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India’s Crypto Crossroads: Former MP Pushes for Tax Relief and Web3 Clarity
Key Takeaways:
Former MP Ritesh Pandey calls for slashing the 30% crypto tax and removing the 1% TDS.Over $42B in trading volume has shifted offshore due to India’s heavy-handed tax regime.The COINS Act 2025 proposes a rights-based framework to revive India’s Web3 potential.
India’s crypto sector is facing a pivotal moment. With innovation stifled by steep taxes and regulatory ambiguity, former Member of Parliament Ritesh Pandey has reignited the debate, urging the government to ease the 30% capital gains tax and eliminate the 1% tax deducted at source (TDS).
His appeal comes amid growing concerns that India’s youth-driven Web3 ecosystem is being choked before it can flourish. As global competitors like the UAE and Singapore attract talent with favorable policies, India risks losing its edge in the digital economy.
Tax Burden Driving Users Offshore
India’s current crypto tax regime has triggered a mass exodus of users and capital. Since the introduction of the 1% TDS and 30% gains tax, over 5 million Indian users have migrated to offshore platforms, resulting in a $42 billion shift in trading volume. CoinDCX CEO Sumit Gupta revealed that this migration cost the government an estimated $4.2 billion in lost revenue, while collecting only $31 million via TDS. The lack of provisions for loss offset and real-time income tracking further compounds the issue, making domestic crypto participation increasingly unsustainable.
COINS Act 2025: A Blueprint for Reform
In response to the mounting pressure, Hashed Emergent has proposed the COINS Act 2025, a comprehensive framework aimed at restoring investor confidence and fostering innovation. The act advocates for self-custody rights, tax reforms, and the establishment of a dedicated crypto regulator. While not yet law, it represents a bold step toward positioning India as a global Web3 leader. Pandey’s call for action echoes a broader industry consensus: without meaningful reform, India may forfeit its crypto future to more agile jurisdictions.
#india #crypto #TaxRelief
Former MP Ritesh Pandey calls for slashing the 30% crypto tax and removing the 1% TDS.Over $42B in trading volume has shifted offshore due to India’s heavy-handed tax regime.The COINS Act 2025 proposes a rights-based framework to revive India’s Web3 potential.
India’s crypto sector is facing a pivotal moment. With innovation stifled by steep taxes and regulatory ambiguity, former Member of Parliament Ritesh Pandey has reignited the debate, urging the government to ease the 30% capital gains tax and eliminate the 1% tax deducted at source (TDS).
His appeal comes amid growing concerns that India’s youth-driven Web3 ecosystem is being choked before it can flourish. As global competitors like the UAE and Singapore attract talent with favorable policies, India risks losing its edge in the digital economy.
Tax Burden Driving Users Offshore
India’s current crypto tax regime has triggered a mass exodus of users and capital. Since the introduction of the 1% TDS and 30% gains tax, over 5 million Indian users have migrated to offshore platforms, resulting in a $42 billion shift in trading volume. CoinDCX CEO Sumit Gupta revealed that this migration cost the government an estimated $4.2 billion in lost revenue, while collecting only $31 million via TDS. The lack of provisions for loss offset and real-time income tracking further compounds the issue, making domestic crypto participation increasingly unsustainable.
COINS Act 2025: A Blueprint for Reform
In response to the mounting pressure, Hashed Emergent has proposed the COINS Act 2025, a comprehensive framework aimed at restoring investor confidence and fostering innovation. The act advocates for self-custody rights, tax reforms, and the establishment of a dedicated crypto regulator. While not yet law, it represents a bold step toward positioning India as a global Web3 leader. Pandey’s call for action echoes a broader industry consensus: without meaningful reform, India may forfeit its crypto future to more agile jurisdictions.
#india #crypto #TaxRelief
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— Tax-Free Tips
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— Tax-Free Tips
— Tax-Free Overtime
— No Tax on Social Security
— Auto Loan Interest Deduction for U.S.-Made Vehicles
#TaxRelief #AmericanJobs #MiddleClassWins #MadeInUSA
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