Clinton Donnelly interviewed Dr. Christiane Williams, Director of Business Operations at CoinTracking. They discussed numerous topics, including the challenges and strategies involved in keeping up with the dynamic nature of the crypto space, especially for emerging areas like DeFi and NFTs.
Cryptocurrencies have revolutionized the financial landscape, providing individuals with new opportunities for investment and wealth accumulation. However, as the popularity and adoption of cryptocurrencies have grown, so too have the complexities surrounding taxation. Determining the tax implications of crypto transactions, especially in emerging areas like decentralized finance (DeFi) and non-fungible tokens (NFTs), has become a challenge for many investors. In this interview, Clinton delved into the world of crypto taxation and explore how CoinTracking, a leading crypto gain calculation service, is revolutionizing tax classification for the crypto community.
CoinTracking: A brief history.
Dr. Christiane Williams, the Director of Business Operations at CoinTracking, provided valuable insights into the success and growth of CoinTracking, celebrating its tenth anniversary in the crypto space. With her expertise and current role in overseeing customer support and business operations, Dr. Williams shed light on CoinTracking's commitment to excellence and its pivotal role in the future. As one of the first employees of CoinTracking, she has witnessed its journey since 2017 when the crypto wave took off. With a user base that rapidly expanded from 60,000 to 350,000 within a short span, CoinTracking has since firmly established itself as a trusted platform in the crypto community.
Unparalleled customer service.
One of CoinTracking's standout features is its unparalleled customer support. Dr. Williams explains that the company prioritizes user satisfaction by providing prompt and comprehensive responses to queries and concerns. With a dedicated team handling customer interactions through emails and tickets, CoinTracking ensures that users receive the assistance they need. Furthermore, Dr. Williams highlighted the direct involvement of CoinTracking's founder, Dariusz Kachel, in the company's operations and development. His hands-on approach and deep understanding of the challenges faced by crypto traders contribute to the continuous improvement and growth of CoinTracking.
Serving crypto investors.
When discussing CoinTracking's growth plans, Dr. Williams revealed that the company primarily serves private investors who aim to track their crypto portfolios and generate personalized tax reports. With approximately 1.3 million active accounts, CoinTracking caters to the diverse needs of individual users worldwide. However, the company is also expanding its corporate client base, particularly among certified public accountants (CPAs). CoinTracking's software allows CPAs to manage multiple client accounts separately, ensuring privacy and convenience in tax reporting. This expansion into the corporate sector aligns with CoinTracking's vision of catering to the evolving demands of the crypto market.
Flexibility and adaptability.
Flexibility and adaptability are key strengths of CoinTracking's software. Dr. Williams explained that the platform offers various customizable options to meet users' preferences and comply with the tax regulations of different countries. CoinTracking supports multiple methods for determining the tax basis, such as LIFO, FIFO, HIFO, and even zero basis. The software enables users to make informed decisions regarding their tax reporting by considering factors like staking and liquidity pool transactions. By conferring with tax advisors and incorporating user feedback, CoinTracking ensures that its software remains up-to-date with the latest developments in the crypto space.
A constant challenge.
The dynamic nature of the crypto industry poses a constant challenge for CoinTracking. Dr. Williams elaborated on the company's approach to tackling the explosion of smart contracts, which often require careful tax classification. CoinTracking's team of developers and tax experts closely monitor new contracts, test their functionalities, and determine their tax implications. User feedback plays a crucial role in this process, as users often provide insights into unique scenarios and propose innovative solutions. CoinTracking's ability to adapt quickly to changes in the crypto landscape sets it apart from its competitors.
In conclusion, CoinTracking's innovative approach to tax classification for cryptocurrencies has revolutionized the way individuals and corporations manage their crypto portfolios. Through its commitment to customer support, adaptability, and continuous improvement, CoinTracking has established itself as a reliable and user-friendly platform in the crypto community. As the crypto industry continues to evolve, CoinTracking's strategic partnerships, expanding team, and forward-thinking approach position it as a key player in shaping the future of crypto taxation.
The full interview.
View the full interview on The Clinton Donnelly Show.
DISCLAIMER: Opinions and perspectives of the author, host, and guests. It should not be construed as U.S. taxpayer advice. There are often multiple interpretations of tax law. Various strategies may be suited to specific individuals and for particular situations. Seek out professional tax, legal, or financial advice from CryptoTaxAudit or from other reputable companies.