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Cryptocurrency portfolio tracking and tax compliance platform CoinTracker has announced foray into Indian market. The company also announced plans to recruit from India. The company's move also comes against the backdrop of the government mandating a 30% taxation on such transactions with effect from April 1.

Starting today, the crypto tax compliance and portfolio tracking products will be available to all crypto users across India, it said, while announcing the launch of its product in the country.

According to the company, crypto users in India can now use CoinTracker to: 1) Aggregate and reconcile cryptocurrency and NFT activity across multiple exchanges and wallets 2) Engage with our simplified Tax Center to see their capital gains, tax reports, and real-time tax bill estimates 3) Share their crypto tax reports directly with chartered accountants (CAs) and other tax profession.

"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," Jon Lerner, CEO of CoinTracker, said.

The company recently received a $100 million Series A funding which it is using it to build products and expand into regions like India. Lerner said the company will also expand its employee base in India. With 65 employees globally, Lerner said CoinTracker will recruit over 200 people in a year's time, of which 10 per cent will be from India.

“We believe that India is primed for long-term growth in both crypto adoption and innovation. This announcement represents our team’s first international product launch in almost 4 years — emphasizing our deep commitment to building best-in-class experiences that can serve each and every crypto user in India," CoinTracker said. (With Agency Inputs)

 

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