WazirX’s CEO Nischal Shetty believes that India may have to wait two years before a more lenient crypto tax regime is in place.
Last year, the government introduced a 1% tax Deducted at Source (TDS) on cryptocurrency transactions, which led to a significant decline in trading volumes.
This move prompted market makers and high-frequency investors to reduce their involvement due to the increased costs.
India to Play Catch Up in Regulating Crypto
While India has called for a globally coordinated approach to cryptocurrency regulations this year, countries such as Hong Kong, Dubai, and the European Union have surged ahead by establishing their own regulatory frameworks.
These efforts aim to safeguard investors and provide clarity for digital asset companies, some of which are considering expansion beyond the United States due to increased regulatory scrutiny.
According to a Chainalysis report, India is the leading country in adopting crypto across several parameters and transaction volume in India is reportedly the second highest in the world.
Wazir
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