Business Wire India is bridging the compliance gap between web3 and the real world, crypto tax and wallet tracking platform Binocs today announced its partnership with cryptocurrency exchange BitBns as a tax partner. Through this partnership, BitBns users can easily calculate their crypto taxes by simply integrating their accounts with Binocs.
Over the years, India has become one of the largest crypto investor bases and with the government announcing crypto taxes, there is a need for software that can help simplify the process. taxation of crypto. To fill this gap, Binocs has built a crypto compliance and portfolio tracking infrastructure for retail and B2B clients.
The main goal of Binocs is to ensure that accurate tax calculation is executed while maintaining compliance with the latest local laws and regulations for all of its users. Binocs caters to an array of transactions ranging from buy, sell and stake, P2P transactions and even internal and external transfers. Seamlessly, the algorithm breaks down transaction fees and TDS already paid on transactions, and then calculates the tax on the net amount.
Users can link their crypto wallets through several sources – Indian exchanges, international exchanges, wallets and chains directly. They can track daily portfolio movements and portfolio value (through smart analytics), as well as download quarterly and annual tax calculations and account statements. Binocs also reconciles transactions, since its inception, from multiple accounts with zero errors.
Binocs simplifies reporting of cryptocurrency holdings for multiple jurisdictions for users and expands the portfolio of services offered in the ecosystem. This partnership with BitBns offers users of the exchange a plethora of ways to import their historical crypto transactions by simply linking their accounts to the Binocs app, which then generates the necessary tax reports with a click. These reports can be downloaded or shared with a tax professional or simply imported into popular tax filing software solutions.
Binocs uses OAuth integration systems that provide state-of-the-art security and protect all of its users’ data. The app also recognizes duplicate transactions and corrects them automatically. It ensures that all correct values have been taken into account for transactions and has added the functionality to mark all transactions correctly.
Binocs CEO Tonmoy Shingal said, “With the government regulating crypto transactions, the need for simple yet effective crypto tax software is the need of the hour. By partnering with BitBns, a leading cryptocurrency exchange, we are one step closer to making crypto taxes and portfolio tracking accessible to everyone. BitBns users can accurately calculate their crypto taxes by linking their wallets to Binocs, while being compliant. We are sure that this partnership will simplify the reporting process for BitBns retail investors. Gaurav Dahake, CEO of BitBns said, “The Binocs team has delivered a high quality crypto accounting and tax system. They have integrated with BitBns using the “Connect with BitBns” feature, and we encourage our users and other crypto investors to try out their platform to stay up to date with their tax accounting and reporting requirements. With the help of Binocs, BitBns users can continue their crypto business without having to worry about the tax side of things.
Binocs develops industry-leading compliance (accounting and tax) and portfolio tracking software for crypto transactions. Our software caters to both B2B and B2C use cases. Our software makes it effortless for Indian crypto investors to comply with recent new regulations announced by the government. We have also partnered with all major Indian exchanges via API/CSV integration.
India is a big market for crypto (about 20 million Indian crypto investors), which is already the second largest base in the world (after the United States). It should become the biggest in a few years. As crypto compliances evolve for Indians, they need software to help them track their crypto portfolio and calculate their taxes and compliances.
Of the 15-20 countries that currently have tax regulations and compliances around cryptocurrency in place, there are another 40-50 that will be implementing regulations and compliances around it in the near future. This is a great market opportunity to build an easy-to-use, yet powerful system early on. Addressing the Indian public, for starters, will help us refine our software to understand different types and nuances of crypto transactions. It will soon have a global presence for crypto taxation and portfolio monitoring.