CoinTracker, a cryptocurrency portfolio tracking and tax compliance software, announced its entry into the Indian market on Wednesday.
The company's move also comes as the government prepares to impose a 30% tax on such transactions beginning April 1.
While announcing the debut of its product in India, it stated that the crypto tax compliance and portfolio tracking solutions will be available to all crypto users from May 25. Users in India can now trade crypto assets without having to worry about monitoring, reconciliation, accounting, or compliance, CoinTracker said.
"It is difficult for people to comprehend the complexities of buying, holding, and transacting with cryptocurrencies, and it's nearly impossible to stay compliant with taxes without the correct tool." We designed CoinTracker to easily solve this problem, and we are pleased to bring it to India. The company just obtained a USD100 million Series A round of capital, which it would use to develop new goods and expand into other markets like India.