In early June 2024, Fireblocks, a leading provider of digital asset infrastructure, announced a partnership with TRES, a platform for managing tax and accounting processes in the blockchain and cryptocurrency sector. This collaboration aims to create automated solutions for generating audit-ready tax reports.
Key features of the partnership include:
- Automation of Tax Reporting:Through the integration of Fireblocks and TRES technologies, companies will be able to automatically generate and submit tax reports that comply with regulatory requirements. This will significantly reduce the risk of errors and simplify the reporting process.
- Reliability and Security: Fireblocks provides a high level of security for data storage and transmission, which is particularly important when dealing with digital assets. The TRES platform, in turn, offers robust tools for managing tax and accounting operations, making the report preparation process quick and efficient.
- Regulatory Compliance: One of the main goals of the partnership is to ensure compliance with regulatory requirements in various jurisdictions. This will enable companies working with cryptocurrencies to easily meet tax regulations and avoid penalties.
According to representatives from both companies, the new solution will allow businesses to focus on strategic development rather than the labor-intensive processes of tax report preparation. This partnership is expected to be a significant step forward for the digital asset industry, providing transparency and reliability in tax reporting.
Sources: AlgoSec (algosec), Vertex Inc. (Vertex, Inc.), Thomson Reuters (Thomson Reuters Tax & Accounting).
