Monday, 17 June 2024
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CryptoWeb 3.0

The Web3 Community in India requests relief and ideas

  • The web3 community in India has banded together to demand relief from the tax laws about cryptocurrencies.
  • On February 1, Nirmala Sitharaman is scheduled to read the budgetary provisions for 2024–2025.
  • From July 2022 forward, India will remove one percent of all cryptocurrency transactions’ earnings from the holders’ profits.

Since the Indian government has ignored their requests for modifications over the past two years, the web3 community in India has banded together to demand relief from the tax laws about cryptocurrencies.

The tax restrictions have drawn criticism from the cryptocurrency community for impeding the growth of the industry in India and encouraging a brain drain of talent to more hospitable countries.

Web3 Community

On February 1, Nirmala Sitharaman, the federal finance minister, is scheduled to read the budgetary provisions for 2024–2025. With the hashtag #ReduceCryptoTax, the Web3 community is calling for the implementation of customizable tax slabs, a decrease in TDS from one percent to 0.01 percent on each cryptocurrency transaction, and the ability to carry forward losses similar to stock losses.

It has been 724 days since the cryptocurrency community has faced tax pressure, according to Sathvik Vishwanath, CEO of the Indian cryptocurrency exchange Unocoin.

Regulators and policymakers must strike a balance between innovation, taxation, and the prospects for the global economy, he stressed. Videos showing Indian residents holding #ReduceCryptoTax phrase boards are circulating on social media in India, demonstrating the huge support that the trend is receiving.

From July 2022 forward, India will remove one percent of all cryptocurrency transactions’ earnings from the holders’ profits, with the holders of Indian cryptocurrency being required to pay a 30% tax.

According to a recent analysis by Esya Center, between July 2022 and July 2023, Indians traded virtual digital assets worth Rs. 350,000 crores on offshore platforms, making up more than 90% of all VDA trading volume by Indians. To safeguard investors from the risks associated with the unstable industry and to prevent exploitation of the Web3 sector, the government is presently developing new laws and regulations.

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