CoinTracker enters India with crypto tax compliance and portfolio tracking products
Crypto users across India to benefit from seamless tax compliance Aims to collaborate with communities and partners to boost crypto adoption and usage in India Help crypto users wade through tax complexities and achieve tax compliance with an easy-to-use interface
National, May 25, 2022: CoinTracker, a leader in crypto tax compliance and portfolio tracking, today announced its foray into the Indian market with an official product launch in the country. Starting today, the crypto tax compliance and portfolio tracking products will be available to all crypto users across India.
A global phenomenon, the crypto ecosystem has grown from zero to $2T in its first decade and is on a trajectory to surpass $10T in the next decade. According to a Chainalysis report published in 2021, India has emerged globally as the #2 country in crypto adoption. The country’s crypto market grew exponentially in 2021, recording almost 641% growth, according to the 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.
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 percent. 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.
“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.”
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 of its users and has also released a comprehensive guide that explains the Finance Act and the current status of crypto tax rules in India.
CoinTracker is the market leader in cryptocurrency portfolio tracking and tax compliance, applying the best technology and partnerships to deliver the highest level of accuracy, simplicity, and year-round value. Users collectively track over 3 percent of the entire global cryptocurrency market cap on CoinTracker. Founded in 2017, CoinTracker is backed by Accel, General Catalyst, Initialized Capital, Y Combinator, 776 Ventures, and other leading investors. CoinTracker is the exclusive cryptocurrency tax partner for many of the top exchanges and tax products, including Coinbase, OpenSea, Intuit’s TurboTax, Blockchain.com, Bittrex, and Phantom. For more information, please visit https://www.cointracker.io.
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