Unocoin, an Indian cryptocurrency exchange, has announced the partnership with Binocs, a company that handles cryptocurrency taxes as a tax partner. It is believed that the collaboration will allow Unocoin users and all Indian cryptocurrency enthusiasts to calculate their crypto taxes by embedding their accounts with Binocs. It is also expected to aid in obtaining results on cryptocurrency transactions.
According to the exchange, the partnership aims to simplify the accounting of cryptocurrency holders in multiple states and to broaden the ecosystem’s portfolio of services. Reportedly, the alliance will provide the exchange users with various methods for importing their crypto exchanges by integrating their accounts into the Binocs application, which then creates required taxation reports.
“Since the announcement of a 30% tax on income from cryptocurrencies and other virtual digital assets, this is likely one of the most pressing questions in Indian cryptocurrency investors. In an effort to calculate the taxes, our partnership intends to be of help to them,” Sathvik Vishwanath, co-founder and CEO, Unocoin, said.