Tax on crypto

India – the 30% tax is too much

The crypto space like other derivatives markets is faced with volatility. Great development has been made as regard decentralized finance (Defi); crypto savvy individuals can earn passively. With massive trends on cross-chain transactions, liquidity mining, governance token, integration of traditional finance (TradFi) into Defi, among others, the crypto space shows more reason while banning isn’t…

Crypto adoption India

Is higher taxation a solution for the risks involved in cryptocurrencies?

On 1st February, while announcing the Budget 2022, Finance Minister Nirmala Sitharaman announced something unexpected.  Sitharaman said income from the virtual or digital assets (cryptocurrency) will be taxed at @30%. In addition, @1% TDS (tax deducted at source) will also be levied by the government on these investments. The 30% taxation is retributive tax, harshly…