'This Will Kill Crypto': Two New Taxes to Be Slapped on Indian Investors from Next Week | CoinMarketCap

'This will kill crypto' ❌ Transactions in India are going to be substantially more expensive from next week 🇮🇳 A 30% capital gains tax will be charged on crypto profits — and ALL transactions will also be subject to a 1% tax deducted at source 🚨

Crypto transactions in India are going to be substantially more expensive from next week — with one MP warning that the measures could "kill" the industry.

India's government has been accused of failing to listen to the crypto industry, and hopes that some of these rules would be eased have now been dashed. Some exchanges are exploring the possibility of mounting a legal challenge in the Supreme Court. The 30% threshold that cryptocurrencies fall under is India's highest, and matches the tax that's slapped on gambling winnings.One politician, Panaki Misra, warned that any move to ban crypto would be equivalent to banning the internet, adding:He also lamented how trading cryptocurrencies is now being regarded as a "sinful activity."

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