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CoinTracker enters India
As per a recent announcement by the company, all crypto users in India can now seamlessly use the products to complete their taxes. Notably, the Finance Ministry of India has imposed a 30% tax on the profits from crypto investments. Tax compliance is now top-of-mind for crypto users, their accountants, and Indian regulators, thanks to this additional regulatory clarification.The Indian crypto investors can now:
- Aggregate and reconcile crypto and NFT activity across several exchanges and wallets.
- Engage with the CoinTracker's simplified Tax Center for their capital gains, tax reports, and real-time tax bill estimates
- Share their tax reports directly with professionals like chartered accountants.
"Over the coming months and years, we aim to engage closely with local crypto users, communities, and builders. We plan to rapidly expand our integrations and partnerships with all the popular exchanges and tax products in the country."Jon Lerner, CEO of CoinTracker, revealed that the company is also aiming to expand its employee base in the country. With 65 employees globally, it plans to recruit more than 200 people this year, of which 10% would be from India.
Crypto adoption in India
India's cryptocurrency adoption has exploded in recent years, with reports claiming that the country's crypto users number between 20 and 100 million people. According to a Chainalysis report, India is the world's second-largest crypto user.CoinTracker has identified the country's potential for Blockchain and cryptocurrency, stating that it is "primed for long-term growth in both crypto adoption and innovation."
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