Xxsoft, an information technology firm based in South Korea, announced today that it entered a partnership with a blockchain firm Infinite Block, local media outlet Kyunghyang Games <a href="https://www.khgames.co.kr/news/articleView.html?idxno&#61;225523" rel="noopener noreferrer nofollow">reported</a>. Xxsoft is the operator of CryptoTax, a tax and accounting service specializing in crypto assets. The two companies aim to provide crypto custodial and accounting services for companies and enterprises.CryptoTax specializes in handling crypto investors’ taxation using algorithms designed to process crypto tax and accounting. These algorithms were developed with participation from tax accountants and accountants with expertise in crypto assets. CryptoTax also offers a solution as a service (SaaS) called <a href="https://coinness.com/en/news/2543" rel="noopener noreferrer nofollow">Cryptotax Enterprise</a>, which offers corporate clients the advantage of automated tax processing with direct access to accounting documents.Meanwhile, Infinite Block is a key management service (KMS) provider based in Korea, serving clients ranging from startups to big firms. The company provides crypto wallets catering to individual clients’ needs, from internet-enabled hot wallets to cold wallets that keep private keys offline. Infinite Block employs multi-signature technology and multi-party computation to securely protect clients’ private keys.<h3 id="rising-demand-for-institutional-crypto-accounting">Rising demand for institutional crypto accounting</h3>Yoon Dong-hwan, CEO of Xxsoft, said the shift in crypto regulations – as seen in events like the approval of spot Bitcoin ETFs by the U.S. Securities Exchange Commission – will result in higher demand for crypto custodial services compliant with financial authorities. He stated that the partnership with Infinite Block will allow the company to provide a convenient service tailored to the needs of corporate clients.Jeong Gu-tae, CEO of Infinite Block, highlighted the importance of companies being equipped with a fully compliant internal control system when it comes to crypto taxation and accounting, because firms are subject to stricter regulations compared to individual investors. Jeong reaffirmed the company’s commitment to building a healthy local crypto market, saying that it will continue developing effective crypto asset management systems for corporations in close cooperation with CryptoTax.

CryptoTax joins hands with Infinite Block to provide crypto custodial and accounting services

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