Meet CoinSmart, Canada's Tax-Friendly Crypto Exchange

Coins and Tokens 1 min, 37 sec READ

by MIchael Collins

Canadian start-up CoinSmart is expanding their target audience by offering crypto-driven products and services to the market's newest investors.

Canadian cryptocurrency exchange CoinSmart is now officially launched. The self-proclaimed company seeks to make cryptocurrency available to everyone. For new entrants into the investment market, CoinSmart aims to be a comprehensive toolkit designed to simplify a convoluted environment.

The user-friendly platform features enterprise-grade security, cold wallet storage, and easily-generated tax-time reportsm [...] CoinSmart offers advanced charting, order book functionality and dedicated SmartReps for wealth clients. / CoinSmart, A Digital Currency Exchange for All

For now, CoinSmart accepts the 6 of the top coins, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash, Monero (XMR), and EOS, and plans to add more altcoins in the future. CoinSmart offers trading options with Canadian Dollar (CAD), which distinguishes it from other exchanges in that it eliminates the necessity to pair cryptocurrencies with Bitcoin or Ethereum.

Besides targeting the new, or curious investors in the crypto market, CoinSmart is also focused on easing the interaction between investors and tax authorities. The platform's tax-time reporting tool is meant to help users determine their taxable income and capital gains, and an automatically-generated report accounts for both fiat-to-crypto and crypto-to-crypto transactions. Tax regulation of the cyrpto environment is still in the process of forming, and tax compliance is one issue that is yet to be fully clarified within this space. CoinSmart aims to aid the taxpayers to comply with regulations by offering a simplified, tax-friendly platform. 

Twitter's often hostile community has responded well to CoinSmart's exchange launch and its easy-to-use services and packages. The warm reception of CoinSmart is perhaps not surprising since it comes at prime time for the northern nation. Canada seems to be leading the way in blockchain technologies and digital assets, and seeking to lessen the margin between traditional financial options and emerging opportunities.