#USA #San Francisco #CARF #Taxbit #DAC8

Tackling Compliance in the Digital Asset Era

In a strategic move to enhance the compliance landscape for digital assets, Taxbit, a leading provider of automated tax and accounting solutions, has revealed significant upgrades to their platform. This expansion aims to align with the European Union's DAC8 directive and the OECD’s Crypto-Asset Reporting Framework (CARF), marking a pivotal leap for digital asset management across countries.

Supporting Global Tax Compliance

Effective January 1, 2026, the DAC8 and CARF regulations are set to reshape how digital asset platforms operate. With this change, Reporting Crypto-Asset Service Providers (RCASPs) across more than 65 nations will be able to automate their tax reporting duties through a unified, enterprise-level platform.

Michelle O'Connor, Vice President of Global Market Expansion at Taxbit, emphasizes this transformation: _“With the new framework, Taxbit enables platforms to effectively meet their obligations with clarity and efficiency, laying down the groundwork for seamless growth within a structured compliance infrastructure.”_

A New Chapter in Digital Asset Reporting

Taxbit’s upgrade reflects a strong commitment to fostering integrity in the digital asset economy. As 66 countries prepare for their first global reporting season under the new rules in 2026, Taxbit’s advancements represent an essential opportunity for consolidating its market leadership.

Erin Fennimore, VP of Tax Solutions at Taxbit, points out the evolving challenges in compliance, stating: _“It’s about simplifying the complexity of regulations while delivering a smooth user experience.”_ The platform empowers clients to turn compliance into a competitive advantage, ensuring that reporting is automated, accurate at scale, and ready for future developments.

Client Testimonials and Key Features

Notably, clients like PayPal have found significant value in partnering with Taxbit. According to a PayPal representative, the collaboration has allowed them to enhance client trust and confidence through reliability in digital asset trading and tax obligations. The representative added, ‘_Taxbit’s capabilities have positioned us well in the rapidly shifting cryptocurrency market._’

Key features of Taxbit’s platform enhancement include:

• - SDK for Digital Self-Certification: A plug-and-play tool for users to self-certify their tax residency during onboarding.
• - Automated Reporting Module: Seamless end-to-end creation and submission of CARF/DAC8 XML reports.
• - Enterprise-Level Security: Encrypted data processing fully compliant with GDPR and SOC II standards.
• - Real-Time Insights Dashboard: Monitor reporting status, identify gaps, and manage risks effectively.

A Comprehensive Solution for Complex Transactions

Taxbit’s platform now supports various U.S. information reporting requirements (W-9/8, US 1099s, 1042-S), as well as digital asset reporting (CARF/DAC8, 1099-DA), which are crucial for marketplaces and gig platforms. By providing comprehensive automation, Taxbit enables companies to optimize compliance for high-volume, complex, and cross-border transactions.

Having been developed by tax professionals and utilizing advanced technology, Taxbit ensures accurate, large-scale reporting that helps businesses maintain control while adhering to regulations.

About Taxbit

As a trusted name in tax compliance solutions, Taxbit simplifies regulation adherence for businesses, financial institutions, and authorities dealing with digital assets. Its comprehensive end-to-end solution is recognized for optimizing compliance processes, enhancing accuracy, and building trust. Taxbit, headquartered in Draper, Utah, also has offices in multiple major cities, including San Francisco and New York. With significant backing of over $235 million from investors such as Ribbit, IVP, Paradigm, and PayPal Ventures, Taxbit is well-positioned for long-term growth and innovation in the tax compliance sector.

For further information, visit www.taxbit.com.