New Delhi [India], August 2 (ANI/BusinessWire India): TaxCryp Technologies, a crypto tax Solution 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 the time of launch. TaxCryp - a SaaS offering, aims to play a vital role in providing a scalable and transparent tax computation and compliance solution to crypto investors in India. TaxCryp aims to become the one-stop shop for crypto investors to fulfil their crypto taxation 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 saw multi-fold growth during the pandemic with industry estimates putting crypto holdings of Indians at $5.3 billion in 2021. We are super excited to make TaxCryp an integral part of the crypto ecosystem, helping to nurture and grow the industry, while meeting a vital need around tax compliance in the industry. TaxCryp is well-positioned with its technology and compliances to aid crypto users, crypto exchanges and the Indian government in that endeavour."
Anmol Chawla, Co-Founder and Director, TaxCryp Technologies added, "One of the biggest challenges around crypto investing at present is around tax calculation and computation. TaxCryp's platform launched today is an end-to-end solution for any crypto investor in India and is backed by smart tech capabilities to support each user's needs. We have automated the entire process on our platform and all that the investor needs to do is to fill-in his exchange details or upload CSV files and the system does the rest. We are hugely excited to work with our Exchange partners like BitBnS to meet a huge need on tax compliance amongst their account holders."
Vaibhav Gupta, Co-Founder and Director, TaxCryp Technologies added, "TaxCryp allows subscribers to consolidate their transactions in crypto assets undertaken over multiple platforms at one place and compute the tax liability for a particular year. The platform is capable of generating real-time tax reports even for bulk transactions. It is a small step towards establishing an audit trail for dealings in crypto assets, unlike other platforms and thus making the sector more transparent and acceptable to the government. TaxCryp's is backed by qualified team of tax experts and tries to map all possible transactions in the crypto world for taxation purposes a uniqueness which makes it stand apart from its competition."
TaxCryp is also launching with BitBnS as an exchange partner that has over 4 million account holders on its platform. BitBnS - a crypto exchange founded by IIT alumni gives people smooth entry into the world of crypto, giving importance to ease of use, security, and customer support. Speaking about the tie-up, Gaurav Dahake, CEO, BitBnS Exchange said, "TaxCryp technologies has built a smart tax solution giving users a unified view of their tax liabilities and well as real-time dashboards providing analytics of 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 the "login with BitBnS" allowing any BitBnS user to start using TaxCryp with a single click."
Indy Sarker speaking on the BitBnS collaboration stated, "We are hugely excited to work with BitBnS to deliver our capabilities to their account holders. With a credible tax computation and compliance solution, we believe account holders will trade without apprehensions and focus purely on their investment strategies. This will undoubtedly help to boost trading volumes at exchanges and in that regard view our tie-up with BitBnS as complementary to each other while boosting confidence in the crypto ecosystem."
The rapid emergence of cryptocurrencies and related digital assets as alternative investment products has raised its significance across various fronts, including regulatory, public policy as well as taxation compliance. TaxCryp allows investors to navigate India's crypto tax compliance minefield. The SaaS-based TaxCryp software 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 effective, accurate and real-time tax calculation and portfolio tracking. The solution computes taxes in 3 easy steps. TaxCryp provides seamless integration with exchanges and wallets via APIs and CSV upload. Users can then review gains and losses on individual transactions and finally download a comprehensive Tax computation report for each tax year. The platform is currently available in beta version and can be accessed through its web link: (www.taxcryp.com)
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)