Efforts to regulate the cryptocurrency sector have not hurt India’s adoption of the digital currency.
In fact, the country now leads the world on the 2024 “Global Adoption Index” from blockchain research firm Chainalysis.
“Last year, we noted that India remained a top global cryptocurrency market, amid evolving regulatory and tax environments,” the company said in a recent blog post.
“The country’s comparatively high crypto capital gains tax (at 30%) and 1% tax on all transactions — also known as a tax deducted at source (TDS) — may have drawn some Indian investors to explore international exchanges without such stringent regulatory requirements. Regardless, these developments didn’t seem to hinder crypto’s overall growth in the country, and it is the same this year.”
Last December, India’s Financial Intelligence Unit (FIU) notified nine offshore exchanges — among them giants like Binance…
