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  1. Crypto Channel
  2. India Passes Severe Crypto Tax Laws
Crypto Channel
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India Passes Severe Crypto Tax Laws

Evan HarpMar 25, 2022
2022-03-25

Indian Finance Minister Nirmala Sitharaman succeeded at getting his crypto tax proposal passed, meaning that Indians will begin paying capital gains taxes of 30% on crypto transactions effective April 1st.

“This is not conducive for the government or the crypto ecosystem of India, it is poised to do more harm than good," said WazirX CEO Nischal Shetty, a prominent crypto voice in India. Shetty added, “this can result in cascading participation on Indian exchanges and lead to a rise in capital outflow to foreign exchanges.”

The U.S. is playing an increasingly important role in the crypto space. China’s crackdown on cryptocurrencies forced miners to seek new bases of operations, and the U.S. now has the potential to be the most important cog in the global cryptocurrency machine. This could be good news for many of the holdings in the VanEck Digital Transformation ETF (DAPP), which focuses on crypto infrastructure, with top holdings including Block (SQ), Coinbase (COIN), Silvergate Capital (SI), and Marathon (MARA).

India’s tax proposal was met by the industry with a number of possible amendments and adjustments, but none were affixed to the final bill. “Witnessing no amendments in the crypto taxation policies have discouraged firms and investors from investing in the volatile market. This will hamper the overall growth of the sector by reducing mass adoption and its validation,” said Abhay Aggarwal, CEO and founder of NFT marketplace Colexion.

Despite frustrations with the new tax laws, some industry experts see a potential upside. Lennix Lai, director of OKX, said, “A tax on certain assets indicates that those assets are recognized tradable asset class by the regulator. That gives the industry a lot more clarity on the legal status of crypto and its derived income. Hence it’s good news for the industry in India with respect to building a more regulated operating environment for crypto.”

Though setbacks are inevitable, the regulations are a sign that cryptocurrencies are being taken more seriously by the mainstream around the world. DAPP offers investors exposure to a rapidly growing investment space.

For more news, information, and strategy, visit the Crypto Channel.

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