KoinX, an automated crypto taxation platform for Indian investors, has launched India’s first B2B2C integrated crypto taxation and compliance service called KoinX for Tax Professionals. KoinX is integrated with the top crypto exchanges in India, including CoinDCX, BitBNS, CoinSwitch, WazirX, Binance, KuCoin, ZebPay, Coinbase, Unocoin, Crypto.com and Vauld. Most importantly, it enables CA professionals to easily understand and offer automated tax computation solutions to their clients.
KoinX expects that the newly launched crypto taxation service will help it boost its consumer base by 400% by 2023, with 3000+ interested CA professionals and CA firms and 500+ signups. At the same time, KoinX for Tax Professionals will also benefit the CA fraternity by reducing their TAT by 99% in comparison to the manual processing.
Launched in 2022 by Punit Agarwal, KoinX enables cryptocurrency investors automate their crypto taxations by integrating their portfolios and transactions on a single unified platform with centralized dashboards.
Currently, approx. 2 crores of India’s population is invested in cryptocurrencies, and Indians hold over $5.3 billion worth of currencies.
Earlier this year, India moved towards regulating cryptocurrency in the country with announcement of flat 30% tax on income. Since then, Indian investors are curious to find ways of evaluating their taxes seamlessly and cohesively, A platform like KoinX comes in handy for simplifying crypto taxation.
KoinX is currently integrated with the biggest exchanges & blockchains used by Indians, enabling crypto investors to integrate them and calculate the taxes in one go. KoinX is also backed by VCs like iSeed Ventures, KubeVC, Ratio Ventures, and Founders Fund, apart from leaders of Polygon, Ripple, Netflix, Robinhood, Bain Capital, Freshworks, and Amazon, among others.
Based on a sample survey conducted by KoinX, the introduction of crypto taxation this year brought about a myriad of challenges such as fragmentation of Crypto trading/holding information, lack of tax regulations & implication awareness, and the complexity of tax calculations amongst other aspects.
KoinX was introduced to counter the said challenges by enabling crypto trade analysis, integration with multiple exchanges & wallets, offering in-depth tax reports and more.
KoinX said in a press statement shared with AlexaBlockchain that it will act as a strong pillar to support the rapidly growing crypto market in the country. India boasts an estimated 115 million cryptocurrency investors with a “sentiment to gain long-term returns”, despite the government’s crypto-antagonistic attitude.
As the CA fraternity embraces this first-of-a-kind offer, it is expected to bolster their respective businesses by 25% by 2023, thus strengthening the entire ecosystem, KoinX said in a statement.
Punit Agarwal, Founder & CEO of KoinX, said, “Despite the Govt’s crypto-antagonistic attitude, authorities like CBDT and CBIS are moving swiftly towards recovering taxes as the Union Budget approaches.”
“The introduction of Tax professionals will enable the CA fraternity and potentially plug crypto tax leakages in India,” Punit added.
Punit revealed that the beta launch of the service has already seen ‘significant demand from the CA fraternity’.
KoinX for Tax Professionals lets a CAs onboard all clients and manage their crypto taxes via a unified dashboard
KoinX for Tax Professionals lets a CAs onboard all clients and manage their crypto taxes via a unified dashboard, where they would be able to view their clients’ portfolio worth, list of exchanges, and much more. Apart from this, CAs will get exclusive access to KoinX’s “Mastering Crypto tax series” & also get on live sessions with our crypto tax experts (who handle multiple crypto tax scrutinies, represent HNIs, and have vast experience in the same). It offers tax professionals visibility and discovery of their firms on KoinX’s CA directory page.
To enhance the experience of using their services, support via chat, email, and phone number is available. If a professional needs advanced support for scrutiny-related matters, they also provide that.
KoinX pointed out that the crypto industry and regulations around it are in its infancy and ever-evolving, and therefore it is crucial to stay updated to stay ahead and compliant. Therefore, it also provides guides and constant updates on all the regulatory changes, and what it means for the crypto investors.
KoinX is backed by prominent VCs like iSeed Fund, KubeVC, and others
In July 2022, KoinX raised $1.5 million in a seed funding round from prominent VCs like iSeed Fund, KubeVC, Ratio Ventures, Tykhe Block Ventures, 1947 Rise, WeFounders Circle. The round also witnessed participation of several business leaders from Netflix, Bain Capital, Robinhood, Amazon etc.
KoinX is backed by the Sandeep Nailwal (Polygon), Ajeet Khurana (ex-Zebpay), Navin Gupta (Ripple), Utsav Somani (AngelList) and other industry leaders.
Read Also: What The Indian Crypto Sector Expects From The Union Budget 2023?