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India, a country with a rich history of technological innovation and entrepreneurship, has recently seen the rise of its first crypto-billionaire. This individual is a key figure in the development of Ethereum's scalability solutions, specifically through the creation and growth of Polygon (formerly known as Matic Network), a Layer-2 scaling solution for Ethereum. Polygon has become instrumental in addressing Ethereum's scalability issues, making blockchain technology more accessible and practical for widespread use.

The Rise of Polygon and Its Founders 📈

Polygon was co-founded by three Indian entrepreneurs: **Jaynti Kanani**, **Sandeep Nailwal**, and **Anurag Arjun**. Among them, Sandeep Nailwal has emerged as a prominent figure in the global crypto community, often credited with helping to drive the project to its current level of success. Nailwal, along with his co-founders, identified the critical challenges facing Ethereum, particularly its high transaction fees and slow processing times, which were hindering the mass adoption of decentralized applications (dApps).

To solve these issues, Polygon was developed as a Layer-2 solution that uses sidechains for off-chain computation, which helps to significantly reduce the load on the Ethereum network. This innovation has not only made transactions faster and cheaper but also attracted numerous projects to the Polygon network, contributing to its rapid growth and success.

Sandeep Nailwal: The Visionary Leader 🌟
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Sandeep Nailwal's journey from a tech enthusiast in India to a global crypto-billionaire is nothing short of inspirational. After graduating with an engineering degree and working in various tech roles, Nailwal co-founded Polygon with the vision of making Ethereum more scalable and efficient. His strategic leadership and technical acumen have been crucial in steering Polygon to its current status as a leading Ethereum scaling solution, now valued in the billions.

Under his guidance, Polygon has secured partnerships with major projects in the blockchain space and has become a critical infrastructure piece for the Ethereum network, enabling it to handle thousands of transactions per second at a fraction of the cost.

The Impact on the Global Crypto Scene 🌐

Polygon’s success has not only catapulted its founders into the global spotlight but has also positioned India as a significant player in the global cryptocurrency and blockchain ecosystem. The project has demonstrated that innovation can come from anywhere in the world, and it has inspired a new generation of entrepreneurs in India and beyond to explore opportunities in the rapidly evolving crypto space.

Sandeep Nailwal’s success story as India’s first crypto-billionaire highlights the transformative potential of blockchain technology and the importance of solving real-world problems through innovation. As Polygon continues to evolve and expand its offerings, it remains a key player in the ongoing development of Ethereum and the broader decentralized economy.

Conclusion: Sandeep Nailwal, along with his co-founders, has made a lasting impact on the crypto world by addressing one of Ethereum’s most pressing challenges. As India's first crypto-billionaire, he serves as a beacon of what's possible in the intersection of technology and finance, marking a significant milestone for India's role in the global crypto revolution.

For more detailed insights into Sandeep Nailwal's journey and Polygon's development, you can explore his interviews and articles on various blockchain-focused platforms.
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Letters sent out to the finance ministry last month by Bharat Web3 Association and CoinDCX highlighted concerns over the 30 percent VDA tax burdening small Web3 and crypto businesses and the need for a level playing field by bringing offshore exchanges under TDS regulations.This comes at a time when the Indian crypto sector has already started seeing some regulatory green shoots, with the finance ministry sending show-cause notices to offshore exchanges, which are not registered with the Financial Intelligence Unit-India (FIU-IND), and blocking their URLs.BWA’s current members include infrastructure providers such as Polygon and Biconomy; crypto exchanges such as CoinDCX and CoinSwitch; virtual gaming platform Hike; and other Web3 players such as Liminal and Tax Nodes.According to a note accessed by Moneycontrol, BWA’s asks include “reduction in the rate of TDS on transfer of VDAs (virtual digital assets) to 0.01% from 1%; specifically including foreign exchanges in the scope of TDS, and reexamining the flat rate of 30% applicable to income from the transfer of VDAs.”The note also said the existing taxation framework has “not achieved the intended purpose of enabling VDA transactions to be monitored.”—————🇮🇳JUST IN: Indian Finance Minister has announced that there will be no changes indirect or indirect taxes.Follow#Crypto scenario in India:Flat 30% TAX1% TDSNo set off for losses#CryptoTaxReform #indiaceyptotax #CryptoTaxIndia #indiaceyptotax #TrendingTopic

