Binance, the encrypted currency exchange, has launched a special tool to help users measure the tax time of their encrypted transactions, as governments increasingly expect to ensure that they do not miss out on the industry's benefits.

This completely free dedicated tool can support up to 100000 transaction reports and is initially open only to users in Australia and France. The exchange plans to expand to other regions, the exchange said in an online article on Monday.

Binance said on Monday: "with just one click, you can import your Binance transaction into our own calculation and get a simple and comprehensive possibility of your tax time based on your jurisdiction."

In recent months, several countries have issued clearer regulations on the tax payment of encrypted assets. At the end of last year, Spain levied a 26% tax on profits from login password transactions of more than 2000 euros ($2160). In addition, India this month enhanced its encryption tax standard, introducing a requirement that if it does not comply with the reporting rules, it can be sentenced to up to 84 months in prison.

The purpose of the Binance tax is to simplify the calculation of the annual income statement. For traders who trade frequently, this may be equivalent to more than a thousand trades, which means it will take many hours to ensure that the calculations are appropriate. Even so, this product is at an early stage and is not compatible with all categories of transactions. The user will need to make adjustments.

See also:Legislators propose to levy encryption tax to provide financial support for EU national budget