India has been a bigger market for many cryptocurrency exchanges and now most of these leading exchanges are already operating in the country. even some of the exchanges that have not been part of our planning to be working here and it will not be a surprise if we get to know some new names expanding their operation in the country.
Recently India has hosted a G20 summit in which they discussed cryptocurrency and many other topics with these twenty countries. There has been an outcome that India will be clearing its stand on cryptocurrencies soon and most probably it is going to be positive since they are trying to figure out ways to build a legal framework. this is good as they also talk about the ban and it is clearly stated that India is not planning to ban cryptocurrency. At least this can be called a good update because finally, they are ready to explore crypto but again a surprise might come since we are not sure what sort of regulations they are going to bring.
India will analyze and decide its position on crypto in the coming months after considering global leaders' stance on an acceptable crypto rule framework, which was part of the Group of Twenty (G20) deliberations, a senior official of India's Finance Ministry said on Sunday.
Suppose they bring a regulation that is good for the Crypto Company and the traders. This will also encourage more people to be part of the Crypto market and will help the government get more revenue through taxation because tax is already applicable to Crypto earnings in India. even this tax is on the higher percentage which is 30% flat on anything that we earn with no slabs at all. It is also expected that the government needs to intervene on the taxation side to make it friendly for the people because not everyone can pay this much and that too they are not allowing the loss offset.
Certainly, they need to work on it and there is a lot that they need to look into to make it better for the people so let's see how things will turn up and what legal framework they build for Indians.
Thank you so much