Blockpit Acquires Accointing in Light of Changes in Cryptocurrency Taxation in the European Union

Austrian blockchain company Blockpit, specializing in cryptocurrency tax software development, has successfully completed a major merger by acquiring Accointing from Glassnode. This deal, estimated at a "multimillion-dollar" value, has become one of the most significant events in the world of cryptocurrency technology in recent times.

Blockpit acquired Accointing, a company that provides solutions for cryptocurrency asset accounting and taxation. An unusual aspect of the deal is that it was conducted in cash, without the exchange of shares. Blockpit's CEO, Florian Wimmer, emphasized that the deal was financed through debt obtained from the company's shareholders. This allows Blockpit to expand its capabilities and strengthen its position in the cryptocurrency tax market.

The Blockpit and Accointing deal comes at a time of changes in cryptocurrency taxation legislation within the European Union. Last month, the European Parliament approved the "Eighth Directive on Administrative Cooperation" (DAC8), which mandates that cryptocurrency companies provide information about their clients' assets that will be automatically transmitted to tax authorities. These new rules are aimed at combating tax evasion and ensuring greater transparency in the cryptocurrency space.

DAC8 encompasses a wide range of digital assets, including stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) assets, as well as income from crypto staking. These tax regulations align with the "Regulation of Markets in Crypto Assets" (MiCA) and the "Crypto Asset Reporting Framework" (CARF) of the Organization for Economic Co-operation and Development (OECD).

This Blockpit and Accointing deal, conducted in the context of the introduction of new tax regulations, underscores the importance of compliance with cryptocurrency operations legislation. It also raises questions about what other mergers and acquisitions may occur in this area, as regulation and transparency become key aspects in the cryptocurrency industry.