With 100 Million Crypto Users, Indian Exchanges Say It’s Time to Fix the Tax Laws
Main Idea
Indian crypto exchanges and former MP Ritesh Pandey advocate for tax reforms, including reducing the 30% crypto tax and eliminating the 1% TDS, to address the harsh tax system that is driving the industry and talent away from India.
Key Points
1. India's crypto tax system includes a 30% tax on capital gains and a 1% TDS on every trade, which has led to over 90% of Indian crypto trading moving offshore.
2. Ritesh Pandey argues that crypto is a 'yuva asset class' appealing to India's youth but is hindered by heavy taxes and unclear regulations.
3. India has over 100 million crypto users (7% of the adult population) and is projected to become a $15 billion market by 2035, with significant growth in smaller cities.
4. Crypto platforms like CoinDCX and CoinSwitch propose reducing TDS to 0.01%, increasing tax exemption limits, and allowing loss offsets to boost market liquidity.
5. The current tax regime contrasts with crypto-friendly jurisdictions like Dubai and Singapore, leading to a 'brain drain' of crypto startups and talent from India.
Description
Ritesh Pandey (former Member of Parliament in India) is advocating for tax relief (30% tax cut, 1% TDS removal) and clearer regulations He points out that the crypto sector is being held back by heavy tax burdens and unclear regulations India hosts over 100 million crypto users (around 7% of the adult population), and is projected to become a $15 billion market by 2035 Ritesh Pandey (former Member of Parliament in India) is once again advocating for Indian crypto users , pushing to cut the 30% c...
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