Accounting the blockchain

overview

Combining the blockchain world with traditional finance

One of the challenges that every actor of the blockchain world faces is reconciling their crypto operations with the tax reporting duties that each state imposes on its individuals and businesses.

Due to the uncertainty of the regulatory framework and the lack of clear guidelines on how to conduct tax reporting to declare your crypto assets, it is necessary to contact an accountant, who, in addition to being underprepared in the crypto field, also has significant difficulties producing detailed reports efficiently due to the inadequacy of traditional reporting systems.

Because of the high volume of transactions, the difficulty of calculating cryptocurrency countervalues, and the need to track payments on blockchain, new tools that automate calculations are needed to provide accountants, entrepreneurs, and individuals with the data they require with precision, accuracy, and speed.

The Xriba Association wants to overcome this barrier by combining the blockchain world with traditional finance through the creation of Xriba products specialized in cryptocurrency accounting.

Platform

The Platform

The platform provides an information service in which continuous news on the evolution of tax regulations is published, allowing you to study guidance on the compilation of tax reports, stay up to date on regulatory developments, and be confident in the accuracy of your disclosures at all times.

xriba dapp

What is Xriba dApp?

Xriba dAPP allows you to aggregate data from blockchain transactions and automatically generate the reports required to comply with tax compliance for digital assets and cryptocurrencies, allowing you to take advantage of the most advanced blockchain tools and technologies while avoiding errors and wasting resources.

features

Xriba dApp Feature

Sync

Automatically download transactions from wallets and exchanges via API connection and, in case of absence of direct integration, possibility of manual entry of any type of transaction.

Classification

Automatic classification of receipts, payments, investments and preservation of digital assets;

Capital Gain

Possibility to calculate capital gains and losses through the different methods of calculating the values to be declared in the balance sheet and in the tax return according to the tax rules established by the country where the user has tax residence.

Multi Account

Give access to their accountant so that he can draw up the various reporting documents and to his employees by assigning them different levels to authorize according to the tasks they must perform on the platform.

Report

Automatic creation of the capital gain report downloadable in pdf or shareable through a private link.

Track

Portfolio tracker that allows you to monitor performance, price changes at all hours of the day and keep track of all investments over time.
Scenario

The problem

Another obstacle that individuals and companies are facing trying to adapt their blockchain activities to the compliance rules of the traditional cryptocurrency world consists in the certification of the ownership of wallets and their association with the legitimate owner.

To make a tax return and approve a balance sheet it is necessary to certify that the wallets where the financial resources are deposited are owned by declarants. This information is normally certified by the financial institutions where the assets are deposited, for example banks. In blockchain, however, unless the assets are deposited in an exchange, the ownership of a wallet for now is not certifiable.

xriba eid

What is Xriba eID?

The Xriba eID is the service that will allow you to verify the identity of people and companies by creating a digital identity to which it will be possible to associate a wallet thus certifying its possession and thus allowing you to act in the cryptocurrency and crypto asset market in compliance with regulations.

features

Advantages of Xriba eID

Avoid long KYC and KYB process

The Xriba eID will allow individuals and companies to access participating financial services without having to carry out third-party KYC and KYB processes, and to certify personal data of individuals and companies with just one click.

Company eID

After the creation of a personal eID, the legal representative of a company can proceed with the creation of a "Company eID" through a KYB process in a simplified way thanks to the connection with the database of the Companies House of the country where the company is based, or by providing all the information relating to its business if it is not possible to retrieve it automatically through APIs.