CoinTracker, a crypto tax compliance and portfolio tracking platform, on Wednesday announced its foray into the Indian market.
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.
From 1 April 2022, income from the transfer of virtual digital assets such as cryptocurrencies and non-fungible tokens (NFTs) is taxable at 30% in India. This also means that tax compliance is top of mind for both users and regulators.
“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,” said Jon Lerner, chief executive officer, CoinTracker.
“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,” he added.
Having recently received $100 million Series A funding, CoinTracker is using it to build products and expand into regions such as India.
Given that a lot of crypto users in India use chartered accountants (CAs) to do their taxes, CoinTracker allows users to add their CA to complete tax reports for crypto with ease by aggregating exchanges and reconciling complex transactions.
CoinTracker has also partnered with industry leaders such as OpenSea and Phantom to make tax compliance effortless across exchanges, wallets, and use cases.
The company has also released a comprehensive guide that explains the Finance Act and current status of crypto tax rules in India.
CoinTracker is currently offering four product types with zero fee for the base. Other products are in the range of ₹699 to ₹2,499 one year, while ‘Unlimited’ version will be priced individually.
According to a Chainalysis report published in 2021, India has emerged globally as the number two country in crypto adoption. The country’s crypto market grew exponentially in 2021, recording almost 641% growth, according to the report from October.
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.