Ledger Crypto Wallet Company to Integrate Tax Solution

The new tax integration aims to alleviate the process of manual calculation by crypto investors.

The main hardware wallet provider, Ledger, is making moves to help crypto investors take note of its tax obligations, integrating a new solution that automatically calculates their taxes over their crypto transactions.

Ledger announced a partnership with the taxation software, ZenLedger, to integrate their crypto tax reports solution on the Ledger interface app, Ledger Live. The new resource is immediately available and can be found in the "discover" section of its catalogue. The software tool allows the user to automatically aggregate the history of all concluded transactions through Ledger Live and keep track of profits and losses.

As stated by Jean-François Rochet, the International Development VP of Ledger, several services are available through partnerships inside Ledger Live, swapping, buying, selling and staking, but this is the first time that a taxation related product is integrated.

Without tools for tax reports like ZenLedger, the cryptocurrency self-custody users holding coins like Bitcoin would have to manually calculate their profits or losses from trades. This integration has a strong focus on the US taxation standards, predicting complex tax declaration obligations by the country's laws. Soon the tool will be available for customers outside the US, as there are more than 3.5 million users of Ledger hardware wallets around the globe and approximately 20% of digital assets are stored in those devices.

Ledger Live has already integrated several regulated financial services to provide procedures like Know Your Customer(KYC) and Anti Money Laundering(AML), including services like MoonPay and Wyre which allows credit card payments for digital assets. 

Founded in 2018, ZenLedger provides tax reports software, using public addresses to aggregate client transactions and calculate its taxes responsibilities. Last month, ZenLedger renewed the contract with the civil and criminal investigation units of the Internal Revenue Service(IRS).

The new integration comes right before the tax reports deadline in the US, which obligates its citizens to declare their taxes until April 18. Last month the corporate donation platform, Engiven launched an IRS tax form and evaluation service to simplify the tax declaration of crypto donations to NGOs.

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