Lykke Partners with CryptoTax

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Lykke, a Blockchain-powered trading platform, partners with CryptoTax to provide customers with country-specific tax reports.

Within the last year Blockchain based tokens experienced an extreme increase of attention and value. Lykke enables the efficiency of Blockchain technology in financial services even to non tech-savvy customers by reducing complexity and providing a unique customer experience in the field of digital asset trading.

The Zurich-based digital exchange was founded by Richard Olsen – founder and former CEO of the leading forex service provider OANDA. Lykke offers users to trade cryptographic tokens, fiat and virtual currencies by simply using their mobile device running an iOS or Android operating system. Using so-called “colored coins” – Blockchain based collateralized debt obligations – allows the exchange to transfer any kind of real-world asset to the Bitcoin Blockchain and enable trading of such without incurring transaction fees.

CryptoTax, a brand of Munich based 21 Consulting GmbH, is offering and constantly developing tax reporting solutions and other regulatory declaration services for customers of cryptocurrency exchanges and users of Blockchain assets to help them being compliant with the law of their residence state.

The vision of the German company is to simplify legal obligations for investors in digital assets by serving easy but high-quality services to businesses and private individuals. Therefore, CryptoTax has a strategic alliance with KPMG – one of the Big Four accounting firms – to get access to their worldwide network of tax and legal experts and to ensure a constant coverage of the current state of legislation.

According to a recent survey of KPMG Switzerland, banks around the world are facing a growing demand for tax reports from their foreign customers. Especially customers from Western world are requesting accurate country-specific tax reports since domestic banks are offering these services free of charge. Due to this development, such services became an essential part of a sustainable customer relationship with customers from foreign countries.

Considering the price spikes of Blockchain assets within the last month, a bulk of cryptocurrency users is expected to have high taxable income in tax year 2017. Also the awareness of regulators and tax authorities is constantly increasing. But since there are various unanswered questions regarding the legal qualification and taxation of digital assets a lot of users struggle to calculate their taxable gains and losses and need help to fulfill their regulatory and tax declaration obligations.

“This is one more step along the way toward making Blockchain-based trading a viable alternative to traditional markets,” says Richard Olsen, Lykke founder and CEO. “It is essential for us to be able to offer a wide range of reporting and declaration services. Transparency is one of our foundational values: trust among our user base, and openness to regulatory authorities. CryptoTax’s strategic thinking demonstrates their shared commitment to these goals.”

“Because of our experience in the conventional financial services industry we know that tax reports are already market standard and will also help companies operating in the field of cryptocurrencies to reach a broader market acceptance while differentiating from other providers” states Klaus Himmer, CEO of 21 Consulting. “We are very pleased Lykke chose us to support them to manage the increasing demand of country-specific tax reports. We are sure that the cooperation will help both parties to foster their strong market position and help them to drive the market acceptance of Blockchain based financial instruments”, he added.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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