KPMG Australia and Independent Reserve, the largest Australian cryptocurrency exchange, today announced the launch of a new tool to help the traders of cryptocurrencies better understand their tax liabilities.

The Crypto Tax Estimator developed by KPMG is a digital tool that plugs directly into Independent Reserve’s user interface, allowing traders to estimate tax obligations on their portfolio all with just the click of a button.

Initially conceived during a KPMG Hackathon, the technology was developed based on the combined expertise from KPMG’s tax technology, tax, risk and compliance, and blockchain specialists.

The Crypto Tax Estimator is an Application Programming Interface (API) that enables Independent Reserve to provide their users an estimate of their potential tax exposure in real-time, based on the users’ buy/sell transactions on the exchange. The tool covers all cryptocurrencies exchanged on Independent Reserve, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.

KPMG has also just released a new report, “Institutionalization of cryptoassets” that looks at how institutionalizing cryptoassets is necessary to facilitate scale and drive growth for crypto.