India May Keep Door Shut on Crypto for Two Years, Key Local Exchange Says bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Cryptocurrency News: India may take up to two years to implement a more favorable cryptocurrency tax regime, according to the CEO of digital asset exchange WazirX. The nat
Indian officials last year imposed a 1% levy known as TDS on crypto transactions, causing trading volumes at exchanges to crash as market makers and high-frequency investors pulled back due to higher costs.
India's crypto tax policy is unlikely to change for at least two years, causing a decline in trading volumes. The 1% TDS tax on crypto transactions drove investors to overseas exchanges. Crypto firms like WazirX and CoinDCX are urging the Indian government to reduce the tax to 0.01%. Meanwhile, India's tech expertise continues to attract global crypto players.