CoinTracker is the leading cryptocurrency tax compliance platform apart from being the portfolio tracking one. They declared their foray into the market of India with the official launch of the product in this country. Cryptocurrency tax compliance products and also portfolio tracking ones will become available to every cryptocurrency user across the country. This was mentioned by the company in their press release. It came at a time when the market of cryptocurrency in India exponentially grew last year. It recorded nearly 641 % growth according to October’s report. CoinTracker is a company that is worldwide distributed. This Indian launch represented a huge milestone for their team. They intend to engage with cryptocurrency users and hire or grow their team in India. They also aim of collaborating with the community and partners for boosting cryptocurrency adoption and its usage in India and globally. Visit Quantum AI to learn more details about bitcoin traiding and to improve your bitcoin trading skills.
Features and advantages
- As per experts, the adoption of crypto is probably going to be seen in regional markets in India.
- With the latest trend, more people in India are supposed to join the cryptocurrency revolution across all socioeconomics.
- From 1st April 2022, pay from the exchange of virtual digital currencies, for example, crypto and NFTs are available at 30%.
- This likewise implies that tax compliance is top of the psyche of the two clients and controllers.
- Using CoinTracker, clients now can try and pull in with new undertakings in the environment.
Association with biggest players of the crypto
- Provided that a ton of crypto clients in India use CAs to do their charges, CoinTracker permits clients to add their CA to finish charge reports for crypto easily by conglomerating trades and accommodating complex exchanges.
- CoinTracker has joined forces with probably the greatest players in the crypto environment, including industry-characterizing pioneers such as OpenSea or Phantom for making tax compliance easy across trades, wallets, as well as use cases.
- The organization is committed to the experience, backing, and training of its clients.
- They have likewise delivered a complete aide that makes sense of the Finance Act and the current status of crypto charge rules in India.
- They said these.
- It tends to be trying for people to explore the intricacy of purchasing, holding, and executing cryptographic money, and almost difficult to follow charges without the right apparatus.
- They fabricated CoinTracker to tackle this issue consistently and are eager to convey their contribution to India.
- They plan to quickly extend their combinations and associations with every one of the famous trades and assessment items utilized in India before long and at last work together to assist with empowering the standard reception of digital money in India.
- This was mentioned by CoinTracker’s CEO, Jon Lerner.
- Having as of late gotten $100 million Series A subsidizing, CoinTracker is utilizing it to construct items and venture into districts like India.
- Lerner said that their central goal at CoinTracker is to expand the world’s independence from the rat race and flourish.
- They accept standard reception of digital currency is a key empowering influence of that.
- They are excited to see the quick reception of digital money in India.
Conclusion
Many cryptocurrency users in India make use of chartered accountants for their taxes. CoinTrackers lets users include their CA for completing tax reports for cryptocurrency easily by mixing and reconciling complex transactions. They too partnered with industry leaders like OpenSea as well as Phantom for making tax compliance effortless throughout exchanges, wallets along with use cases.
The company too released a complete guide explaining the Finance Act and presentcrypto tax rule status in India. They are now offering four types of products with no fee for the base. Some products are within the range of ₹699 – ₹2,499 a year while their unlimited version will get individually priced. As per a report last year, India came out worldwide as the number 2 country in the adoption of crypto. The crypto market of the country exponentially grew last year. It recorded nearly 641 % growth as per the report from last year October. Analysts feel that crypto adoption will likely get witnessed in Indian regional markets. With this present trend, a lot of Indians will be expected to become a part of the cryptocurrency revolution across every demographics.
