How Coinsquare Successfully Met Compliance Reporting Requirements
Coinsquare partnered with FutureVault, leveraging our Digital Vault Platform to securely deliver tax statements to 25,000+ users, successfully meeting new compliance requirements and standards.
THE RESULTS
25,000+
Reporting Vaults created to securely deliver tax statements
2 Weeks
Turn around time to bulk upload tax statements
7 Years
Worth of users' tax statement uploaded to Vaults
THE STORY
A New Era for Compliance
Headquartered in Canada, Coinsquare is one of the world's premier cryptocurrency platforms for trading Bitcoin, Ethereum, XRP, and other cryptocurrencies.
As Coinsquare continues to innovate and pave the way in the digital asset economy, they continue to lead by example when it comes to the new era of compliance required by regulatory and reporting agencies.
Globally, businesses spend about $436 billion each year on compliance. With new risk and compliance rules seemingly being developed every day due to the increasing popularity of cryptocurrencies, regulators have been working to keep up with these new exchanges and how to track these transactions.
THE CHALLENGE
A New Standard for Compliance
Canada’s largest crypto exchange, Coinsquare, was required to provide the Canada Revenue Agency (CRA) with client tax summaries and statements of their largest clients for the past seven years to report on cryptocurrency activity to ensure compliance. Coinsquare wanted to provide its users with transaction statement that were tax-friendly and could enable them to do their self-reporting.
THE SOLUTION
Securely Delivering Statements to 25k+ Users
Coinsquare selected FutureVault as the most secure platform to deliver transactional statements required for tax and compliance purposes. FutureVault met the aggressive timeframe to deliver this functionality to Coinsquare’s clients in a matter of weeks.
Utilizing the digital platform capabilities like bulk uploads, smart filing technology, audit trail and activity logs, Coinsquare was able to securely deliver all types of confidential documents and files, including tax statements, to their users (investors) in bulk and successfully meet the CRA’s compliance standards. Coinsquare users received a personalized Vault to access their sensitive and confidential information.
5/5
We wanted an effective way to share highly confidential client information to adequately meet out tax reporting obligations, and FutureVault went the extra mile to deliver exactly what we were looking for.
Learn more about how you can leverage our Digital Vault solutions like Coinsquare to improve operational efficiencies, compliance requirements, and streamline document workflows.
Learn more about how you can leverage our Digital Vault solutions like Coinsquare to improve operational efficiencies, compliance requirements, and streamline document workflows.
