CoinTracker, a platform for cryptocurrency compliance and portfolio tracking, announced its entry into the Indian market on Wednesday.
The company intends to not only engage with crypto users in India but also hire and expand its team in the country. CoinTracker also aims to partner with partners and the community to increase cryptocurrency acceptance and use in India and around the world.
As of April 1, 2022, revenues from the transfer of virtual digital assets such as cryptocurrencies and NFTs are taxable at 30% in India. This also means that tax compliance is brought to the attention of both users and regulators.
“It can be challenging for people to navigate the complexities of buying, holding and trading cryptocurrencies and almost impossible to track taxes without the right tools. We built CoinTracker to solve this problem seamlessly and are happy to deliver our offering in India. We plan to rapidly expand our integrations and partnerships with all popular stock exchanges and tax products used in India in the coming months, and finally work together to help enable the mainstream adoption of cryptocurrencies in India, says Jon Lerner, CEO, CoinTracker.
Having recently received $ 100 million in Series A funding, CoinTracker is using it to build products and expand into regions such as India.
Given that many crypto users in India use Certified Public Accountants (CAs) to make their taxes, CoinTracker allows users to add their CAs to easily complete tax reports for crypto by aggregating exchanges and reconciling complex transactions.
CoinTracker has also partnered with industry leaders such as OpenSea and Phantom to make tax compliance easier across exchanges, wallets and use cases.
The company has also released a comprehensive guide explaining the Finance Act and the current status of crypto tax rules in India.
CoinTracker currently offers four product types with zero fee for the base. Other products are in the range ₹699 more ₹2,499 a year, while the “Unlimited” version will be priced individually.
According to a Chainalysis report published in 2021, India has globally emerged as number two in crypto adoption. The country’s crypto market grew exponentially in 2021 and noted almost 641% growth, according to the October report.
According to analysts, cryptocurrency adoption is likely to be seen from regional markets in India and with the current trend, more Indians are expected to join the cryptocurrency revolution across all demographics.
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