Tax Solution for Tokenized Real-World Assets (RWA) Launches
Ledgible, a crypto tax and accounting platform, announced the launch of its tax reporting solution for tokenized real-world assets (RWA).
This development comes as federal regulations tighten around digital assets. These include mandates like IRS Form 1099-DA, which require detailed reporting on digital asset activities.
Ledgible Unveils Tax Reporting for RWA
Ledgible’s platform aims to help enterprises and institutions navigate complex regulatory requirements. In a statement, Kell Canty, the firm’s CEO, emphasized the platform’s readiness to ensure compliance.
“As federal regulations around digital assets, like IRS Form 1099-DA, mandate companies begin reporting out on their digital asset activities including tokenized real world assets, the Ledgible platform is uniquely positioned to ensure compliance,” Canty said.
Given the crypto industry’s trajectory towards tokenized real-world assets, the launch is timely.
Notably, Franklin Templeton, one of the world’s largest investment managers, recently launched the first US-registered fund to use a public blockchain to process transactions and record share ownership. The firm partnered with Ledgible, reflecting the necessity for tax reporting solutions.
“This is an exciting step in our continued journey to make the digital assets ecosystem more accessible to both traditional and blockchain-native investors. We are also building the framework for BENJI tokens to be interoperable with additional tokens in the not-too-distant future,” Roger Bayston, Head of Digital Assets at Franklin Templeton, said.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
Franklin Templeton’s collaboration with Ledgible highlights the capability to integrate multiple blockchains and on-chain data, enabling tax obligation calculations and advanced financial reporting. It also showcases proficiency in cost-basis calculation, data normalization, and reconciliation with legacy systems, which are critical for producing Forms 1099 and 1042-S.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
