Coin Tracker – a crypto portfolio tracking and tax compliance company – is looking to offer its services to customers in India.
Coin Tracker Travels into India
The big question that likely comes to mind right away with such an announcement is, “Are you sure this is the right time?” While India does indeed boast a heavy and solid crypto trading community, things are up in the air when it comes to the country’s digital currency regulatory plans, and thus with the space being as unclear as it is, it might be a bit early to decide that crypto tax compliance is a necessity within the nation’s borders.
India has had one of the most up-and-down relationships with crypto. Things got off to a rocky start in the year 2018 when the Reserve Bank of India (RBI) announced that crypto and blockchain companies could not gain access to traditional banking services and tools like checking accounts. This law remained in place for about two years, though the Supreme Court of India eventually ruled that this was unconstitutional, and the ban was quickly reversed.
From there, it looked like India was all set to become a major crypto player, though things didn’t quite work out that way as just weeks later, the country’s Parliament announced that it was potentially considering a full ban of crypto activity. This included trading and just about everything else, and anyone caught in the act would have to pay fines or would even face jail time.
While no serious action has been taken in this department yet, Coin Tracker may be moving a little too quickly. In any case, the company’s services and tools are now available to customers in India, despite the government looking to mandate a 30 percent tax on all crypto-related profits.
Jon Lerner – CEO of Coin Tracker – explained in an interview:
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 Coin Tracker 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.
It Earned a Lot of Money
Coin Tracker released an additional statement explaining that users in India would now be able to deal in crypto assets without having to worry about reconciliation, accounting, or compliance. Their platform takes care of all these challenging tasks for them.
Not long ago, Coin Tracker garnered $100 million through a series A funding round, which it is now using to build additional products and expand into several new regions across the globe.