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<h4><strong>Despite imposing one of the harshest crypto tax regimes, India remains one of the hotbeds of cryptocurrency. With a 30% tax on profits and a 1% TDS (tax deducted at source) on transactions, many expected crypto activity to slow. Instead, India’s crypto ecosystem continues to grow.</strong></h4>
<p><span style="font-weight: 400;"><a href="https://www.altcoinbuzz.io/?s=exchanges" target="_blank" rel="noopener noreferrer nofollow">Crypto exchanges</a> have remained active in India, providing key services such as fiat-to-crypto conversions, making it easier for locals to transact.&nbsp;</span></p>
<h5><strong>What’s behind India’s continued crypto growth?</strong></h5>
<p><span style="font-weight: 400;">Raj Karkara, the chief operating officer of Indian exchange ZebPay believes India’s young, tech-savvy population is behind its blooming crypto economy. More than half of the Indian population is under 25 and has shown remarkable interest in crypto investments. </span><span style="font-weight: 400;">Interestingly, Chainalysis estimated that around 100 million people own crypto in India. Chainalysis also <a href="https://www.altcoinbuzz.io/cryptocurrency-news/chainalysis-report-india-and-nigeria-dominate-crypto-adoption/" target="_blank" rel="noopener noreferrer nofollow">ranked</a> India as the biggest global economy in crypto adoption.&nbsp;</span></p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Our 2024 Global Crypto Adoption Index is here! The top 10 countries spanned 5 continents, but Central &amp; Southern Asia and Oceania (CSAO) dominated the list. Read on to see the top 20 countries and learn about global adoption trends: <a href="https://t.co/F2nqkELtd2" rel="noopener noreferrer nofollow">https://t.co/F2nqkELtd2</a> <a href="https://t.co/bbuG1lQ8vB" rel="noopener noreferrer nofollow">pic.twitter.com/bbuG1lQ8vB</a></p>
 <p>— Chainalysis (@chainalysis) <a href="https://twitter.com/chainalysis/status/1833838773332840573?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 11, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">Indian crypto YouTuber Ajay Kashyap attributes the country’s crypto growth to “the combination of widespread smartphone usage, cheap internet, and a growing interest in blockchain technology.”</span></p>
<p><span style="font-weight: 400;">India’s crypto isn’t limited to the popularity of crypto trading. The Asian giant has a large ecosystem of Web3 startups taking the lead in areas like DeFi and NFTs. Web3 companies like <a href="https://www.altcoinbuzz.io/?s=polygon" target="_blank" rel="noopener noreferrer nofollow">Polygon</a>, founded by Indians, are transforming the blockchain space and gaining mainstream attention.</span></p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> ₹180 crore (~$21M) was collected as TDS from crypto in India last year.</p>
 <p>Yet, the confusion around crypto taxes is HUGE. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>Here’s a simple breakdown of the State of Crypto Taxes in India <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ee-1f1f3.png" alt="🇮🇳" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>10 points on where crypto is taxed that every Indian crypto user must know <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/Ghv4mRafmi" rel="noopener noreferrer nofollow">pic.twitter.com/Ghv4mRafmi</a></p>
 <p>— Copperx (@CopperxHQ) <a href="https://twitter.com/CopperxHQ/status/1861045087557587296?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 25, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h5><strong>More About India &amp; Crypto Taxes</strong></h5>
<p><span style="font-weight: 400;">Remittance is another contributing factor to India’s crypto growth. Most Indians rely on cryptocurrencies to send and receive money. Beyond remittance, cryptocurrencies play a huge role in India’s financial inclusion, helping millions of unbanked people access financial services.&nbsp;</span></p>
<p><span style="font-weight: 400;">Despite harsh tax policies, the Indian government has also shown interest in integrating cryptocurrencies. The country’s Financial Intelligence Unit (FIU) has already approved major crypto exchanges like KuCoin and <a href="https://www.altcoinbuzz.io/?s=binance" target="_blank" rel="noopener noreferrer nofollow">Binance</a> to operate in the country.</span></p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">The introduction of India’s crypto tax marked an important moment in its approach to digital assets.</p>
 <p>While some view the 30% tax rate as prohibitive, this regulatory stance actually reveals a sophisticated strategy that balances innovation with control.</p>
 <p><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/7Q8NNTCToT" rel="noopener noreferrer nofollow">pic.twitter.com/7Q8NNTCToT</a></p>
 <p>— Foundership – Web3 &amp; AI Accelerator VC (@FoundershipHQ) <a href="https://twitter.com/FoundershipHQ/status/1856350957220835536?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 12, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">However, most crypto users believe India’s crypto potential remains untapped. Some believe a change in the current taxing policies is needed to help the industry thrive further.</span></p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/crypto-thrives-in-india-despite-harsh-taxes/" rel="noopener noreferrer nofollow">Crypto Thrives in India Despite Harsh Taxes</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Crypto Thrives in India Despite Harsh Taxes

Altcoin Buzz

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