European crypto tax platform Blockpit acquires rival Accointing for 'multi-million' dollars

Blockpit, an Austria-based crypto tax software provider, made its second acquisition by buying out Accointing in a "multi-million-dollar" deal.

Blockpit acquired Accointing from Glassnode, which had initially bought it in October 2022 for an undisclosed sum, Blockpit said Tuesday. It was a cash deal with no share swap, Florian Wimmer, CEO of Blockpit, told The Block, adding that it was "all financed via debt through our shareholders."

The acquisition comes ahead of new crypto tax laws in the European Union. Last month, the European Parliament passed the new rules, known as the Eighth Directive on Administrative Cooperation (DAC8). These rules compel crypto companies to report customer holdings information, which will automatically be shared between tax authorities. EU member states have until December 31, 2025 to implement the rules before they officially take effect on January 1, 2026.

DAC8 covers a wide range of digital assets, including stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) tokens, as well as proceeds from crypto staking. The rules complement the EU's Markets in Crypto Assets Regulation (MiCA) and align closely with the Organisation for Economic Cooperation and Development's (OECD's) Crypto-Asset Reporting Framework (CARF).

Increased tax transparency

"DAC8 in the EU and CARF on a global scale bring about a paradigm shift in crypto tax reporting: from now on, tax reporting obligations no longer lie solely with individuals, but also with service providers," Max Bernt, chief legal officer at Blockpit, said in a statement.

"This considerably increases tax transparency, as data on crypto traders and their transactions will be shared with tax authorities. It is, therefore, not surprising that the topic of crypto taxes is becoming more and more important in the public eye and now ranks alongside AML/CFT and Sanctions in terms of its significance."

Founded in 2017, Blockpit also acquired rival Cryptotax in 2020 for an undisclosed sum. But in terms of deal size, Accointing is "a magnitude bigger," Wimmer said.

The Accointing acquisition positions Blockpit as a significant player in the European crypto tax landscape, next to TaxBit and CoinTracker in the U.S., according to Wimmer.