In 2023, India ranked first in the Chainalysis Global Cryptocurrency Adoption Index and became the second largest crypto market in the world based on primary transaction volume. However, strict tax rules are forcing local players to seek more favorable conditions in the crypto ecosystems of other countries, such as Dubai.
Many Web3 founders choose Dubai or Singapore as their hub because of the clarity and certainty around regulations, as well as strong community support. Investors are more comfortable investing in jurisdictions where there are no unexpected changes in legislation. This is what significant players in the community say.
Trading volumes in the Indian crypto market have dropped by more than 90% due to high taxes. While India continues to lead the mass adoption of cryptocurrencies, much of the activity is shifting to alternative channels.
The introduction of a 30% tax on profits from trading cryptocurrencies, as well as a 1% tax on crypto transactions over Rs 10,000 (TDS), has further complicated the situation for Indian crypto traders. Failure to pay TDS may result in fine, late payment interest and even imprisonment.
Guys from India, tell us how you see the further development of cryptocurrencies in your country?
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