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Fireblocks works with TRES to generate audit-ready tax reports

The goal of this collaboration is to develop comprehensive solutions to generate accurate and audit-ready tax reports for cryptocurrency users.

Date: 2024-06-21 Author: Marek Stiller
Fireblocks works with TRES to generate audit-ready tax reports

Fireblocks said it has partnered with onchain financial data platform TRES to provide customers with data sources for tax audit-ready reports.

Fireblocks’ customer base of institutions and companies will be able to use TRES to consolidate digital assets and financial activity on wallets and exchanges, including non-convertible tokens (NFTs).

The companies say customers can streamline the TRES report using accounting software such as QuickBooks, Xero, NetSuite and others.

“This integration with TRES will allow us to provide the most comprehensive solution for any company dealing with digital assets – from running NFT collections to generating real-time reports that are unified, easy to understand and can be plugged directly into existing accounting systems,” – said Adam Levine, senior vice president of corporate development and partnerships at Fireblocks.

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Most countries tax digital currencies in the same way as stocks and other assets. Any income related to cryptocurrencies is also taxed. The rules are even stricter than for capital gains.

After all, cryptocurrency income is classified as a realizable taxable event as soon as it is received. So what is cryptocurrency income and what investments does it include? Simply put, any passive income generated by holding cryptocurrency, such as staking.

Fireblocks recently launched dApp Protection and Transaction Simulation products to help protect institutions from clashes with decentralized finance (DeFi) scammers.

Both products have been undergoing beta testing with Galaxy and FlowDesk since last December. They are now available to check the security of decentralized applications (dApps) on more than 40 blockchains using Fireblocks APIs, including WalletConnect and MetaMask Institutional.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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