless user experience.” With its platform, Taxbit assists clients in achieving a competitive edge through automated, accurate compliance, ensuring scalability and future readiness.

Collaboration with Industry Leaders

Key industry players like PayPal highlight the advantages of collaborating with Taxbit, stating, "Working with Taxbit has been crucial to our success. Their platform helps build trust with our customers as we deliver convenience and reliability in the evolving digital asset trading landscape." The varied contributions from Taxbit enable PayPal to remain ahead in the fast-paced global cryptocurrency market, providing essential educational resources and documentation to support tax obligations.

Innovative Features at a Glance

Taxbit's platform expansion introduces a variety of capabilities under the DAC8/CARF compliance framework. These features include:

• - Digital Self-Certification SDK: A plug-and-play tool for self-certifying users' tax residency during onboarding.
• - Automated Reporting Engine: An end-to-end solution for generating and submitting CARF/DAC8 XML reports with ease.
• - Enterprise-Level Security: Robust data processing that adheres to GDPR and SOC II standards.
• - Real-Time Insights Dashboard: An interface for monitoring report statuses, identifying gaps, and managing risks at scale.

Tailored Compliance for the Digital Asset Ecosystem

Taxbit’s platform now encompasses compliance not only for CARF/DAC8 but also for U.S. reporting obligations including W-9/8 forms, U.S. 1099s, and 1042-S, as well as digital asset reporting mechanisms. This comprehensive automation supports businesses handling substantial volumes and high complexity in cross-border transactions. Designed by tax professionals and powered by advanced technology, Taxbit is committed to providing precise and scalable reporting solutions, ensuring companies can maintain compliance and control while preparing for future regulatory environments.

About Taxbit

Established in Draper, Utah, with additional offices in major cities such as Salt Lake City and San Francisco, Taxbit stands as a premier solution for tax compliance and accounting. Trusted by enterprises, financial institutions, and governmental bodies, Taxbit offers an end-to-end solution for digital asset compliance. Certified with SOC 1 and SOC 2 attestations, along with ISO 27001 standards, the firm has raised over $235 million in funding from global investors, including Ribbit and PayPal Ventures. Explore at www.taxbit.com.

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