Blockpit Acquires Rival Tax Platform Accointing to Improve EU Crypto Tax Services

Blockpit, an Austria-based crypto tax service provider, has recently acquired Accointing from Glassnode, enabling the company to prepare for the upcoming EU tax regulations outlined in the Eighth Directive on Administrative Cooperation (DAC8).

The “multi-million-dollar” acquisition in cash solidifies Blockpit’s position as a leading European platform for crypto tax reporting. Florian Wimmer, CEO of Blockpit, confirmed that the acquisition was funded through debt by the company’s shareholders. Glassnode had previously acquired Accointing in October 2022, though the exact terms of the deal were not disclosed.

📣 𝗕𝗶𝗴 𝗡𝗲𝘄𝘀: 𝗔𝗰𝗰𝗼𝗶𝗻𝘁𝗶𝗻𝗴 𝗶𝘀 𝗻𝗼𝘄 𝗕𝗹𝗼𝗰𝗸𝗽𝗶𝘁!

Blockpit fully acquired Accointing and plans to leverage the best out of both companies. We are integrating Accointing into the Blockpit platform to enhance your experience and provide a more comprehensive… pic.twitter.com/eTPrE9GKgP

— Blockpit – Crypto Tax & Tracking 📈 (@blockpit_io) November 7, 2023

Blockpit’s integration of Accointing marks a significant milestone in its mission to deliver top-tier tax solutions to crypto users. Wimmer highlighted the significance of this move in the company’s DAC8 preparation for a smooth tax reporting transition.

DAC8 and Blockpit Future EU Implementation

The European Parliament’s September 13, 2023 approval of DAC8 marks a shift toward implementing new guidelines for crypto-asset service providers. These guidelines require CASPs to report specific transaction details to the tax authorities of EU member states.

The EU’s Eighth Directive on Administrative Cooperation is set to be enforced in 2024, with member states given until December 31, 2025, to implement these regulations before they officially take effect on January 1, 2026.