Crypto-killing tax law gets passed in India’s parliament, effective on April Fool’s. The government will cut a 30% tax on transactions and will not allow deductions in losses.
— Varun | Blockchain Lawyer With the addition of the tax policy on crypto, India has one of its first regulatory frameworks on digital assets following a 2020 decision from the country’s Supreme Court, which lifted a ban from the Reserve Bank of India on banks’ dealing with crypto firms. Appealing to the highest court would likely be one of the few legal paths available for opponents of the newly passed framework to seek a reversal.
"We firmly believe that there is a need to regulate and tax crypto but in its current form, it is poised to do more harm than good," said WazirX founder and CEO Nischal Shetty."It can result in cascading participation on Indian exchanges that adhere to the KYC norms and lead to a rise in capital outflow to foreign exchanges or to the ones that aren't KYC compliant. This is not conducive for the government or the crypto ecosystem of India.
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