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Meanwhile, cryptocurrency exchanges still grapple with the country’s unfavorable regulatory policies for the industry. Following the introduction of the 30% tax on digital asset transfers, and the 1% transaction tax deduction at source (TDS), exchanges have lamented how the high taxes have affected their growth.
In December 2022, BWA submitted recommendations to India’s Finance Ministry, part of which sought relief from unfriendly crypto taxation. However, the situation remains unchanged.
Despite the government’s stance towards crypto, adoption in India continues to increase, with a recent report projecting that there could be over 156 million cryptocurrency users in the country by the end of 2023.
