Crypto tax deters 83% Indian investors from crypto trading: WaxirX report
With two consecutive taxes ready to eat away at their holdings, most Indian investors have seemed to have opted for hibernation amid an unforgiving bear market. The implications of what anti-crypto regulations can do to a thriving economy can be seen first-hand unfolding in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report from WazirX reveals a change in investor sentiment as the Indian government imposed its second crypto law — a 1% tax deduction at source (TDS) on every crypto transaction.Trading volumes on Indian crypto exchanges saw....
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A new report shows that India has roughly 115 million crypto investors, and the country’s crypto economy is growing despite the recent market downturn, with more than half of the crypto investors surveyed planning to increase their crypto investments in the coming six months.
Indian Crypto Ecosystem Is Growing, Report Shows
Cryptocurrency exchange Kucoin published a report on India’s cryptocurrency ecosystem Tuesday. It features the results of a survey, conducted from October 2021 to June 2022, which the company described as “an in-depth look into the....
One of India’s leading private banks with 5,608 branches and 16,087 ATMs, HDFC Bank, has published a report stating that “it is just a matter of time before Indian investors have legal access to crypto plays.” This statement came as the bank scrutinizes crypto transactions in customer accounts. HDFC Bank Predicts Legal Acess to Crypto in India HDFC Bank, a leading private bank in India, published a Treasury Research report last week detailing its view on cryptocurrency. HDFC Bank currently has 5,608 branches and 16,087 ATMs across India. The bank was among the first to....
The Indian government is reportedly planning to introduce cryptocurrency regulation by the time of the next general Budget, which is in February next year. Instead of banning cryptocurrencies, like bitcoin, the government is likely to regulate crypto assets as commodities, according to reports. Indian Crypto Law Could Comes as Early as February The Indian government is planning to introduce cryptocurrency regulation in February next year, local news outlet Business Today reported, elaborating: Finance Ministry officials have told Business Today Television that a law for cryptocurrencies....
India’s finance minister has cautioned investors about cryptocurrency as the country’s Enforcement Directorate (ED) investigates a number of crypto exchanges and freezes the assets of some trading platforms.
Indian Finance Minister Cautions About Crypto
Indian Finance Minister Nirmala Sitharaman reportedly warned about cryptocurrency Saturday at an event organized by the BJP Economic Cell. She cautioned the public and entrepreneurs that cryptocurrency is not currency, stating:
The government has already warned. I think all of us will have to share our thoughts....
An Indian parliament member says crypto is like gambling and must be taxed at a very high rate, such as 50%. “We need to discourage and disincentivize” trading and investing in the asset class, he stressed. Indian Parliament Member Wants to Tax Crypto at 50% Indian parliament member Sushil Kumar Modi shared his view on cryptocurrency in an interview with Forkast, published Tuesday. Modi is a member of Rajya Sabha, the upper house of India’s parliament. He recently made headlines when he urged the Indian government to impose more than 30% tax on crypto income prior to....