tldr; India faces pressure to revise its crypto tax policies ahead of the Union Budget as high taxes and lack of regulatory clarity drive crypto trading offshore. Currently, 73% of Indian crypto trading occurs on foreign platforms, leading to lost tax revenue and weakened oversight. The industry seeks reduced taxes, loss set-offs, and a regulatory framework to encourage onshore activity. Critics argue the current system discourages compliance and innovation, urging reforms to align crypto taxation with traditional financial assets and improve transparency and trust.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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tldr; India faces pressure to revise its crypto tax policies ahead of the Union Budget as high taxes and lack of regulatory clarity drive crypto trading offshore. Currently, 73% of Indian crypto trading occurs on foreign platforms, leading to lost tax revenue and weakened oversight. The industry seeks reduced taxes, loss set-offs, and a regulatory framework to encourage onshore activity. Critics argue the current system discourages compliance and innovation, urging reforms to align crypto taxation with traditional financial assets and improve transparency and trust.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.