CoinTracker now allows users to experiment and participate in new projects
The company plans to not only engage with crypto users in India but also hire and grow their team in the country, CoinTracker said in a press release.
Leading crypto tax compliance and wallet tracking platform CoinTracker has announced its foray into the Indian market with an official product launch in the country. Starting earlier this week, the crypto tax compliance and portfolio tracking products will be available to all crypto users across India, the company said in a press release. This comes at a time when the Indian crypto market grew exponentially in 2021, recording a growth of almost 641 percent, according to an October Chainalysis report.
“CoinTracker is a globally distributed company and the launch in India represents an important milestone for the team. The company plans to not only engage with crypto users in India but also hire and expand their team in the country. CoinTracker also aims to work with partners and the community to drive cryptocurrency adoption and use in India and around the world,” the May 25 press release said.
Features and benefits
According to analysts, cryptocurrency adoption is likely to be seen in regional markets in India and with the current trend, it is expected that more Indians will join the crypto revolution across all demographics. From April 1, 2022, income from the transfer of virtual digital assets such as cryptocurrencies and NFTs will be taxable at 30 percent. This also means that tax compliance is a top priority for both users and regulators.
With CoinTracker, users can now experiment and participate in new projects in the ecosystem without having to worry about the challenges associated with tracking, reconciliation, accounting and compliance, the press release said.
Price model
Partnership with the largest crypto players
Considering that many crypto users in India use CAs to pay their taxes, CoinTracker allows users to add their accountant (CA) to easily fill crypto tax reports by merging exchanges and reconciling complex transactions .
CoinTracker has partnered with some of the biggest players in the crypto ecosystem, including industry leaders like OpenSea and Phantom, to make tax compliance effortless across exchanges, wallets and use cases.
Committed to providing experience, support and education to its users, the company has also released a comprehensive guide explaining the Finance Act and the current status of crypto tax regulations in India, the company said.
“It can be challenging for people to navigate the complexities of buying, holding and trading with cryptocurrency and it is almost impossible to comply with taxes without the right tool. We built CoinTracker to solve this problem seamlessly and are excited to deliver our offering in India. We plan to rapidly expand our integrations and partnerships with all popular exchanges and tax products used in India in the coming months, ultimately working together to enable mainstream cryptocurrency adoption in India,” emphasizes Jon Lerner, CEO of CoinTracker.
Having recently received $100 million Series A funding, CoinTracker is using it to build and expand products into regions like India.
Lerner continued: “Our mission at CoinTracker is to increase financial freedom and prosperity in the world, and we believe mainstream cryptocurrency adoption is a key enabler of that. We are thrilled to see the rapid adoption of cryptocurrency in India.”
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