🔥 The Indian government is reevaluating its crypto policy.



The Indian government is reevaluating its stance on cryptocurrency after witnessing many countries change their views on the sector. However, the tax burden remains a major barrier for investors.



According to a senior official, India is revising its crypto policy draft, expected to be announced in September 2024. This reflects a shift in the approach of major countries towards cryptocurrency.



📌 Ajay Seth, Secretary of the Indian Ministry of Economy, shares:



"Cryptocurrency knows no borders. Therefore, India's policy cannot be built independently without referencing global changes."



This decision may be influenced by the US's crypto-friendly policy, especially after former President Donald Trump signed an executive order on cryptocurrency, establishing a task force to regulate digital assets.



💬 Saravanan Pandian, CEO of exchange #KoinBX , remarks:



"India's new stance could help create a balanced legal framework between innovation and financial stability."



💰 Crypto Tax is Heavy, Investors are Struggling.



Although the government seems more open to cryptocurrency, the tax policies in the 2025 budget show no signs of loosening.



📌 Key points in the new budget:


✅ The 30% tax on crypto profits remains unchanged – no exemptions, no distinction between short-term or long-term investments.


✅ The 1% Tax Deducted at Source (TDS) on all crypto transactions continues, making transactions expensive.


✅ Added a clause for a tax audit in 48 months: Investors may be fined 70% if they do not declare profits from crypto in the past four years.



🚨 Reaction from the Indian crypto community:



🔹 Sumit Gupta, CEO of CoinDCX, believes the government needs to have a more friendly policy:



"India ranks first in the rate of crypto users (Chainalysis) and Web3 could contribute $1.1 trillion to India's GDP by 2032 (NASSCOM). If we want to lead the digital revolution, we need clear regulations and prioritize the release of the crypto policy draft."



🔹 Ashish Singhal, co-founder #coinswitch , calls the new budget a 'step forward – but still disappointing':



"There are no tax incentives – crypto trading in India is still too expensive. We need to wait for the upcoming tax bill to see if there are any changes."



📌 Conclusion: Crypto in India Still Faces Challenges.


• The Indian government is reconsidering its cryptocurrency policy, but no official decision has been made yet.


• Crypto taxes are still too high, posing a major barrier for investors.


• Businesses in the industry want the government to have clear regulations and reduce the tax burden.



📅 Next week, the Indian Parliament will consider a new income tax bill – crypto investors are expecting significant changes. Will there be any surprises for the market? 🚀#anhbacong