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The chief economic advisor of India wants regulators to promote revolution in the cryptocurrency sector at the time of upholding transparency and accountability.
Moving forward, he highlighted the significance of transparency mentioning that regulators should not be afraid of sharing information and ensuring their actions line up with the societal goals.
The policy paper clarifying crypto’s standing is continuously been delayed as the country has changed its resources towards making and testing the central bank digital currency. 
The new governor of the Reserve Bank of India, Sanjay Malhotra attended his first press conference on  December 11, in which he said that the central bank will continue its continuity and stability in policy matters, but highlighted the need to remain “alert and agile” in terms of the existing global economic and political environment. 
In his first interaction, the Governor said that we have to be aware of the fact that we continue to maintain continuity as well as stability, we can not be glued to it, and we have to be alert and agile to tackle challenges. 
In his statement, he also highlighted that regulators should not be in the way of innovation be it cryptocurrency or online gaming. And, the central bank will be interacting with all sectors such as financial regulators, state governments, and the center to carry on the Reserve Bank’s legacy. 
What does the chief economic advisor say? 
The chief economic advisor of India wants regulators to promote revolution in the cryptocurrency sector at the time of upholding transparency and accountability. At the Global Economic Policy Forum 2023, V. Anantha Nageswaran, the chief economic advisor of the Ministry of Finance revealed that regulators must not in the way of innovation in crypto mainly including Bitcoin. 
He mainly highlighted the requirement to balance revolution with societal requirements, highlighting that financial illiteracy is the major problem in our country and many developed countries. We need to make sure that the criteria set for regulators don’t hinder revolution. 
Moving forward, he highlighted the significance of transparency mentioning that regulators should not be afraid of sharing information and ensuring their actions line up with the societal goals. As per the official, the same theory that applies to the financial revolution must also apply to regulators. 
The policy paper 
By sticking to these norms and identifying the limits of their unelected powers, he claimed, regulators can back growth in fast-growing markets such as cryptocurrency while protecting public interests. 
The policy paper clarifying crypto’s standing is continuously been delayed as the country has changed its resources towards making and testing the central bank digital currency (CBDC). 
The Reserve Bank of India which has opposed cryptocurrencies for a long time, has continued a careful stance having some reports claiming that the regulators are in favour of restricting private cryptocurrencies because of concerns revolving around financial stability and risks to investors. 
Not long ago, Jetking Infortrain, an IT company in India created history after becoming the first publicly listed business in the country to add Bitcoin to its corporate portfolio. 

The Union Budget 2025 is in the corner, and every Indian is eagerly waiting for the moment. While the usual talk of GDP growth, tax implications, and sectoral allocation is filling the front pages, crypto traders, investors, and the industry as a whole are also keeping an eye on the budget.
There's no denying that India is among the fastest-growing countries and home to millions of crypto enthusiasts, but complex regulatory implications and a hazardous tax rule have been a headache for crypto users in the country. The latest developments, however, seem in contrast to hope for a better situation, and the Union Budget 2025 is where all eyes are set.
▨ Where Crypto Stands Today in India (Pre-2025)
Back in 2022, the government decided to treat crypto like a sin tax—not outright banning it, but making sure it’s painful enough to keep most retail investors away. Here’s how it works:
30% Flat Tax on Crypto Gains – Whether you make ₹1,000 or ₹1 crore, you pay the same brutal 30% tax, with no deductions or exemptions. It doesn’t matter if you lost money elsewhere—no set-offs allowed.1% TDS on Every Trade – If you trade on Indian exchanges, you already feel this one. A 1% tax on every crypto transaction means less liquidity and more compliance headaches.No Offsetting Losses – Made a loss on Bitcoin but a profit on Ethereum? Too bad. Losses aren’t allowed to offset gains, making it one of the harshest tax structures globally.
▨ Regulatory Confusion
Crypto isn’t illegal, but it’s far from accepted. The RBI still calls it a threat to financial stability, and there’s no clear law regulating exchanges, stablecoins, or investor protection. While the "Cryptocurrency and Regulation of Official Digital Currency Bill" was supposed to clarify things, it’s been gathering dust.
▨ FIU Compliance Crackdown on Exchanges
In December 2023, India's Financial Intelligence Unit (FIU) cracked down on several major global crypto exchanges (like Binance and KuCoin) for operating without proper compliance under India's anti-money laundering (AML) laws. By 2024. 
some exchanges applied for licenses, while others faced restrictions. This move signaled the government's intent to tighten oversight, possibly paving the way for a fully regulated crypto industry.
What to Expect in Budget 2025
▨ A Regulatory Framework (Finally?)

