![With CoinTracker, users can now experiment and participate in new projects. With CoinTracker, users can now experiment and participate in new projects.](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=383)
With CoinTracker, users can now experiment and participate in new projects.
CoinTracker said in a press release that the company plans to hire and grow its team in India as well as engage with cryptocurrency users in the country.
CoinTracker, a leading cryptocurrency tax compliance and portfolio tracking platform, announced its entry into the Indian market with the official launch of its product in the country. Starting early this week, its cryptocurrency tax compliance and portfolio tracking products will be available to all cryptocurrency users across India, the company said in a press release. This comes as a Chainalytics report in October said that India's cryptocurrency market has grown exponentially in 2021, registering a growth of nearly 641%.
“CoinTracker is a globally distributed company, and our launch in India marks an important milestone for the team. The company plans to hire and grow its team in India as well as engage with cryptocurrency users in the country. CoinTracker also aims to work with partners and communities to drive cryptocurrency adoption and usage in India and around the world,” the company said in a press release dated May 25.
Features and Benefits
According to analysts, cryptocurrency adoption is likely to be witnessed in regional markets in India and based on current trends, more Indians across all demographics are expected to join the cryptocurrency revolution. From April 1, 2022, income from the transfer of virtual digital assets such as cryptocurrency and NFT will be subject to a 30% tax. This also means that tax compliance is a top priority for both users and regulators.
With CoinTracker, users can now experiment and join new projects in the ecosystem without worrying about issues related to tracking, reconciliation, accounting, and compliance, a press release said.
pricing model
Partnerships with the biggest cryptocurrency players
Considering that many cryptocurrency users in India use CAs to pay their taxes, CoinTracker allows users to easily file tax returns for cryptocurrencies by adding an accountant (CA) to aggregate exchanges and reconcile complex transactions. can.
CoinTracker partners with the biggest players in the cryptocurrency ecosystem, including industry-defining leaders like OpenSea and Phantom, to make tax compliance easy across exchanges, wallets, and use cases.
The company said it is committed to experience, support and education for its users and has also released a comprehensive guide explaining the current state of financial laws and cryptocurrency tax regulations in India.
“Navigating the complexities of buying, holding, and trading cryptocurrency can be difficult for people, and without the right tools, tax compliance can be nearly impossible. We built CoinTracker to seamlessly solve this problem, and we are excited to offer our product in India. We plan to rapidly expand our integrations and partnerships with all the popular exchanges and tax products available in India in the coming months and ultimately work together to support mainstream adoption of cryptocurrencies in India,” said CoinTracker CEO. Jon Lerner emphasized:
CoinTracker, which recently received $100 million in Series A funding, is using it to build its product and expand into regions like India.
Lerner continued, “CoinTracker’s mission is to increase financial freedom and prosperity in the world, and we believe mainstream adoption of cryptocurrency is a key enabler of that. We are excited to see the rapid adoption of cryptocurrencies in India.”
Read all the latest business news here.