Sovos chooses Prime Trust for tax reporting and compliance

Friday 21 May 2021 10:40 CET | News

US-based Sovos has announced the company has integrated its cryptocurrency tax information reporting and unclaimed property compliance solutions with Prime Trust.

As the one-stop-shop for financial infrastructure, Prime Trust helps fintechs across crypto exchanges, NFTs, digital wallets, ATS, RIAs, broker dealers, banks, and neobanks to innovate and scale securely.

With the rapid growth of the digital asset market and increased compliance measures, Prime Trust needed a reporting solution that could accommodate user growth and expand information reporting demands. The company will also use Sovos technology to automate 1099 forms and filings, eliminating potential errors and delivering automatic regulatory updates to help customers navigate the cryptocurrency compliance landscape.

The company selected Sovos for its experience as a private filer to the IRS of 10-series tax forms and as a player in unclaimed property compliance for both traditional and virtual currency assets.

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Keywords: partnership, cryptocurrency exchange, digital assets, online platform, compliance
Categories: Blockchain & Cryptocurrencies | Digital Identity, Security & Online Fraud
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies