Indian Crypto Tax Relief 'Off the Table' After WazirX Incident: Report

IconCryptoNewsTerminal Staff22 Jul, 2024

cryptonews.jpg

Indian Crypto Tax Relief 'Off the Table' After WazirX Incident: Report

Indian Crypto Tax Relief 'Off the Table' After WazirX Incident Hopes for a reduction in India's crypto tax appear to be off the table following the hack of Indian exchange WazirX. For the past two years, the Indian crypto industry has lobbied the government to reduce the 1% tax deducted at source (TDS) on crypto transactions. Industry players have argued that such a high tax is counterproductive and stifles growth, but to no avail. Now, though, the TDS reduction looks even less likely after one of India's largest exchanges, WazirX, suffered a hack resulting in the loss of $230 million worth of crypto. The hack has raised concerns about the security of crypto exchanges in India and has led to calls for stricter regulation of the industry. It remains to be seen whether the WazirX hack will have a long-term impact on the Indian crypto industry. However, it is clear that the government is taking a more cautious approach to crypto regulation in the wake of the incident. This is likely to make it more difficult for crypto exchanges to operate in India and could discourage investment in the industry.

Related News