What is Cryptocurrency Tax Software Market?
Cryptocurrency Tax Software are used to calculate crypto taxes. These softwares are designed specifically for calculating your tax exposure from cryptocurrency trading activity. These software also reconciles the transactions and produces detailed gain and loss reports compatible with the IRS guidelines. The ease to trades and generates real-time reports using cryptocurrency tax software has majorly driven the market growth globally.
Highlights from Cryptocurrency Tax Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | CoinTracking (United States), TokenTax (United States), BearTax Inc (United States), Coin Ledger, Inc. (United States), ZenLedger, Inc. (United States), Bittax (Israel), Node40, LLC (New Zealand), Happy Tax Franchising, LLC (United States), Accointing Services AG (Switzerland), CoinsTax LLC (United States) and TaxBit, Inc. (United States) |
Cryptocurrency tax software market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance, along with try to incorporate latest technology. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
CoinTracking (United States), TokenTax (United States), BearTax Inc (United States), Coin Ledger, Inc. (United States), ZenLedger, Inc. (United States), Bittax (Israel), Node40, LLC (New Zealand), Happy Tax Franchising, LLC (United States), Accointing Services AG (Switzerland), CoinsTax LLC (United States) and TaxBit, Inc. (United States) are some of the key players profiled in the study. Cryptocurrency Tax Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Personal Use and Business Use |
Software Subscription | Monthly,Quarterly,Annual |
Pricing | Premium,Economic |
Deployment | On-Premises,Cloud-Based |
Cryptocurrency Type | Bitcoin,Litecoin,Ethereum,Ripple,Zcash,Other |
On the basis of geography, the market of Cryptocurrency Tax Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Penetration of Smartphone Users Globally
Market Growth Drivers:
Increasing Adoption of Cryptocurrency Tax Software to Track Transaction Data, Easy Demand for Cloud-based Cryptocurrency Tax Software and Rising Cost of IRS Service Providers for Tax Filing
Challenges:
Data Privacy Concerns
Restraints:
Software Technical Issues
Opportunities:
Increasing Demand for Cryptocurrency Tax Software to Create Reliable Cryptocurrency Tax Reports and Cross-platform Compatibility
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Cryptocurrency Tax Software Provider, Cloud Provider, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Users
Market Leaders & Development Strategies
In June 2023, BingX, partnered with CoinTracking. BingX,is spot, derivatives, copy, and grid trading service provider and CoinTracking is crypto portfolio tracker and tax software provider. Under this partnership BingX offered their users a streamlined system for keeping tabs on their cryptocurrency investments and generating precise tax reports. This partnership helped company to expand its presence in cryptocurrency tax software market
In March 2020, Crypto.com, a payments and cryptocurrency platform entered into partnership with three leading tax providers named CoinTracker, CryptoTrader.Tax, and Token Tax. Through thiis partnership Crypto.com will provide leading tax preparation services to these partners.