Tax, regulatory uncertainties may hit India’s crypto ranking2 min read 26 Sep 2022, 01:42 AM IST
Data from 1 Apr to 14 Sep show a drop in daily trading volumes on WazirX and CoinDCX—two of India’s largest crypto exchanges
NEW DELHI : The adoption of cryptocurrencies in India is expected to fall rapidly in the second half of the year, as new taxation rules drive many away from the industry. The imposition of a 30% capital gains tax on cryptocurrency investments in India in April, followed by a 1% tax deducted at source (TDS) on profits made from crypto in July, have compounded regulatory uncertainty, and are set to hit India’s position as a top market for cryptocurrencies in Asia.
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