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India’s Crypto Tax Crackdown vs. China’s Innovation Push—Is India Falling Behind?
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- The Indian cryptocurrency market has suffered a significant setback.
- Crypto users are wary of India’s 1% TDS on crypto transactions.
- China’s more friendly approach edges India’s restrictions in the digital assets industry.
India’s cryptocurrency market has struggled under the weight of its harsh tax policies, raising concerns about the country’s position in the global digital economy. In 2022, the government imposed a 1% Tax Deducted at Source (TDS) on crypto transactions exceeding ₹10,000, alongside a 30% capital gains tax on crypto profits.
Harsh Regulations or Smart Governance? The Divide in India’s Crypto Policy
Officials framed these measures as necessary for regulation and financial oversight, but industry experts argue they have crippled trading activity, forcing many traders to exit the market. The impact was swift—crypto exchanges like WazirX and CoinSwitch Kuber saw trading volumes plummet by over 70%, stripping India of its once-thriving digital asset ecosystem.
In an interview, WazirX co-founder Nischal Shetty stated that the policy penalized high-frequency trading and alienated traders from the crypto market.
Related: Ind…
The post India’s Crypto Tax Crackdown vs. China’s Innovation Push—Is India Falling Behind? appeared first on Coin Edition.
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India’s Crypto Tax Crackdown vs. China’s Innovation Push—Is India Falling Behind?
Share:
- The Indian cryptocurrency market has suffered a significant setback.
- Crypto users are wary of India’s 1% TDS on crypto transactions.
- China’s more friendly approach edges India’s restrictions in the digital assets industry.
India’s cryptocurrency market has struggled under the weight of its harsh tax policies, raising concerns about the country’s position in the global digital economy. In 2022, the government imposed a 1% Tax Deducted at Source (TDS) on crypto transactions exceeding ₹10,000, alongside a 30% capital gains tax on crypto profits.
Harsh Regulations or Smart Governance? The Divide in India’s Crypto Policy
Officials framed these measures as necessary for regulation and financial oversight, but industry experts argue they have crippled trading activity, forcing many traders to exit the market. The impact was swift—crypto exchanges like WazirX and CoinSwitch Kuber saw trading volumes plummet by over 70%, stripping India of its once-thriving digital asset ecosystem.
In an interview, WazirX co-founder Nischal Shetty stated that the policy penalized high-frequency trading and alienated traders from the crypto market.
Related: Ind…
The post India’s Crypto Tax Crackdown vs. China’s Innovation Push—Is India Falling Behind? appeared first on Coin Edition.
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