Introduction to the Partnership
Bitget, a global leader in crypto exchange services, is now officially in a strategic partnership with KoinX that specializes in crypto tax reporting solutions. This partnership aims to simplify tax reporting for them users by leveraging the integrated system of KoinX’s advanced software solution on the Bitget platform.
Key Features of the Integration
The partnership of Bitget and KoinX concentrates on addressing the increasing need for simplified tax reporting in the cryptocurrency industry. One of the key features of this integration is the automated syncing, which will allow them users to effortlessly synchronize their trading data with KoinX. This automation is a relief from manual data entry, and it also minimizes the possibility of errors aside from ensuring accuracy in the data.
Automated Tax Reports: The sharing of resources will allow the users to have detailed tax reports generated easily which makes tax filing more convenient. This function is especially useful during the tax season when the deadlines are close and accurate reports are necessary.
Enhanced Security and User Experience: In addition, the alliance also guarantees the implementation of security measures and a user-friendly design which in turn will enable the users to manage their crypto investments easily and also comply with the tax requirements.
Bitget’s Focus on Regulatory Compliance
Bitget sees this partnership as a perfect opportunity because the company is concentrating on compliance issues. Bitget has also been working with regulatory bodies in different jurisdictions to boost its compliance system. The plan is spearheaded by Hon Ng Bitget’s newly appointed Central Legal Officer and a former executive of Binance.
Global Compliance Efforts: In terms of Ng’s job duties, he is responsible for global regulatory compliance, communicating with regulators and leading efforts to get licenses in new markets. To strengthen its compliance commitment, them requires all users to provide Know Your Customer (KYC) details.
Bitget’s Expansion and Market Growth
Besides its compliance-oriented approach, Bitget has been broadening its offerings to improve the user experience. The recent introduction of Apple Pay and Google Pay has resulted in a decrease in transaction time to under 30 seconds, thereby allowing users to convert fiat currency to crypto faster.
Surge in User Growth: The most recent data show that Bitget Wallet has exceeded 30 million users worldwide, which represents a 150% increase year-over-year. The platform’s sizable enlargement, primarily in Asia, can be highlighted by over 1.6 million downloads in July 2024, surpassing competitors like MetaMask.
Market Traction: Its prominence is not only in the markets of Nigeria, Russia, Italy, Sweden, and Australia but also extends to other parts of the world. During the period, Bitget took third place in the total capital inflow among crypto stock exchanges, with a net inflow of $700 million, which was the amount redirected by investors to the platform.
Future Prospects: Bitget Eyes the Indian Market
Bitget has recently expressed a great interest in entering the Indian market. The firm’s representatives are in constant contact with the local authorities to facilitate compliance with the country’s licensing regulations. India has been identified as a key market because of its surging crypto adoption and the opportunity for positive regulatory reforms.
