While taxation is a positive step, 30% tax will discourage traders. We believe that crypto-assets should be treated fairly and at par with other asset classes like equities to enable growth of the industry in the long term.
#ReduceCryptoTax
Sumit Gupta (CoinDCX)
11.6K posts
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00:00 - Countries across the globe are adopting a pro-crypto approach so they become crypto hubs and get the advantage India has immense potential to become a leader in the #crypto space but 30% taxation may affect our chances by discouraging adoption and innovation. #ReduceCryptoTax
- El Salvador becomes the first country to officially adopt Bitcoin as a legal tender, as the bill has officially been approved 🙌 This is indeed a historical event for crypto adoption!
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- [INR Withdrawals Update] We have processed 100%, I repeat, one hundred percent 💯 of INR withdrawal requests on the platform. Check your bank account and let us know if your request is still pending. Big or small, every request has been processed successfully. ❤️ Thanks forTransparency Update on INR Withdrawals In the last 24 hours, we received a total of ~31,462 INR withdrawal requests from our customers. Out of these: 30,862 (98.09%) have already been successfully processed. ✅ The remaining ~600 requests are currently getting processed and
- Crypto is a new technology that can add a lot of value to India's GDP. It can lead to great innovation, create employment opportunities and make India a technology powerhouse💪 Taxation is good. But 30% tax on crypto is demotivating for investors and innovators #ReduceCryptoTax
- 1% TDS nearly killed the crypto industry in India, simply benefiting off-shore crypto platforms who are not complying with the Indian tax laws.🙁 28% GST on full face value on online gaming is going to similarly wipe out the entire Indian gaming industry, and yet again,
- The industry has come together to spread awareness on #crypto. Yes truly this is India's crypto moment
- #Crypto is a global asset class and an investment product. Trading crypto requires specific skills and cannot be compared to gambling. The tax rate should have at least been the same as it is for other asset classes. The proposed 30% tax will hamper wider adoption.
- It is a truly wonderful feeling when the brand that you have built gets the chance to form an association with the most loved and the most humble superstar in India. I am beyond excited to share that Mr. Amitabh Bachchan (@SrBachchan) is a brand ambassador of @CoinDCX. 💪
- 1/5 In yesterday's #CNBCTV18 IBLA live session, Finance Minister Nirmala Sitharaman shared an important sign of a positive and inclusive outlook towards crypto. Sharing few discussion points in the thread below. Video courtesy - @CNBCTV18News
