Leading crypto tax compliance and portfolio tracking platform CoinTracker has announced its foray into the India 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 India’s crypto market grew exponentially in 2021, recording almost 641 per cent growth, according 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 release dated May 25 said.
Features and Benefits
According to analysts, crypto adoption is likely to be witnessed from 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 is taxable at 30 per cent. This also means that tax compliance is top of mind for both users and regulators.
With CoinTracker, users will now be able to experiment and engage with new projects in the ecosystem, without worrying about the challenges associated with tracking, reconciliation, accounting, and compliance, said the press release.
Partnership with Biggest Crypto Players
Given that a lot of crypto users in India use CAs to do their taxes, CoinTracker allows users to add their accountant (CA) to complete tax reports for crypto with ease by aggregating exchanges and reconciling complex transactions.
CoinTracker has partnered with some of the biggest players in the crypto ecosystem, including industry-defining leaders like OpenSea and Phantom to make tax compliance effortless across exchanges, wallets, and use cases.
The company is dedicated to the experience, support, and education for its users and has also released a comprehensive guide that explains the Finance Act and current status of crypto tax rules in India, it said.
“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,” emphasized Jon Lerner, CEO of CoinTracker.
Having recently received $100 million Series A funding, CoinTracker is using it to build products and expand into regions 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.”