Clear opens crypto portfolio management

economictimes.indiatimes.com:

Clear (formerly Cleartax), which is backed by US-based payments major Stripe, is launching a crypto tax and portfolio management service for enterprises and retail users in India, amid confusion around crypto taxation in certain scenarios among investors and crypto exchanges. Following the budget's proposal on crypto taxation, including 30% tax on crypto gains and a 1% tax deduction at source, questions remain around tax implication of futures and derivatives trade, loss setoff, transactions on crypto aggregators and the definition of transfer of asset class (will it include peer-to-peer, airdrop, etc.), according to experts ET spoke to. “So, from a trading perspective, there's a lot of clarity awaited. Right now, even crypto gain to a crypto loss appears to be a pure tax event and there is no setoff against loss. With the strictest interpretation for active traders, the tax bill itself can be bigger than the portfolio, so we are trying to understand more from the policymakers,” Clear founder Archit Gupta told ET. “This could dramatically affect trading volumes on exchanges.”

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Gupta said about 50,000 customers on the platform have reported income from crypto assets so far. He anticipates as many as 10 million individuals will use the company’s services in the next six months to one year, including all prominent crypto exchanges, DeFi (decentralised finance) startups and retail investors. It has been working on developing the product offerings including software service products for