cryptact announces a partnership with Japanese-founded public blockchain Astar Network

Automatic profit and loss calculation using a proprietary smart contract dictionary that covers over 2.8 million transactions with comprehensive support for tax filing

pafin Inc. (Co-chairman: Amin Azmoudeh and Gaku Saito), which operates the leading cryptocurrency profit and loss calculation service cryptact, has started support for Japan's public blockchain Astar Network. We aim to realize seamless support up to tax filing. 

Background

The global market size for blockchain technology is estimated to grow from USD 4.935 billion in 2021 to USD 227.896 billion by 2028 (*1).  The market size of blockchain services in Japan is also expected to reach JPY 724.76 billion by the fiscal year 2025 (*2), suggesting an increase in adoption among a wider audience.

As blockchain usage expands, new transaction formats are being created daily, increasing the complexity of income calculations for cryptocurrency transactions. For example, if you receive compensation in a cryptocurrency, it is considered "acquiring an asset with economic value" and becomes taxable at that point. However, the process of tracking all transactions, confirming the calculation method for each, and accurately calculating income for tax filing is not straightforward.

With cryptact's collaboration with Astar Network, the automation of profit and loss calculations for all transactions across different blockchains will allow for seamless support for tax filing.

Footnotes 
(1) Global Information Inc., "Global Blockchain Market Forecast"
(2) Yano Research Institute Ltd., “Survey on Blockchain Application Service Market”

A proprietary smart contract dictionary covering over 2.8 million transactions

In the last two years, cryptact has expanded to identify over 2.8 million transactions, accelerating our response to the DeFi (Decentralized Finance) market (as of November 2023). Users can simply select a blockchain and register their wallet address, and the system will analyze the related transactions and automatically identify the nature of transactions behind asset movements.

We will continue to expand support of frequently used blockchains and smart contracts to enhance the convenience of our service.

About Astar Network

Astar Network is Japan's first public blockchain and a platform for dApps, serving as a smart contract hub for the multi-chain era. It has many unique features, such as supporting not only Ethereum-compatible applications but also applications compatible with WebAssembly and dApp staking, a basic income feature. Supported by the world's top investors, such as Polychain, Binance, and Coinbase, Astar Network was the third in the world to connect to Polkadot in 2021.

Reference: 
docomo and Astar Network collaborate for the proliferation of Web3
Website: https://astar.network/

Comment from Mr. Yuhong Chen, Astar Network Head of Japan

The storage and trading of cryptocurrencies are gradually penetrating Japan. For Astar Network, which promotes "Web3 for billions," cryptact is recognized as an indispensable tool for users engaging with Web3 services and cryptocurrencies. We look forward to accelerating innovation in the blockchain and cryptocurrency taxation and accounting fields together with pafin.