In 2021, the revenue from the crypto tax software market reached US$ 133.6 Million. 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 is a platform for enterprise-grade crypto accounting and financial reporting. Many back-office tasks, including importing bitcoin operations and crucial bookkeeping, are made easier by its essential qualities. The 10% bitcoin market share that the crypto tax software industry controls should be emphasised.
To prepare taxes for cryptocurrency assets, crypto tax software may be useful. They might really utilize cryptocurrency tax software to calculate their trading earnings and losses as well as their tax deductions. This app offers users an overview of their bitcoin holdings across several wallets and exchanges, as well as a portfolio tracker and analysis tool that are 100% cryptocurrency-focused.
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The two cutting-edge solutions being proposed by several firms and predicted to transform the BFSI vertical are NFTs and ETFs (Exchange Traded Funds). There are several places that are negatively impacted by the extended crises with rising inflation, such as El Salvador, Iran, and Venezuela. The result is that locals are converting to cryptocurrencies as a means of value storage and exchange for necessities. In the near future, it is anticipated that these elements will turn out to be a blessing in disguise for the market for crypto tax software.
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 a topsy-turvy situation herein. This is basically due to the 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, the 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 an evolving stage.
Competitive Landscape
- Zen Ledger, in October 2022, entered into a 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 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 the 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 a 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:
- Personal
- Business
- SMEs
- Large Enterprises
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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