Fireblocks collaborates with TRES to produce tax reports that meet auditing requirements

Fireblocks Collaborates With TRES to Facilitate Preparation of Audit-Ready Tax Reports


Tanzeel Akhtar
Last updated:
June 20, 2024 10:00 EDT
|
1 min read


In a recent development, Fireblocks has announced a partnership with TRES, an onchain financial data platform, to provide clients with data sources for compiling audit-ready tax reports.
Fireblocks’ client base, comprising institutions and companies, will now have access to TRES for consolidating digital assets and financial activities from wallets and exchanges, including non-fungible tokens (NFTs).
According to the firms, clients can seamlessly integrate the TRES report with accounting software like QuickBooks, Xero, NetSuite, and others.
Adam Levine, Senior Vice President of Corporate Development and Partnerships at Fireblocks, stated, “This integration with TRES will allow us to deliver the most comprehensive solution for every digital asset business – from launching an NFT collection to generating real-time reports that are standardized, easy to understand, and plug directly into existing accounting systems.”
Taxation of Digital Currencies
In most countries, digital currencies are taxed similarly to stocks and other assets.
Any income derived from crypto activities is subject to taxation.
The rules are stricter than those for capital gains. Crypto income is considered a realizable tax event as soon as it is received. Crypto income encompasses any passive income generated by holding a cryptocurrency, such as staking, yield farming, or savings accounts.
Recent Developments
Fireblocks has launched two new products, dApp Protection and Transaction Simulation, aimed at safeguarding institutions from potential encounters with decentralized finance (DeFi) scammers.
Fireblocks’ DeFi Protection Tools
Both products underwent beta testing with Galaxy and FlowDesk starting from December of the previous year. They are now available for safety checks on decentralized applications (dApps) across more than 40 blockchains using Fireblocks’ APIs, including WalletConnect and MetaMask Institutional.
For the latest updates, follow us on Google News.