India emerges as the second-largest crypto market globally despite high taxes

India emerges as the second-largest crypto market globally despite high taxes
фото показано с : invezz.com

2023-9-20 08:15

Chainalysis report shows Central & Southern Asia and Oceanic (CSAO) as among the world’s leading cryptocurrency hubs. Meanwhile, India emerged as the second-largest digital assets market by transaction volume.

Source – Chainalysis

India has handled crypto transactions worth approximately $268.9B between July 2022 and July 2023. The country leads the CSAO crypto market despite high tax rates.

India’s increasing crypto adoption despite high taxes

India witnesses increasing cryptocurrency adoption despite high taxes, contrary to worldwide trends. The government introduced a 30% crypto gains tax and a 1% taxation on all digital assets transactions.

Also, India tops ranks in NFT protocols, lending protocols, centralized exchanges, and decentralized exchange usage. Market enthusiasm remains high even as local firms battle taxation challenges.

Uneven tax implementation might be challenging local Indian exchanges as far as competition is concerned. While regulators want all entities operating in India to collect taxes, most international firms fail to satisfy this front.

That has seen many Indian players focusing on intercontinental investment platforms. Indian web traffic to global exchanges surged immediately after the government introduced the tax deducted at source (TDS) in July 2022.

Source – Chainalysis

The readings underscored the benefits of enforcing rules on all platforms operating in any country. Failure to do that can lead to an environment that hurts local crypto businesses. Nonetheless, these issues haven’t deteriorated the demand for crypto in India.

CSAO regulatory framework

Lawmakers across CSAO are looking for ways to ensure inclusive regulation to protect investors while nurturing the nascent crypto industry. For example, the Hong Kong Monetary Authority cautioned against crypto entities misusing the term ‘banks’ when describing their offerings.

India’s flourishing digital assets market underscores how cryptocurrencies can be dynamic and adapt to local conditions and needs, thus cementing their position in the future of finance.

The post India emerges as the second-largest crypto market globally despite high taxes appeared first on Invezz.

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