Cryptocurrency tax firm CoinTracker announces foray into Indian market

Cryptocurrency portfolio tracking and tax compliance platform CoinTracker on Wednesday announced its foray into the Indian market.

The company's move also comes against the backdrop of the government mandating a 30 per cent 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.

CoinTracker said users in India can now deal in crypto assets without worrying about the challenges associated with tracking, reconciliation, accounting and compliance.

"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 USD 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.

CoinTracker said the crypto ecosystem has grown from zero to USD 2 trillion in its first decade and is on a trajectory to surpass USD 10 trillion in the next decade.