CZ Binance Hints At Rising Taxation Being Detrimental To Indian Crypto Industry

The Indian government has maintained a bullish stance on its income tax on crypto assets. The government demonstrated this with the proposal of a Cryptocurrency and Regulation of the Official Digital Currency Bill in 2021. However, cryptocurrencies and NFTs are currently not regulated in India. The RBI even tried to ban crypto in 2018. Related Reading: Why Ethereum Could Drop To $1,500, After ETH Gained 30% In Last 2 Weeks Although the proposed “Cryptocurrency and Regulation of Official Digital Currency Bill” was never implemented, the government’s stance on crypto is still unclear. However, while still weighing its stance, the Indian government implemented a new law to tax gains and income from virtual digital assets (VDAs). The new tax policy came to focus at the Singapore Fintech Festival (SFF) held from November 1 to 4. At the event, the Binance CEO, Changpeng Zhao (CZ), pointed at the high tax rates as a killer of the crypto industry. The Singapore Fintech Festival is one of the most anticipated events in the crypto and Fintech industry. The event has more than 60,000 participants and 850 speakers representing banks, global financial services firms, and policymaking bodies. Crypto Exchanges Face Decline In Volume Due To High Taxes During a panel discussion at the SFF event, CZ said the new crypto tax in India, which became effective in April, may kill the industry. That is because the tax is outrageously...