- November 8, 2023
- Posted by: [email protected]
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Blockpit, a prominent Austria-based crypto tax service provider, has made a strategic and forward-thinking move by acquiring its rival platform, Accointing, from the crypto data company Glassnode. This acquisition marks a pivotal milestone in the company’s mission to provide top-tier tax reporting services to crypto users across Europe. It also positions Blockpit to effectively align with the forthcoming European Union (EU) tax regulations, particularly the Eighth Directive on Administrative Cooperation (DAC8).
The acquisition was no small feat, with Blockpit describing it as a “multi-million-dollar” deal. Notably, this transaction was conducted entirely in cash, with no share swap involved. Florian Wimmer, CEO of Blockpit, emphasized that the acquisition was financed by debt provided by their shareholders, demonstrating the company’s strong commitment to ensuring they are well-prepared for the evolving regulatory landscape.
To understand the significance of this acquisition, it’s essential to consider the backdrop of changing tax regulations in the EU. The European Parliament made a critical move by voting in favor of DAC8 on September 13, 2023. This directive introduces new and more stringent guidelines for crypto-asset service providers (CASPs) in the region. CASPs will be required to report specific transaction information to the tax authorities of EU member states, a development that underscores the EU’s increasing focus on regulating the cryptocurrency sector.
The EU formally adopted the Eighth Directive on Administrative Cooperation (DAC8) on October 17, with plans to implement it in 2024. As a part of this transition, EU member states have been given until December 31, 2025, to implement the rules. This means that the new standards will officially come into effect on January 1, 2026. The EU is leaving no room for ambiguity when it comes to its intentions to regulate the cryptocurrency industry, with the aim of enhancing transparency and compliance within the sector.
With this acquisition, Blockpit demonstrates its commitment to staying ahead of the curve and preparing its platform and services for the changes that DAC8 and related regulations will bring. Blockpit’s proactive approach not only ensures that they remain compliant but also positions them as a key player in the rapidly evolving crypto tax landscape. Users can expect a seamless transition to the new tax reporting standards, making Blockpit a trusted and reliable partner for crypto enthusiasts and businesses in Europe. As the regulatory landscape continues to evolve, Blockpit is ready to meet the needs of users and provide comprehensive and compliant crypto tax services.
