India labels cryptocurrencies as gambling instruments

December 27, 2023 12:23 AM AEDT | By Invezz

India labels cryptocurrencies as gambling instruments — Image source: Invezz

India’s crypto market

India ranks among the top countries with enormous demand for digital coins (despite obstacles such as high taxes). The government introduced a 30% tax on cryptocurrency profits. Also, there’s a 1% taxation on all crypto-related transactions.

Chainalysis’s latest report revealed that India handled crypto transactions worth over $268.9 billion between July 2022 & July 2023. Consequently, the nation emerged as the second-largest market for cryptocurrencies globally.

Meanwhile, the latest remarks by government officials would likely be crucial in shaping India’s cryptocurrency industry. Some experts speculate that a lack of regulation could dent the growth and legitimacy of the digital sector in the region.

Market participants will likely face increased uncertainty when interacting with an emerging industry without guidelines.

The post India labels cryptocurrencies as gambling instruments appeared first on Invezz

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