Taxbit has significantly expanded its platform to incorporate support for the European Union’s DAC8 directive and the OECD’s Crypto-Asset Reporting Framework (CARF).
This move is set to transform the regulatory landscape for digital assets by enabling Reporting Crypto-Asset Service Providers (RCASPs) in over 65 jurisdictions worldwide to automate their tax reporting obligations seamlessly.
With the new regulations set to take effect from January 1, 2026, Taxbit’s upgrade comes at a pivotal time. Michelle O’Connor, VP of Global Market Expansion at Taxbit, highlighted the importance of this development, stating, “With greater clarity around global reporting obligations, Taxbit empowers these platforms to confidently meet new requirements– through automated, secure, and scalable compliance infrastructure that unlocks seamless growth.” This expansion not only supports compliance but also fosters integrity within the digital asset economy.
Erin Fennimore, VP of Tax Solutions at Taxbit, emphasized the transformational impact of their technology, “The challenge is no longer just collecting and reporting tax data–it’s about transforming regulatory complexity into operational simplicity while preserving a frictionless user experience.” Taxbit’s platform includes features like a Digital Self-Certification SDK for user tax residency verification at onboarding, an Automated Reporting Engine for CARF/DAC8 xml reports, Enterprise-Grade Security that aligns with GDPR and SOC II, and a Real-Time Insights Dashboard for comprehensive monitoring and risk management.
The platform’s broad scope now covers US Information Reporting (W-9/8, US 1099s & 1042-S), Digital Asset Reporting (CARF/DAC8, 1099-DA, Digital Asset Cost Basis Engine), and Marketplaces & Gig Platforms (Digital Platform Income/MRDP/DAC7/SERR, US 1099s), providing a holistic solution for businesses navigating the complexities of international compliance and digital finance.
PayPal, one of Taxbit’s notable clients, has benefited significantly from this partnership. “Working with Taxbit has been critical to PayPal’s success. Taxbit allows us to further build customer trust on multiple levels by providing ease and reliability in the new realm of digital asset trading, education, and documentation to support tax obligations,” a representative from PayPal shared, underscoring the strategic advantage provided by Taxbit’s solutions in adapting to the rapidly evolving global cryptocurrency market.
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