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HomeIndustriesBFSICrypto tax: KoinX building a simple tax platform for Web3 transactions

Crypto tax: KoinX building a simple tax platform for Web3 transactions

To solve crypto taxation, there needs to be a singular, third-party platform where a user’s transactions—spanning a diverse set of platforms—are captured and used to generate a common crypto tax report

For many retail investors, crypto taxes are confusing. On crypto profits and on crypto transactions, India has recently implemented a 30 per cent income tax and one per cent TDS respectively, yet many questions remain unanswered, as per yourstory.com

How are taxes calculated for transactions from crypto wallets like MetaMask, Trust, etc., – wallets that are anonymous? What about profits from DeFi (decentralised finance) and NFT (non-fungible token) transactions?

And most importantly, is there a simplified tax platform for crypto that consolidates all user transactions?

Entrepreneur Punit Agarwal, seeking to address these questions and solve for crypto taxation started KoinX in 2022 and set out to build a unified crypto tax platform.

As per yourstory.com, enabling investors to automate crypto taxations by combining investor portfolios and transactions on a single, unified platform with centralised dashboards is the vision of KoinX.

As per the media report on yourstory.com, Punit was quoted as saying, “There are a variety of transactions that exist on Web3—right from crypto trading, buying and selling of NFTs, staking crypto to earn interest, and a lot more. An individual user usually performs these transactions across a range of platforms.”

He adds, “To solve crypto taxation, there needs to be a singular, third-party platform where a user’s transactions—spanning a diverse set of platforms—are captured and used to generate a common crypto tax report. This is what we are building at KoinX.”

To automate the calculation of tax implications for crypto users, the platform has already integrated with crypto exchanges, including CoinDCX, Binance, WazirX, Vauld, Bitbns, and CoinSwitch Kuber.

In a fundraise led by iSeed Fund, KubeVC, Ratio Ventures, Tykhe Block Ventures, 1947 Rise, and We Founders Circle, KoinX closed its seed round with a $1.5 million earlier this month. Other investors, including senior business leaders of Netflix, Bain Capital, Robinhood, Ripple, Amazon, Freshworks, and Oyo also participated in the round.

KoinX also acquired Crypto Kanoon, a Web3 legal awareness and community platform, as per yourstory.com.

Also readHow can Hyper Automation replace manual work in the Financial Industry?

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Khushbu Soni
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo
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