Tracking and tax compliance platform CoinTracker launches in India
The platform aims to help crypto owners and traders with tax compliance in the face of new and confusing tax laws that will come in place from July 1
Crypto tracker and tax compliance platform has launched its services in India ahead of the upcoming tax changes in the ecosystem set to launch on July 1. The company recently raised $100 million to launch in new regions, including India.
The finance ministry has announced that all crypto trades will be subject to a 1% TDS, and investors will be unable to offset losses in the final declaration. These new rules have created a confusing environment, and CoinTracker aims to provide a service in India to help clarify tax compliance at the very least.
First reported by PTI, CEO Jon Lerner said, "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," he continued.
CoinTracker is also looking to hire new team members in the coming months. The company has a goal of recruiting up to 200 people in the coming year, with around 10 percent of the number from India.
Edited by Anju Narayanan