It’s time for the government to define crypto properly—either as an asset class or something else. Possible moves include:
> Introducing formal legislation that classifies crypto as Virtual Digital Assets (VDAs) and sets legal boundaries.
> Appointing a regulatory body (SEBI or a new agency) to oversee exchanges, protect investors, and enforce compliance.
> Deciding how stablecoins and foreign crypto exchanges operating in India will be handled.
▨ Tax Reforms (or At Least Some Relief)

India's tax policies on crypto are among the harshest in the world. Here’s what might change:
> Lowering TDS from 1% to 0.1% – A massive demand from the industry, as the 1% TDS has crushed liquidity and forced many traders to shift offshore.
> Revising the 30% flat tax – Maybe a slab-based tax system, where small investors don’t get wrecked as badly.
> Allowing loss offsetting – Currently, even gambling has better tax treatment than crypto. If the government allows losses to offset gains (like in stocks), it would be a huge step.
▨ CBDC (Digital Rupee) Expansion
The RBI is all-in on the Digital Rupee (e₹) and will likely push for:
> Wider adoption across banks & fintech firms.
> New incentives for merchants and consumers to use e₹ for payments.
> More pilot programs to integrate CBDC into India’s financial system.
So, What's Next
India is home to some of the bright minds of the crypto industry and some excellent blockchain companies. Though India's stand on crypto is harsh and confusing, some recent actions are favored for a healthy environment for crypto regulation.
In August 2024, Binance, the world's leading most exchange, registered itself under India's FIU compliance, and a few more exchanges followed the same.

Many traders and firms have already shifted to Dubai, Singapore, and offshore platforms to escape India’s restrictive policies, and that makes the situation worsen.
But the global adoption of cryptocurrency definitely pushes India to apply a regulatory framework and better tax implications that will not only help traders but the overall ecosystem. And we are looking Forward to the same ..... 

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India’s rupee has been on a downward trajectory and has reached an all-time low of 86.63 against the US dollar. Since October 2024, the rupee has fallen 2.2%, and economists suggest that it can hit 88 to a dollar within the next 9–12 months.  
So, why is the rupee depreciating? And how does this affect India? Let’s dive deep into the factors, the good, the bad, and what the Reserve Bank of India (RBI) is doing about it.
🤔 💸 Why is the Rupee Weakening?
India’s rupee has been under pressure due to a combination of global and domestic factors. One key driver is India’s widening trade deficit, which surged to a record $37.8 billion in November 2024. This growing gap has fed directly into the current account deficit (CAD), weakening the rupee further.  
On the global front, the strengthening US dollar is a major factor.
The US economy is doing well, and investors feel more confident about putting their money there. On top of that, US bond yields are going up because the Federal Reserve isn’t cutting rates as much as expected. This has made US investments more attractive, pulling money out of countries like India, leading to FIIs withdrawing ₹22,194 crores from Indian markets within the first two weeks of January 2025.
Volatile oil prices, fueled by geopolitical tensions such as the Russia-Ukraine war, Middle East crises, and shipping disruptions in the Red Sea, have compounded the issue. Since India imports 88% of its crude oil, the rising oil import bill adds significant pressure on the rupee.  
⚠️The Challenges of a Weaker Rupee
A depreciating rupee brings significant challenges for India. Rising import costs for essentials like oil, gas, and food drive inflation and increase transport expenses, placing a strain on households and businesses alike. Sectors heavily reliant on imports, such as energy, electronics, chemicals, and transportation, face rising operational costs. Additionally, companies with overseas debt grapple with higher repayment burdens.
Adding to the challenge, India’s forex reserves fell to $634.59 billion on January 3, 2025—a 10-month low and a $70 billion drop from their September peak. This dip restricts the Reserve Bank of India's ability to effectively intervene in currency markets to stabilize the rupee.
Despite these challenges, there’s a silver lining. The rupee has been one of the most stable currencies in the world. According to a Mint article, the rupee has fallen by about 2.8% against the dollar in 2024, which is much better than many other currencies.  

