CoinDCX and WazirX Urge for Crypto Tax Relief
The CEOs of CoinDCX and WazirX have expressed their concerns over the heavy taxes and increased scrutiny imposed on the crypto industry in India. They are urging for a reduction in crypto tax in the 2024 budget to encourage trading and investing in crypto.
Sumit Gupta, CEO of CoinDCX, believes that lowering the tax-deducted at source (TDS) from 1% to 0.01% and reducing the crypto tax rate to 30% will not only be a policy reform but also a catalyst for innovation and growth. He also emphasizes the need for a self-regulatory body to build trust and set standards in the crypto and blockchain sectors.
Nischal Shetty, CEO of WazirX, highlights that taxation is a major hindrance to crypto adoption and growth in India. He calls for TDS reduction, capital gains profit taxed under existing slabs, and the ability to set off losses.
Is There Any Relief For Crypto in Budget 2024?
RBI governor Shaktikanta Das maintains his anti-crypto stance, warning investors about the risks and potential harm associated with cryptocurrencies due to a lack of regulatory framework. The Financial Intelligence Unit (FIU) has issued show cause notices to offshore crypto exchanges, while the Ministry of Electronics and Information Technology (MeitY) has blocked URLs of several crypto exchanges.
India played a leading role in developing a common regulatory framework for crypto assets during its G20 presidency. Industry executives are proposing changes for more favorable tax treatments for virtual digital assets (VDAs) to ensure expansion and compliance with global standards.
Hot Take: Indian Crypto Industry Seeks Tax Relief
The Indian crypto industry is facing heavy taxes and increased scrutiny, leading to a decline in trading volumes. CoinDCX and WazirX, two top crypto exchanges, are urging for a reduction in crypto tax in the 2024 budget to support innovation and growth. They emphasize the need for a self-regulatory body to build trust and set standards.
However, RBI governor Shaktikanta Das maintains an anti-crypto stance and warns investors about the risks associated with cryptocurrencies. The government has also taken actions against offshore crypto exchanges and blocked URLs of certain platforms. Despite these challenges, industry executives are proposing changes to ensure compliance with global standards and encourage the expansion of the Indian crypto industry.
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