Leading crypto tax compliance and wallet tracking platform CoinTracker has announced its entry into India With an official product launch in the country. From earlier this week, cryptocurrency tax compliance and wallet 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 cryptocurrency market in India has grown exponentially in 2021, registering a growth of nearly 641 percent, according to a Chainalysis report released in October.
“CoinTracker is a globally distributed company, and its launch in India is a milestone for the team. The company intends not only to engage with crypto users in India but also to hire and grow their team in the country. CoinTracker also aims to collaborate with partners and the community to promote the adoption and use of cryptocurrencies in India and in the the whole world.
Features and benefits
According to analysts, the adoption of cryptocurrency from regional markets is likely in India and with the current trend, more Indians are expected to join the crypto revolution across all demographics. Effective April 1, 2022, income from the transfer of virtual digital assets such as cryptocurrencies and NFTs is taxed at a rate of 30 percent. This also means that tax compliance is high on the minds of users and regulators.
With CoinTracker, users will now be able to try out and participate in new projects in the ecosystem, without worrying about the challenges associated with tracking, reconciliation, accounting and compliance, the press release said.
Partnering with the biggest crypto players
Since a lot of crypto users in India use CA to do their taxes, CoinTracker allows users to add an accountant (CA) to easily complete crypto tax reports by aggregating exchanges and clearing complex transactions.
CoinTracker has partnered with some of the biggest players in the crypto ecosystem, including specific industry leaders like OpenSea and Phantom to make tax compliance easy across exchanges, wallets, and use cases.
The company said the company is dedicated to the experience, support and education of its users and has also released a comprehensive guide explaining the Finance Act and the current status of crypto tax rules in India.
“It can be difficult for people to get over the complexity of buying, holding, and transacting with cryptocurrency, and it is almost impossible to comply with taxes without the right tool. We built CoinTracker to smoothly solve this problem and we are excited to offer our offerings in India.” John Lerner, CEO of CoinTracker, confirmed that we plan to plan To rapidly expand our integration and partnerships with all the popular exchanges and tax products in use in India in the coming months, and ultimately work together to help enable mainstream adoption of cryptocurrencies in India.
Having recently secured $100 million in Series A funding, CoinTracker is using it to build products and expand into regions such as India.
Lerner continued, “Our mission at CoinTracker is to increase financial freedom and prosperity in the world, and we believe that mainstream adoption of cryptocurrencies is a major enabler of this. We are pleased to see the rapid adoption of cryptocurrencies in India.”