With the international regulatory drive to tackle tax evasion by cryptocurrency users, combined with a lack of clear guidance from authorities in many places, everyday people are concerned about handling reporting themselves. And where there is a need, companies always pop up to tap the demand with various solutions. The latest example of this comes from Canada, where Coinsmart has set up a new exchange specifically designed to make compliance easier for Canadian tax payers.
Easy Exchange for Canadian Tax Payers
Coinsmart, a Canadian startup, has launched a new cryptocurrency exchange for investors in the country. The platform targets the “Crypto Curious” market, meaning people who are just entering the market. It does this by offering an easy-to-use interface, educational resources, and 24/7 live support. Coinsmart will also offer a tax-time reporting tool to help clients determine their taxable income and capital gains. An automatically-generated report will account for both fiat-to-crypto and crypto-to-crypto transactions.
“As a long-standing cryptocurrency investor, I have experienced first-hand how Canadians are under-served by existing exchanges,” said CEO Justin Hartzman. “Platforms are unnecessarily complex, lack personal touch, and do not provide the tools and service support that consumers deserve. We used these issues as our design motivation and trust that Coinsmart fixes all these concerns allowing any investor —first time or not— to truly feel comfortable and secure.”
Buy Any Coin Without Going Through BTC or ETH
As of launch day, Coinsmart will offer BTC, ETH, BCH, LTC, DASH, XMR, and EOS, while promising that additional altcoins are planned for roll-out on an ongoing basis. Clients can fund their accounts using fiat, Canada’s Electronic Money Transfer (EMT) system and Electronic Funds Transfer (EFT) with plans to introduce credit card, Flexepin and other gift card funding options.
Interestingly, users will be able to purchase any listed cryptocurrency directly with CAD, mitigating the need for a BTC or ETH pairing. The exchange also allows investors to transact between crypto assets not paired with BTC or ETH, giving them the ability to switch from one cryptocurrency to another while Coinsmart handles this on the back-end.
Are the current popular exchanges too complicated for many people to grasp? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, Coinsmart.