**Crypto Tax in India Sparks Debate Over Blockchain Future**

At the Peer-to-Peer Financial Systems Workshop 2024, Amit Kumar Gupta, a legal expert from the Supreme Court of India, presented a paper on India's stringent crypto tax laws. Gupta argues that the 30% tax on crypto profits, effective since April 1, 2022, is "draconian" and stems from a lack of understanding by Indian regulators. He believes the government views crypto as a tool for illicit activities, discouraging its use.

Gupta warns that this heavy taxation could push crypto entrepreneurs to more favorable jurisdictions. Despite this, Indian tech startups continue to innovate in the Web3 space. Rohit Mohan, CEO of NC Global Media, emphasizes the importance of education and collaboration for India's potential to set a global example in crypto adoption.