–>
-
ALSO READ
Binance gains big as crypto traders flee Indian exchanges to escape taxes
Crypto weekly wrap: Binance hack, inflation fears keep volatility high
Crypto exchange Binance seeks permit to return to Japan market after 4 yrs
Crypto exchange Binance opens 2,000 positions for hiring, says CEO
WazirX, Binance engage in war of tweets; investors worry about future
-
–>
–>
Binance Holding Ltd. Chief Executive Officer Zhao “CZ” Changpeng said India's onerous taxes on cryptocurrency transactions will probably “kill the industry” there.
“India has high tax which is probably going to kill the industry,” Zhao said in livestreamed remarks during panel at a fintech conference in Singapore on Thursday.
Zhao's comments add to a litany of warnings on the outlook for India's crypto industry, after the government this year introduced a tax package that's caused trading volumes to evaporate. Instead of introducing comprehensive regulations, India has opted for heavy taxes on capital gains and transactions to curtail the business.
ZebPay, one of India's oldest crypto exchanges, is looking overseas for growth, CEO Avinash Shekhar said last month, adding that the 1% transaction tax “has to come down, otherwise things are not going to improve.”
Binance Holding Ltd. Chief Executive Officer Zhao “CZ” Changpeng said India's onerous taxes on cryptocurrency transactions will probably “kill the industry” there.
“India has high tax which is probably going to kill the industry,” Zhao said in livestreamed remarks during panel at a fintech conference in Singapore on Thursday.
Zhao's comments add to a litany of warnings on the outlook for India's crypto industry, after the government this year introduced a tax package that's caused trading volumes to evaporate. Instead of introducing comprehensive regulations, India has opted for heavy taxes on capital gains and transactions to curtail the business.
ZebPay, one of India's oldest crypto exchanges, is looking overseas for growth, CEO Avinash Shekhar said last month, adding that the 1% transaction tax “has to come down, otherwise things are not going to improve.”
