Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a strategic collaboration with Taxbit, a leading provider of digital asset tax and accounting solutions. The partnership aims to enhance Bybit’s tax compliance capabilities for its global and European users, aligning with the Crypto-Asset Reporting Framework (CARF) and the EU’s DAC8 directive.
This move reflects Bybit’s commitment to creating a compliance-focused trading environment as international tax regulations continue to evolve. Through Taxbit’s advanced infrastructure, Bybit will facilitate automated CARF-compliant tax information reporting for users across more than 70 jurisdictions worldwide.
Robert MacDonald, Chief Legal and Compliance Officer of Bybit, emphasized the importance of compliance, stating, “At Bybit, compliance and transparency are at the heart of how we operate. Partnering with Taxbit allows us to meet new international tax standards while making the process as seamless as possible for our users.” This collaboration aims to bolster user confidence, ensuring that trading remains a secure and compliant experience.
With this integration, Bybit users will benefit from streamlined compliance with global regulations, significantly reducing manual effort and the likelihood of reporting errors. Users will only need to provide basic onboarding information to activate the process, allowing it to function in the background. This means that users can concentrate on trading without worrying about compliance issues.
Bybit’s choice to partner with Taxbit stems from the latter’s established expertise in crypto tax automation for both institutional and retail clients. Taxbit has proven its capabilities by issuing hundreds of millions of tax forms and processing billions of transactions globally.
Lindsey Argalas, CEO of Taxbit, expressed pride in supporting Bybit’s CARF initiative, remarking, “Bybit’s proactive approach demonstrates real leadership in making regulatory compliance easy and accessible for digital asset users around the world.”
This partnership highlights Bybit’s mission to align with international regulatory frameworks while continuing to offer a transparent and innovative trading experience. As the cryptocurrency landscape becomes increasingly regulated, Bybit and Taxbit aim to ensure that users can navigate these changes confidently.
Founded in 2018, Bybit serves a global community of over 70 million users, focusing on creating an open and equitable ecosystem within the decentralized financial landscape. The exchange is recognized for its secure custody solutions, diverse marketplaces, and user-friendly interface.
Taxbit, on the other hand, is designed by CPAs and tax attorneys to simplify compliance for digital assets. With over $235 million in funding and certifications in regulatory standards, Taxbit stands as a market leader in digital asset compliance.
As both companies move forward with their collaboration, they aim to set a benchmark for compliance in the rapidly evolving world of cryptocurrency trading. By prioritizing safety and user compliance, Bybit and Taxbit are paving the way for a more secure future in digital asset transactions.
