5 Crypto Mistakes Costing Indians Lakhs Every Year
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India's crypto regime is highly restrictive: since 2022 profits from virtual digital assets are taxed at 30% with a 1% TDS and losses cannot be offset against other income, mistakes that can cost traders lakhs annually. Security risks from fake investment platforms and exchange impersonation combine with a market skewed toward futures—now about 80% of Indian crypto trading volume—raising adoption and risk concerns for crypto, DeFi, DEX and CEX participants.
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- Crypto losses in India can’t be used to lower the taxes on other income.
- Scams usually include fake investment platforms or impersonation of exchanges.
- Crypto futures now account for approximately 80% of Indian crypto trading volume.
Unlike in most of the world, Indian crypto traders face unique challenges due to government laws and a highly restrictive tax environment. As such, it’s easy to make a mistake or two if you’re not informed about all the crypto happenings in the country.
However, some are costlier than others, and any Indian crypto trader should pay special attention to the following mistakes.
Ignoring India’s Crypto Tax Rules
This is likely the biggest mistake one can make, as since 2022, India has imposed a 30% tax on any profits made from virtual digital assets (VDAs), which include cryptocurrencies. Additionally, a 1% tax is deducted at…
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