⭐ A Silver Lining  
A weaker rupee brings some advantages too:
Foreign investments rise: Lower costs for labour, land, and capital make India a magnet for foreign businesses seeking cost-effective operations.Remittance boost: With the rupee at historic lows, Indians abroad are sending more money home. In 2024, India saw a record-breaking $129.1 billion in remittances, marking the largest amount ever received by any country in a single year.Exporters Thrive: Key export-driven sectors benefit from the rupee depreciation. For example, India's IT and export giants are cashing in on the rupee’s fall. To give you some perspective, TCS earned ₹1.1 lakh crore in net forex revenue in FY24, and Reliance Industries Ltd (RIL) earned ₹96,098 crore in net foreign currency earnings. Pharmaceutical sector is another example. Indian drugmakers benefit from exports to the US and Europe, with the rupee’s depreciation making their products more affordable internationally.
🤔 What Is the RBI Doing?
The new RBI leadership hints at a more flexible approach to managing the rupee, moving away from the previous strategy of using over $700 billion in reserves to defend the currency. This approach reduced volatility but led to tighter banking liquidity and higher short-term rates, which negatively impacted growth. In response, the RBI cut the cash reserve ratio by 50 basis points in December and used dollar-rupee swaps to boost liquidity. Despite these efforts, there are calls for further measures to support the economy after two years of unchanged interest rates.
The bottomline
The falling rupee is a double-edged sword for India. While it boosts sectors like IT and remittances, it strains imports and widens the trade deficit. The RBI’s interventions provide temporary relief, but structural reforms are essential for long-term stability. As global economic conditions evolve, India must adapt to maintain growth while managing currency challenges.

As of March 2024, understanding crypto trading taxes for transactions in India is not just beneficial but essential for every investor. This guide aims to demystify the taxation rules surrounding cryptocurrencies, providing you with a clear, detailed, and easy-to-understand overview of how much is the taxation on cryptocurrency in India in various scenarios including trading crypto.
Key TakeawaysTax Rate on Crypto Gains: Cryptocurrency gains in India are taxed at a flat rate of 30% plus a 4% cess. This tax applies to various crypto transactions including trading, mining, and exchanging cryptocurrencies for goods and services.TDS on Transactions: A 1% Tax Deducted at Source (TDS) applies to crypto transactions under certain conditions, effective from July 1, 2022. The TDS threshold is ₹50,000 for most individuals in a financial year and ₹10,000 for specific cases.Calculation of crypto trading taxes: Taxes are calculated based on the gains, which is the difference between the sale price and the cost price of the cryptocurrency. Different methods, such as Year-to-Date (YTD) and transaction-based returns, can be used depending on the investor’s preference.No Deduction for Losses: Losses from cryptocurrency transactions cannot be carried forward or set off against other income, as per Section 115BBH. This highlights the importance of careful investment planning and risk assessment.Disclosure and Compliance: Companies must disclose their cryptocurrency transactions and holdings in financial statements. All individuals and entities earning gains from cryptocurrency must accurately report and pay taxes on these earnings, emphasizing the need for compliance with the Indian tax regulations.

