India’s cryptocurrency industry has been under considerable strain since the introduction of the 1% Tax Deducted at Source (TDS) on crypto transactions. This levy, while aimed at streamlining the rapidly growing sector, inadvertently crippled trading volumes. Notably, market makers and high-frequency investors, integral cogs in the trading machinery, scaled back their operations, citing escalated costs.
Read CRYPTONEWSLAND onResponding to the downturn and voicing the concerns of many, CoinDCX’s CEO, Sumit Gupta, has taken a proactive stance. Gupta revealed that CoinDCX is ardently lobbying with the Indian government for a dramatic cut in the TDS — from the current 1% to a more manageable 0.01%. Such a move, he believes, would significantly ease the burden on investors and stimulate trading activities.
However, even as dialogues continue and the crypto community remains hopeful, a transition to a more lenient crypto tax regime might be on a slightly elongated timeline. Gupta anticipates that it could be another two years before the industry witnesses such a change.
For India’s crypto enthusiasts, this represents a waiting game. But with stalwarts like Gupta championing their cause, there is a glimmer of hope that the market will eventually rebound, buoyed by supportive regulatory measures.
US presidential policies impact crypto: Hoskinson warns Biden's regulations harm sector but sees Trump's return…
MicroStrategy's CEO, Michael Saylor, advocates 100 hours of study for understanding Bitcoin's uniqueness, amidst rising…
📉 Grayscale Bitcoin ETF's $66.9M inflow disappears in just 2 days, triggering concerns among investors.…
🌟 #DOGE's resurgence fueled by whale activity and technical signals hints at a potential Golden…
Discover how SEC's Wells Notice to Robinhood & #ETFSwap's presale success reflect shifting dynamics in…
🚀 Top 5 NFT Giants Dominating Crypto Market 🎨💰 Are you missing out? #NFTs #CryptoNews…