Leading crypto tax compliance and portfolio tracking platform CoinTracker has announced its foray into the Indian market with an official product launch in the country. Beginning this week, its 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, growing nearly 641 percent, according to an October Chainalysis report.
“CoinTracker is a globally distributed company and its launch in India is an important milestone for the team. The company plans to not only engage with crypto users in India but also hire and grow their team in the country. CoinTracker also wants to work with partners and the community to drive cryptocurrency adoption and use in India and around the world,” the press release said on May 25.
Features and benefits
According to analysts, crypto adoption is likely to be seen in regional markets in India and with the current trend, more Indians are expected to 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 top of mind for both users and regulators.
With CoinTracker, users can now experiment and participate in new projects in the ecosystem without worrying about the challenges associated with tracking, reconciliation, accounting and compliance, the press release said.
Partnership with the biggest crypto players
Since many crypto users in India use CAs to do their taxes, CoinTracker allows users to add their accountant (CA) to easily complete tax reports for crypto by aggregating exchanges and reconciling complex transactions. .
CoinTracker has partnered with some of the biggest players in the crypto ecosystem, including leading leaders like OpenSea and Phantom, to make tax compliance effortless across exchanges, wallets, and use cases.
The company is committed to the experience, support and education for its users and has also released a comprehensive guide explaining the Finance Act and the current status of crypto tax rules in India, the company said.
“It can be challenging for people to navigate the complexities of buying, holding and trading cryptocurrency and it is nearly impossible to comply with taxes without the right tool. We built CoinTracker to seamlessly solve this problem and are excited to deliver our offering in India.We plan to rapidly expand our integrations and partnerships with all the popular exchanges and tax products used in India in the coming months, eventually working together to drive mainstream cryptocurrency adoption in India,” emphasizes Jon Lerner, CEO of CoinTracker.
CoinTracker recently received $100 million Series A funding and is using it to build products and expand into regions such as India.
Lerner continued, “Our mission at CoinTracker is to increase the financial freedom and prosperity of the world, and we believe mainstream cryptocurrency adoption is an important factor in that. We are excited to see the rapid adoption of cryptocurrency in India. †
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