In the table above, you can see that crypto taxation of 30% is applicable irrespective of the tax slab an individual falls into. 
How to Calculate Your crypto trading taxes
Crypto taxation of 30 % is levied on crypto trading, mining, buying and selling after holding for any period,crypto-to-crypto swaps, P2P transactions, exchanging crypto for goods and services, airdrops and income earned from staking. 
Calculating taxes on cryptocurrency transactions involves determining the gains, which are the difference between the sale price and the cost price. 
For example, if you purchase cryptocurrency, say Bitcoin for ₹60,000 and sell it for ₹80,000, the taxable gain would be ₹20,000, attracting a 30% tax. Additionally a TDS of 1% (wherever applicable). 
Investors should keep in mind that losses made in crypto transactions are not allowed to be carried forward for set off. 

Methods of Calculating Crypto trading taxes

To accurately assess the profitability of your cryptocurrency trading activities, one has the flexibility to employ different methods of calculation based on your trading strategy and preferences. Specifically, individuals can opt for either the Year-to-Date (YTD) method or the transaction-to-transaction approach to determine the gains or losses incurred from their crypto transactions.
What to Consider while Filing crypto trading taxes
Navigating the complexities of cryptocurrency taxation in India requires a thorough understanding of various factors that influence the calculation of taxes on crypto investments. Here are some crucial considerations:
Transaction Factors Impacting Profitability
When calculating the profit and loss of your crypto investments, it’s essential to account for additional costs such as transaction fees, the impact of exchange rates, and the timing of your transactions. These factors can significantly affect the overall profitability of your investments. Regular monitoring and calculation of your crypto portfolio’s profit and loss, especially after significant transactions or during market volatility, are recommended to stay informed about your investment performance.
Non-Deductibility of Crypto Losses
According to Section 115BBH, losses incurred from cryptocurrency investments cannot be offset against any other income, including gains from other cryptocurrency transactions. This regulation prohibits investors from using losses in one year to reduce their taxable income in the following years. It’s crucial for crypto investors to understand this limitation when filing their Income Tax Returns (ITR).
Mandatory Disclosure for Companies
The Ministry of Corporate Affairs (MCA) mandates that companies disclose their gains and losses from virtual currencies in their financial statements. Additionally, companies must report the value of their cryptocurrency holdings as of the balance sheet date. These requirements, incorporated into Schedule III of the Companies Act starting from April 1, 2021, mark a significant step towards the regulation of cryptocurrencies in India. While this mandate applies specifically to companies, it highlights the government’s approach to increasing transparency in crypto transactions.
Tax Obligations for Individuals
Although the disclosure mandate from the MCA applies only to companies, all individuals and entities earning gains from cryptocurrency must report and pay taxes on these earnings. In India, gains from cryptocurrencies are taxed at a rate of 30%, along with any applicable surcharge and a 4% cess, under Section 115BBH. This tax rate underscores the need for all crypto investors to be diligent in calculating and reporting their taxable income from crypto transactions accurately.
Along with the above considerations investors should also keep in mind the regulatory requirements with respect to TDS on transactions. 
TDS on crypto became applicable in India from 01, July 2022.
What is the TDS on crypto in India?
Here’s a table presenting the scenarios where TDS is applicable in crypto transactions, along with exceptions and exemptions:

Summary : Tax on Crypto Trading In India
Selling price – Cost price (including fees) = Profits
30% flat rate is applicable on every profits made via trading along with 1% TDS and 4% cess on tax.
Example: 

Calculate your crypto trading taxes with Mudrex
Explore Crypto Tax Calculator by Mudrex and calculate your tax liability on your crypto gains. It only takes 3 steps to find out taxes on crypto via Mudrex:
Enter the entire amount received from the sale of your crypto assets.Enter the initial investment amount (no deduction benefits are available except for the cost of acquisition)Your net profit will be displayed on your screen along with the tax you are liable to pay, as per the provisions of section 15BBH.

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