India’s taxation of the crypto market can «probably kill the industry,» said Binance’s CEO, Changpeng Zhao (CZ), Bloomberg.
Speaking at a fintech conference in Singapore, BINANCE boss said that the current taxation regime in India poses a threat to the whole industry in the region. He particularly said:
«India has high tax which is probably going to kill the industry.»
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India imposes a tax of 30% tax on profits from trading, selling or spending crypto. The country also takes a 1% TDS (tax dedicated at source) tax on the sale of crypto assets exceeding more than RS50,000 (~$600) in a single transaction.