Blockpit Acquires Accointing in Multi-Million Dollar Deal
Austria-based crypto tax software provider, Blockpit, has made its second acquisition by purchasing Accointing in a “multi-million-dollar” deal. Accointing was initially bought by Glassnode in October 2022 and has now been acquired by Blockpit. The CEO of Blockpit, Florian Wimmer, stated that the deal was financed through debt from shareholders and involved a cash transaction with no share swap.
New Crypto Tax Laws in the European Union
This acquisition comes ahead of the new crypto tax laws set to be implemented in the European Union. The rules, known as the Eighth Directive on Administrative Cooperation (DAC8), require crypto companies to report customer holdings information that will be shared between tax authorities automatically. EU member states have until December 31, 2025, to implement these rules before they officially take effect on January 1, 2026.
DAC8 and Increased Tax Transparency
The DAC8 rules cover various digital assets, including stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) tokens, and proceeds from crypto staking. According to Max Bernt, the chief legal officer at Blockpit, DAC8 brings about a paradigm shift in crypto tax reporting. It places tax reporting obligations not only on individuals but also on service providers. This increases tax transparency as data on crypto traders and their transactions will be shared with tax authorities.
Significance of Crypto Taxes
Max Bernt further emphasized the growing importance of crypto taxes alongside anti-money laundering/combating the financing of terrorism (AML/CFT) and sanctions. The public eye is increasingly focused on the topic of crypto taxes due to these regulatory developments.
Blockpit’s Expansion and Position in the Market
Blockpit, founded in 2017, previously acquired Cryptotax in 2020. However, the acquisition of Accointing is considered to be much larger in terms of deal size. This acquisition solidifies Blockpit’s position as a significant player in the European crypto tax landscape, alongside TaxBit and CoinTracker in the United States.
Hot Take: Blockpit’s Acquisition of Accointing Strengthens its Position in the European Crypto Tax Market
Blockpit’s recent acquisition of Accointing through a multi-million dollar deal positions the company as a major player in the European crypto tax industry. With new regulations such as DAC8 requiring increased tax transparency and reporting obligations for service providers, this acquisition comes at an opportune time. By expanding its portfolio and market presence, Blockpit aims to cater to the growing importance of crypto taxes and establish itself alongside other prominent players like TaxBit and CoinTracker. As crypto taxation continues to gain significance, Blockpit’s strategic move sets it up for success in this evolving landscape.
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