High tax on crypto may kill industry in India: Binance CEO1 min read 03 Nov 2022, 05:50 PM IST
India levies a 30% capital gains tax on all gains made from cryptocurrency transactions in the country. On top of this, the Union government has also mandated a 1% tax deducted at source on all crypto transactions
NEW DELHI: High taxes on cryptocurrency transactions in the country may “kill the industry" in India, Binance chief executive Changpeng Zhao said on Thursday. Addressing an event on the global fintech industry in Singapore, Zhao said the tax rate will likely be the cause for India’s crypto industry to be stifled.
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