Partnering for Enhanced Compliance: Ledgible and BitGo Unite to Offer Institutional Crypto Clients Complete Tax Solutions
In a move to strengthen the collaboration towards the rapid institutional adoption of digital assets, BitGo and Ledgible have formed a partnership. This partnership focuses on the critical pillar of compliance, as regulatory clarity accelerates institutional adoption of digital assets [1].
The partnership brings tax reporting and compliance solutions to BitGo clients, providing full tax lifecycle support. BitGo clients, including enterprises, fund managers, and financial institutions, can now seamlessly manage their digital asset tax lifecycle needs, such as cost basis tracking, Form 1099 generation, and regulatory compliance [3].
Ledgible's solutions, integrated into BitGo's infrastructure, ensure visibility and compliance across the full digital asset lifecycle, whether clients are managing staking, trading, or custody [2]. This partnership empowers institutional clients to streamline their crypto tax compliance processes while supporting growth and innovation in digital assets [1].
Key features of the partnership include full tax lifecycle support from secure custody (offered by BitGo) to compliant tax reporting (handled by Ledgible) [1]. The partnership also offers tools tailored for complex institutional requirements, including digital asset transaction tracking and accounting [1]. For U.S.-based clients of BitGo, comprehensive 1099 tax compliance is ensured [1].
Kell Canty, CEO of Ledgible, noted the significance of this partnership for the maturity of crypto taxation and compliance, emphasizing a seamless path for institutions from custody to tax reporting [1]. The partnership underlines the importance of robust tax infrastructure in the rapidly evolving digital asset ecosystem [6].
BitGo customers can easily integrate tax workflows into their existing operations using Ledgible's integrations and API infrastructure [4]. This partnership reflects a growing trend among institutional players seeking integrated solutions that combine secure custody with robust tax and accounting compliance, helping clients focus more on innovation and growth rather than navigating regulatory complexities [1][3][5].
Chen Fang, CRO at BitGo, stated that the partnership equips BitGo clients with integrated tax and accounting solutions that meet current compliance standards and scale with future innovation [2]. The partnership reinforces BitGo's commitment to helping institutions navigate complex regulatory requirements without slowing down growth or operational agility [7].
Together, BitGo and Ledgible are building a more complete digital asset infrastructure that is secure, scalable, and ready for regulatory scrutiny [6].
References:
[1] Ledgible. (n.d.). BitGo and Ledgible Partner to Simplify the Complexities of Digital Asset Tax Compliance. Retrieved from https://ledgible.com/blog/bitgo-and-ledgible-partner-to-simplify-the-complexities-of-digital-asset-tax-compliance/
[2] Ledgible. (n.d.). BitGo Partners with Ledgible to Streamline Crypto Tax Compliance. Retrieved from https://ledgible.com/blog/bitgo-partners-with-ledgible-to-streamline-crypto-tax-compliance/
[3] Coindesk. (2021, October 13). BitGo Partners with Ledgible to Simplify Crypto Tax Compliance. Retrieved from https://www.coindesk.com/business/2021/10/13/bitgo-partners-with-ledgible-to-simplify-crypto-tax-compliance/
[4] Ledgible. (n.d.). BitGo and Ledgible Partner to Simplify the Complexities of Digital Asset Tax Compliance. Retrieved from https://ledgible.com/blog/bitgo-and-ledgible-partner-to-simplify-the-complexities-of-digital-asset-tax-compliance/
[5] Ledgible. (n.d.). BitGo Partners with Ledgible to Streamline Crypto Tax Compliance. Retrieved from https://ledgible.com/blog/bitgo-partners-with-ledgible-to-streamline-crypto-tax-compliance/
[6] Ledgible. (n.d.). BitGo and Ledgible Partner to Simplify the Complexities of Digital Asset Tax Compliance. Retrieved from https://ledgible.com/blog/bitgo-and-ledgible-partner-to-simplify-the-complexities-of-digital-asset-tax-compliance/
[7] Ledgible. (n.d.). BitGo Partners with Ledgible to Streamline Crypto Tax Compliance. Retrieved from https://ledgible.com/blog/bitgo-partners-with-ledgible-to-streamline-crypto-tax-compliance/
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