Revenue from the crypto tax software reached US$ 133.6 million in 2021. The market for crypto tax software is anticipated to develop at a 12.7% CAGR from 2022 to 2032, reaching US$ 492.2 million.
Crypto tax software could be referred to as a platform for financial reporting and enterprise-grade crypto accounting. Its basic functionality includes simplifying essential accounting and various back-office tasks like importing the cryptocurrency activities. It needs to be noted that almost 10% of the cryptocurrency market is dominated by crypto tax software market.
Crypto tax software could be effectively used for preparing taxes for the cryptocurrency assets. They could actually make use of crypto tax software for assessing the crypto trading losses and profits and also cost deductions. This software does feature a 100% cryptocurrency portfolio tracker as well as analysis tool for providing users with gist of the cryptocurrency holdings through several wallets and exchanges.
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NFTs and ETFs (Exchange Traded Funds) are the two cutting-edge products being put forth by numerous players and expected to revolutionize the BFSI vertical. There are regions like El Salvador, Iran, and Venezuela, which are adversely affected by the protracted crises with growing inflation. The outcome is that the residents herein are switching to cryptocurrencies as value storage and also medium of exchange for the essential things. These factors are expected to come through as blessing in disguise for crypto tax software market in the near future.
At the same time, let the fact that robust governing, operational, and risk practices aren’t standardized as yet. As such, various interruptions have taken place during market instability regarding cryptocurrency exchanges. Hacking has also resulted in money getting stolen. These factors could restrain the crypto tax software market in the near future. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Crypto Tax Software Market’. It has its team of analysts and consultants to perform the same.
Key Takeaways from Crypto Tax Software Market
- North America and Europe are going steady with crypto tax software and the scenario is expected to persist even going forward.
- The Asia-Pacific is the region subject to topsy-turvy situation herein. This is basically due to growing demand for cryptocurrency, especially from South Asia. This region is expected to witness a CAGR of 17% between 2022 and 2032. However, in countries like Indonesia and India, proliferation of cryptocurrency is a bit difficult as there is a dearth of universal standards and regulations for exchange platforms. Digital money is also at the evolving stage.
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Competitive Landscape
- ZenLedger, in October 2022, entered into partnership with Bitpay for accepting cryptocurrency payments. Through this collaboration, the company would lessen transaction fees while increasing efficiency and transparency.
- BearTax crypto tax software reduces the downtime by providing seamless integration with several exchanges, along with intelligently matching trades across all the exchanges, curating historical data for each and every coin.
- TokenTax comes across as not only a crypto tax calculation software, but an end-to-end crypto tax accounting firm.
“With realization of the fact that crypto tax software makes it simpler for accountants, institutions, and auditors to take care of the complicated world consisting of digital assets, the global crypto tax software market is all set to positively transform the BFSI (Banking, Finance, Software, and Insurance) domain”, says an analyst from Future Market Insights.
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What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the crypto tax software market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on deployment (cloud-based crypto tax software and on-premise crypto tax software), and by end-user (personal and business (SMEs and large enterprises).
- As crypto tax software gives a holistic picture of digital assets’ activity by checking on transactions and assets via institutional custody solutions, the crypto tax software market is bound to escalate in the forecast period.
Crypto Tax Software Outlook by Category
By Deployment:
- Cloud-Based Crypto Tax Software
- On-Premise Crypto Tax Software
By End User:
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- Personal
- Business
- SMEs
- Large Enterprises
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