CZ: India's Crypto Tax Could Kill Industry

India's crypto tax could kill the industry, CZ said Thursday. CZ was referring to a 30 percent capital gains tax on all gains from domestic crypto transactions, which was announced by Union Finance Minister Nirmala Sitharaman during the announcement of the 2022 federal budget.

In addition to the one tax, the federal government has also imposed a 1% tax on all crypto transactions as a deduction at source (TDS), a move that experts had said at the time would have a significant detrimental effect on India's nascent crypto industry.