KoinX, one of India’s easiest crypto taxation platforms, announced the launch of 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 (CoinDCX, BitBNS, CoinSwitch, WazirX, Binance, KuCoin, ZebPay, Coinbase, Unocoin, Crypto.com & Vauld) and enables CA professionals to understand and offer automated tax computation solutions to end-users. While the service is expected to increase KoinX’s consumer base by 400% by 2023, with 3000+ interested CA professionals and CA firms and 500+ signups, it will also benefit the CA fraternity by reducing their TAT by 99% in comparison to the manual offering
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 will act as a strong pillar to support the rapidly growing crypto market in the country that has an estimated 115 million cryptocurrency investors with a “sentiment to gain long-term returns”, despite the government’s crypto-antagonistic attitude. Moreover, 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.
Punit Agarwal, CEO & Founder, 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. We are proud that the introduction of Tax professionals will enable the CA fraternity and potentially plug crypto tax leakages in India”.
As the only Indian entity of this nature and after the successful implementation of our initial B2C module, we have witnessed significant demand from the CA fraternity during the beta version launch”.
KoinX for Tax Professionals lets a CA 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). We offer our 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. As the crypto industry and regulations around it are in its infancy and ever-evolving, to stay updated is to stay ahead, thus, KoinX also provides guides and constant updates on changes in regulations and what it means for your clients.