listen to this article:
Joint Solution Enables Maximum Compliance for Financial Services to Add Digital Assets and Cryptocurrencies to their Service Offerings
This news first appeared on PRNewswire.
NEW YORK, June 24, 2020 — Sovos and Unbound Security today announced a partnership to enable institutions trading or holding digital assets and cryptocurrency an advanced platform to secure their digital asset transactions that also ensures compliant tax reporting of cryptocurrency trades.
As investments in cryptocurrencies increase, crypto platforms adhering to institutional-grade cryptocurrency trading standards must adapt to new compliance requirements as digital assets move mainstream.
“With the increased use of cryptocurrencies, crypto tax reporting continues to take shape. Sovos provides a platform that can seamlessly adapt to changes in reporting requirements, guaranteeing compliance for our digital asset clients while they focus on growth and adoption,” said Paul Banker, general manager of Tax and Regulatory Reporting at Sovos.
The Sovos-Unbound Security partnership will provide advanced tools to secure blockchain transactions while ensuring tax compliance and reducing risk. Together, the integrated solution provides a superior way for crypto-asset exchanges to efficiently report taxes and process forms while ensuring transaction security.
“Sovos offers the expertise and track record of more than three decades of tax reporting with many of the world’s largest financial institutions, and demonstrates a deep understanding of the cryptocurrency space and the unique challenges it presents,” said Rocco Donnino, vice president of strategic alliances at Unbound Security. “Unbound Security and Sovos together give customers peace of mind knowing their cryptoassets are not only safe from a security standpoint, but also from a government audit standpoint, as well.”
Banker agreed. “Partnering with Unbound Security to bring this solution to market was a natural fit,” he said. “They bring recognized digital asset security while Sovos delivers the best of intelligent tax information reporting to the cryptocurrency arena.”
To learn more about how Sovos and Unbound Security work together to empower the protection and compliance of digital and crypto asset transactions, check out “Cryptographically Secured, Tax Ready,” a joint on-demand webinar brought to you by Unbound Security and Sovos.
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with its secure, scalable and reliable S1 cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit https://www.sovos.com and follow us on LinkedIn and Twitter.