Big News Coming From India 🇮🇳
Sumit Gupta, the CEO and Co-Founder of CoinDCX, a leading crypto exchange in India, is optimistic about potential changes to the country's crypto tax rates post the 2024 elections. Despite the absence of immediate relief in the Interim Budget regarding high TDS and crypto taxes, Gupta anticipates positive adjustments in the final budget following the elections.
Gupta recently shared his views on the challenges associated with the current 30% crypto tax rate and 1% TDS in a post on X. To advocate for reform, he introduced the hashtag #reducecryptotax, aiming to sustain the momentum for change. Additionally, Gupta highlighted the risk of Web3 builders and consumers relocating outside India, posing a threat to the emerging Web3 startup ecosystem within the country.
Actively engaging with key stakeholders, Gupta is vocal about addressing concerns and is actively seeking a more favorable environment for the crypto industry.
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