One thing seems to be sure within the blockchain space, that there is no global regulatory approach towards the taxation of cryptocurrencies. Different countries have been moving towards different approaches when it comes to these new border-less and hard-to-control assets. Tax categories can range from capital gains tax, income tax or property income tax and there are also several jurisdictions where crypto is simply unregulated or straight up banned.

Previously users had to do research individually or turn to certain online service providers to get help with the issue. Now recently a website named cryptotaxmap.org launched to offer crowdsourced and up-to-date information on the different countries and their stance on cryptocurrency taxation. The free service has been provided by a blockchain start-up named Blockpit and is being monetized with the help of the TAX token.

(Image taken from CryptoTaxMap.org)

The Blockpit project is building an online platform that has the ability to monitor portfolios together with all trades and incomes with the help of the automatic import features that uses API keys, while being able to output audited calculations and tax reports directly to the tax authorities.

The CryptoTaxMap website seems to be a good accessory to the project, especially since the project will fuel the continuous crowdsourcing of the information with the help of their platform’s native ‘Application Access token’. Even though the project itself doesn’t seem to validate the use of a token, as you could pay professionals with fiat just as well, but the idea to use the ecosystem to fuel a much needed service that will be put to good use by most crypto traders and investors is a positive act for sure.

Any user can contribute information related to crypto taxes via a form and can claim their rewards after it is judged as valid by Blockpit’s tax experts. Currently the website answers questions regarding tax categories, tax rates, taxable events, special tax rules and the method of tax payments.