Leading crypto tax compliance and portfolio monitoring platform CoinTracker has introduced its foray into the India market with an official product launch within the nation. Starting earlier this week, the crypto tax compliance and portfolio monitoring merchandise can be obtainable to all crypto customers throughout India, the corporate mentioned in a press launch. This comes at a time when India’s crypto market grew exponentially in 2021, recording nearly 641 per cent progress, in accordance to a Chainalysis report from October.
“CoinTracker is a globally distributed company, and the India launch represents a major milestone for the team. The company intends to not only engage with crypto users in India but also hire and grow their team in the country. CoinTracker also aims to collaborate with partners and the community to boost crypto adoption and usage in India and across the globe,” the press launch dated May 25 mentioned.
Features and Benefits
According to analysts, crypto adoption is probably going to be witnessed from regional markets in India and with the present pattern, extra Indians are anticipated to be part of the crypto revolution throughout all demographics. From April 1, 2022, earnings from the switch of digital digital property akin to cryptocurrencies and NFTs is taxable at 30 per cent. This additionally signifies that tax compliance is high of thoughts for each customers and regulators.
With CoinTracker, customers will now have the ability to experiment and have interaction with new tasks within the ecosystem, with out worrying in regards to the challenges related to monitoring, reconciliation, accounting, and compliance, mentioned the press launch.
Pricing Model
Partnership with Biggest Crypto Players
Given that lots of crypto customers in India use CAs to do their taxes, CoinTracker permits customers to add their accountant (CA) to full tax stories for crypto with ease by aggregating exchanges and reconciling complicated transactions.
CoinTracker has partnered with a few of the greatest gamers within the crypto ecosystem, together with industry-defining leaders like OpenSea and Phantom to make tax compliance easy throughout exchanges, wallets, and use instances.
The firm is devoted to the expertise, help, and training for its customers and has additionally launched a complete information that explains the Finance Act and present standing of crypto tax guidelines in India, it mentioned.
“It can be challenging for folks to navigate the complexity of buying, holding and transacting with cryptocurrency and nearly 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 the popular exchanges and tax products used in India in the coming months, and ultimately work together to help enable mainstream adoption of cryptocurrency in India,” emphasised Jon Lerner, CEO of CoinTracker.
Having lately acquired $100 million Series A funding, CoinTracker is utilizing it to construct merchandise and broaden into areas like India.
Lerner continued, “Our mission at CoinTracker is to increase the world’s financial freedom and prosperity, and we believe mainstream adoption of cryptocurrency is a key enabler of that. We are thrilled to see the rapid adoption of cryptocurrency in India.”
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