India’s crypto community has shown resilience to harsh taxation requirements, with its crypto ecosystem gaining momentum, although not at its full potential.
Cryptocurrency adoption has been thriving in India despite the government implementing “discouraging” crypto trading taxes, according to the local community.
India, the biggest global economy in terms of crypto adoption, according to Chainalysis, levied a 30% tax on crypto gains and a 1% tax deducted at source as part of its Union Budget 2022.
More than a year since rolling out the “draconian” taxes in April 2022, India’s crypto community has shown resilience to harsh taxation requirements, with its crypto ecosystem gaining momentum, although not at its full potential, according to local market observers.
