Efforts to regulate the cryptocurrency sector have not harmed the adoption of digital currency.
Actually, The country now directs the world on the “global adoption index” of the 2024 research company Blockchain Chain-analysis.
“Last year, we noted that India remained a global cryptocurial market in the midst of changing regulatory and tax environments,” said the company in a Recent blog arte.
“The tax on capital gains in relatively high crypto in the country (30%) and the 1% tax on all transactions – also known as the tax deduced to the source (TDS) – may have attracted certain Indian investors to explore international exchanges without such strict regulatory requirements. Anyway, these developments do not seem to hinder the overall crypto growth in the country, And is the same this year.
Last December, India Financial intelligence unit (FIU) notified nine offshore exchanges – among which giants like Binance and Kraken – that they did not comply with anti -whiteness laws in India in the country, and asked the Ministry of Electronics and Information Technologies to block their URLs for India customers.
“However, contacts in the region explained to us that users were still able to access these exchanges if they had already downloaded the applications and that some applications were still accessible for new downloads,” said Chainalysis.
“Interestingly, the Indian reflection group Esya Center analyzed the impact of URL blocking on the digital asset market and found it short -lived. »»
The report also quotes Vikram RangalaExecutive director of ZebpayA cryptocurrency exchange supplier based in India and a portfolio supplier, who said he did not think that the order of the CFI would last a long timeAnd expressed hope that the country’s cryptography sector would benefit from additional regulatory clarity.
“Now we find that offshore exchanges will soon be introduced into this emerging ecosystem. Earlier, we had a flight of investors far from Indian exchanges to world exchanges due to high taxes,” said Rangala. “I hope that with regulatory clarityWe will also obtain a more feasible tax arrangement which promotes innovation and brings all aspects of crypto and web3 in the economy sustainable. “”
The analysis chain argued that the path of India towards the adoption of cryptography has become clearer, due to the continuous commitment between industry and regulators.
Company data on India are part of its 2024 cryptocurrency geography Report,, And come In the heels of new discoveries of the chainysis, showing the growing use of Singapore of Stablecoins for payments.
Payments with digital During the second quarter, the assets reached a record summit of nearly $ 1 billion in the City stateResearch has revealed.
