Rising popularity of cryptocurrencies is likely to boost the crypto tax software market, reaching US$492.2 million at a staggering CAGR of 12.7% between the forecast period of 2022-32

NEWARK, DE /ACCESSWIRE/November 7, 2022/ The Global crypto tax software market is worth US$149.1 million to date and is projected to reach US$492.2 million by 2032 with a whopping CAGR of 12.7% between 2022 and 2032.

The crypto tax software could be considered an enterprise-grade crypto financial reporting and accounting platform. Its basic features include simplifying essential accounting and various back-office tasks such as importing cryptocurrency activities. It should be noted that almost 10% of the cryptocurrency market is dominated by the crypto tax software market.

Crypto tax software could be effectively used to prepare taxes on cryptocurrency assets. They could actually use crypto tax software to assess crypto trading losses and profits as well as cost deductions. This software includes 100% cryptocurrency portfolio tracking as well as an analysis tool to provide users with the essentials of cryptocurrency holdings through multiple wallets and exchanges.

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NFTs and ETFs (Exchange Traded Funds) are the two cutting edge products offered by many players and set to revolutionize the BFSI vertical. There are regions like El Salvador, Iran and Venezuela, which are hard hit by protracted crises with rising inflation. The result is that residents are turning to cryptocurrencies as a store of value and also as a medium of exchange for essential things. These factors are expected to come as a blessing in disguise for the crypto tax software market in the near future.

At the same time, leave out the fact that strong governance, operating and risk management practices are not yet standardized. Thus, various interruptions have occurred during market instability regarding cryptocurrency exchanges. Hacking has also resulted in the theft of money. These factors may restrain the Crypto Tax Software market in the near future. Future Market Insights reviewed these facts with future insights in its latest market research titled “Crypto Tax Software Market”. He has his team of analysts and consultants to perform the same.

Key Takeaways from the Crypto Tax Software Market

  • North America and Europe are holding their own with the crypto tax software and the scenario is expected to persist even in the future.

  • Asia-Pacific is the region subject to a topsy-turvy situation here. 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 standards and regulations universal for trading platforms. Digital currency is also evolving.

Competitive landscape

  • ZenLedger, in October 2022, entered into a partnership with Bitpay to accept cryptocurrency payments. Through this collaboration, the company would reduce transaction costs while increasing efficiency and transparency.

  • BearTax crypto tax software reduces downtime by offering seamless integration with multiple exchanges, as well as intelligent trade matching across all exchanges, maintaining historical data for each coin.

  • TokenTax presents itself not only as a crypto tax calculation software, but also as an end-to-end crypto tax accounting firm.

“With the realization that crypto tax software makes it easier for accountants, institutions and auditors to deal with the complicated world comprised of digital assets, the global crypto tax software market is ready to positively transform the BFSI (Banking, Finance, Software and Insurance)”, explains 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 from 2016 to 2021 and projections for 2022 to 2032.

  • The research study is based on deployment (cloud-based crypto tax software and on-premise crypto tax software) and by end user (individual and enterprise (SMB and large enterprises).

  • As crypto tax software provides a holistic picture of digital asset activity by verifying transactions and assets through institutional custodial solutions, the crypto tax software market is set to rise during the period of forecast.

Crypto Tax Software Market

Crypto Tax Software Outlook by Category

Per deployment:

Per end user:

By region:

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Key Market Trends

3.1. Key trends impacting the market

3.2. Product Innovation / Development Trends

4. Price analysis

4.1. Types of pricing models

4.2. Global Price Analysis Benchmark

5. Global Cryptography Software Market Demand Analysis (Value in USD Million) 2017-2021 and Forecast, 2022-2032

5.1. Historical Market Value Analysis (USD Million), 2017-2021

5.2. Current and Future Market Value Projections (USD Million), 2022-2032

5.2.1. Analysis of annual growth trends

5.2.2. Analysis of opportunities in absolute dollars

To be continued…!

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