Consensys-developed self-custody crypto wallet MetaMask has integrated Crypto Tax Calculator (CTC), aiming to simplify tax season for crypto users.
According to the press release, MetaMask is now the only wallet that has embedded this solution directly into the product. This move enables its users to handle their crypto and taxes on the same platform.
Users across the world can generate a free, geo-specific tax summary of their crypto activity. Additionally, they can create a downloadable report compliant with tax authority requirements for a 30% discounted fee.
Furthermore, the MetaMask can subscribe to an annual plan at the 30% discounted rate. This provides them with a complete suite of tax reports, available in the wallet. The reports are personalized for each user and their specific needs, the announcement says.
Per the team, Meta aims to serve as a “one-stop-shop for crypto.” However, in this ecosystem, reaching this goal is difficult. This is mostly because users interact with various exchanges, wallets, and dapps across numerous blockchains. Hence, “making tax calculations challenging.”
That said, this integration allows users to connect all their wallets to MetaMask, which consolidates transaction history and makes tax reporting “easier and more manageable.” Additionally, it also makes crypto and DeFi more accessible and user-friendly, says Alex Greinacher, MetaMask’s Director.
He added that tax management has long been a pain point for crypto users. And with increasing regulatory requirements, finding a simple solution has been crucial.
“Accurate tax reporting is a must-have function for any crypto investor,” Greinacher stressed. “MetaMask now handles this complex topic with a single click natively for all our users.”
70% of Surveyed Investor Think Only CEX Activity is Taxable in US
The announcement cited a research by Crypto Tax Calculator, in partnership with Scale Research, which found that 70% of surveyed US crypto investors are unsure or unaware that on-chain transactions are taxable. They “mistakenly believe that only activity on centralized exchanges is taxable,” the report notes.
Furthermore, a whopping 63% are unsure or mistakenly believe that crypto is not taxed in the US. Additionally, 62% of investors are unsure or assume crypto tax is unenforceable due to perceived anonymity.
42% stated that they are confident in their crypto tax obligations.
Source: Crypto Tax Calculator, Scale Research
“Our research shows that misconceptions about crypto taxation are still common, whether through centralized exchanges or DeFi,” said Nick Waytula, Head of Tax at Crypto Tax Calculator. “As regulations evolve and tax authorities like the IRS intensify their focus on digital assets, it’s more important than ever for users to have clarity and control over their tax obligations.”
Therefore, the MetaMask team says that this latest integration aims to provide a simplified, automated, jurisdiction-specific tax solution. Additionally, it removes unforeseen tax risks.
Users can add multiple wallets to automatically generate one tax report. This feature also alerts users immediately if they owe taxes.
Moreover, MetaMask and CTC now provide country-specific tax reports for 23 jurisdictions, including the United States, Canada, Australia, Japan, New Zealand, Singapore, South Africa, Brazil, and multiple European countries.
For users outside these countries, the tool offers general capital gains and income tax reports. There are customizable tax toggles to accommodate local regulations, said the team.
Reports are available in English, German, French, Italian, and Spanish.
Meanwhile, MetaMask recently unveiled its long-term roadmap at ETHDenver, introducing Bitcoin and Solana support, as well as major security and usability upgrades, including a programmable account system and improvements to the MetaMask Metal Card.
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