Gemini picks TaxBit for CESOP reporting

TaxBit, the leading provider of tax and compliance solutions for digital assets, announced today that it has been selected by Gemini, a prominent cryptocurrency exchange, as its CESOP reporting solution.

Gemini’s decision to integrate with TaxBit expands the two companies’ long-standing relationship, underscoring its dedication to regulatory compliance in the dynamic digital asset landscape.

The collaboration aims to streamline Gemini’s reporting obligations across the EU, ensuring adherence to CESOP guidance and local jurisdiction intricacies.

“Tax requirements have evolved rapidly across the globe as the digital asset ecosystem matures. Our integration with TaxBit’s CESOP reporting solution allows us to quickly adapt to changes in the tax regulatory environment in the EU so that we can efficiently meet the tax needs of our customers,” said Jill Dymtrow, Director of Tax Information Reporting at Gemini.

Key Features of TaxBit’s CESOP Reporting Solution:

  • Automates complex quarterly reporting obligations.
  • Efficiently identifies in-scope and out-of-scope transactions.
  • Monitors key customer data points, validates VATs, and generates quarterly multi-jurisdictional XML deliverables.
  • Compliance with quarterly reporting to European Union member states for cross-border payments, due end of Q1 2024.
  • TaxBit’s API platform serves as a single system of record, providing leading enterprises with a comprehensive solution for global tax and accounting compliance.

Erin Fennimore, Vice President of Tax Solutions at TaxBit, expressed enthusiasm about the integration, stating, “We launched this product in response to the overwhelming demand from the market for a solution to address CESOP intricacies, within our end-to-end compliance solution. I’m thrilled to expand our partnership with Gemini for EU compliance.”