High Taxes Can Kill the Crypto Industry in India, CZ Cautions

Besides existing taxes, a new draft ITR form suggests that foreign businesses could be taxed if they have got a user base in India. India’s anti-crypto policy came into sharp focus at the prestigious Singapore Fintech Festival (2-4 November), where Binance CEO flagged high tax rates as undoing the fledgling crypto business in the country. Binance CEO Changpeng Zhao (CZ), during a panel discussion at SFF that was live-streamed, said, “India has high tax, which is probably going to kill the industry.” He was referring to new crypto taxes that became effective from April this year, media reports noted.