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India’s Hefty Crypto Tax Rules Will Last Two More Years

India has continued in its hawkish stance on crypto, and while most people expect the government to introduce crypto-friendly rules, Nischal Shetty, CEO of India-based crypto exchange WazirX expects the opposite. According to him, the hefty tax regime will likely last longer. In February 2022, during the budget presentation, India announced a 30% tax on revenue from cryptocurrencies. Meanwhile, the high taxes increased transaction costs, causing market makers and large investors to pull back on their activities. Several local crypto trading platforms in India have lost investors and customers to overseas platforms, mostly due to the 1% TDS.

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