Home Technology TaxCryp Technologies launches TaxCryp – a SaaS-based tax calculation platform for crypto investors in India

TaxCryp Technologies launches TaxCryp – a SaaS-based tax calculation platform for crypto investors in India

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NNA |
Updated:
02 August 2022 18:44 STI

New Delhi [India]August 2 (ANI/BusinessWire India): TaxCryp Technologies, a crypto tax solutions company, backed by founders, Indy Sarker, Anmol Chawla and Vaibhav Gupta announced the launch of its first major product for crypto investors in India – TaxCryp . They also announced their first tie-up with BitBnS crypto exchange offering TaxCryp’s solution to 4.0 million BitBnS account holders at launch. TaxCryp – a SaaS offering, aims to play a vital role in providing a scalable and transparent tax calculation and compliance solution to crypto investors in India. TaxCryp aims to become the one-stop-shop for crypto investors to fulfill their crypto tax obligations.

Indy Sarker, co-founder and director of TaxCryp Technologies, said, “India is one of the largest emerging crypto ecosystems in the world. Crypto exchanges in the country have witnessed multiple growth during the pandemic, with industry estimates placing Indian crypto holdings at $5.3. billion in 2021. We are excited to make TaxCryp an integral part of the crypto ecosystem, helping to nurture and grow the industry, while addressing a vital need for tax compliance in the industry.TaxCryp is well positioned with its technology and compliances to help crypto users, crypto exchanges and the Indian government in this endeavour.”

Anmol Chawla, co-founder and director of TaxCryp Technologies, added, “One of the biggest challenges in investing in crypto right now is around calculating and calculating taxes. TaxCryp’s platform launched today hui is an end-to-end solution for any crypto investor in India and is backed by smart technology capabilities to meet the needs of every user.We have automated the entire process on our platform and everything the investor has to do is fill in their exchange details or upload CSV files and the system does the rest.We are extremely excited to be working with our exchange partners like BitBnS to address a huge need for tax compliance among their holders account.”

Vaibhav Gupta, Co-Founder and Director of TaxCryp Technologies added, “TaxCryp allows subscribers to consolidate their crypto asset transactions made across multiple platforms into one place and calculate the tax liability for a given year. The platform is able to generate real-time tax returns, even for bulk transactions. It is a small step towards establishing an audit trail for transactions in crypto assets, unlike other platforms and thus making the sector more transparent and acceptable to the government. TaxCryp is backed by a qualified team of tax experts and tries to map all possible transactions in the crypto world for tax purposes, a uniqueness that sets it apart from its competitors.”

TaxCryp is also launching with BitBnS as an exchange partner which has over 4 million account holders on its platform. BitBnS – a crypto exchange founded by IIT alumni allows people a smooth entry into the world of crypto, valuing ease of use, security, and customer support. Speaking of the reconciliation, Gaurav Dahake, CEO of BitBnS Exchange, said, “TaxCryp technologies have developed a smart tax solution that provides users with a unified view of their tax obligations along with real-time dashboards providing tax analytics. their investments. We encourage all crypto users to use their solutions and provide feedback to further improve the product. They are integrated with BitBnS using “connection with BitBnS” allowing any BitBnS user to start using TaxCryp with just one click.”

Indy Sarker speaking on the BitBnS collaboration said, “We are extremely excited to be working with BitBnS to provide our capabilities to their account holders. With a credible tax calculation and compliance solution, we believe account holders will trade fearlessly and focus solely on their investment. This will no doubt help to increase trading volumes on exchanges and in this regard sees our partnership with BitBnS as complementary to each other while building trust in the crypto ecosystem.

The fast emergence of cryptocurrencies and associated digital assets like alternative investment products has increased its importance on various fronts, including regulation, public policy as well as tax compliance. TaxCryp allows investors to navigate the minefield of crypto tax compliance in India. TaxCryp software in SaaS mode allows investors to trade smarter by easily calculating crypto taxes and be tax compliant. The platform allows each user to consolidate their crypto portfolios to bring efficient, accurate and real-time tax calculation and portfolio monitoring. The solution calculates taxes in 3 easy steps. TaxCryp provides seamless integration with exchanges and wallets via APIs and CSV download. Users can then review gains and losses on individual trades and finally download a complete tax calculation report for each tax year. The platform is currently available in beta and can be accessed through its web link: (www.taxcryp.com)
This story is provided by BusinessWire India. ANI will not be responsible for the content of this article. (ANI/BusinessWire India)

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