Clear Launches Crypto Tracking, Tax Management Platform The users will get live portfolio performance dashboards and tax reports which will help them take real-time decisions
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Fintech SaaS firm Clear, has launched a crypto tax and portfolio management platform for enterprises and individual users.
Nearly 20 million Indians jumped onto the crypto bandwagon in 2021. From picking up Bitcoin, the world's first and most popular currency, they started investing in Ethereum and eventually experimenting with alternative coins like Solana, Polygon and Terraluna and stable coins like Tether, too. Clear will not only assist the investors with reporting their TDS, taxes and GST level invoices and deposits but will directly integrate with the exchanges to remove all the manual processes that traders currently undergo. All the crypto trading, investment and holding patterns will be declared in their asset-liability and tax will be automatically calculated. The users will get live portfolio performance dashboards and tax reports to be able to make real-time decisions. Clear will tie up with crypto exchanges to help their customers adhere to the new tax norms, said a company statement.
"Cryptocurrencies have become an exciting part of the Indian investor's lexicon. We currently have around 50,000 income tax filers reporting crypto income. However, considering the government's rules on crypto taxes where users cannot offset losses across different crypto assets, tracking their transactions at the asset level and being able to track the net profit or loss of those trades becomes critical for crypto trading. Our crypto offering will help the existing as well as potential traders to manage their crypto portfolio against taxes and make their decisions with ease," said Archit Gupta, co-founder and CEO of Clear.
Clear plans to bring one crore users on the crypto portfolio dashboard management system. The company has allocated $10 million to develop the crypto taxation product, added the statement.