The move has instilled confidence in the countries’ crypto community as levying of taxes makes it legal.
The crypto industry has been booming since the past few years and has brought the DeFi sector to the forefront. India is a big market for digital assets, as the number of investors and traders stepping into this space have been on a constant rise. Now there is some good news for crypto enthusiasts in India, says MetGain’s Chief technical officer. According to the expert, now taxes would be applied on digital asset transactions exceeding a certain amount, and this will impact the crypto industry positively. There were a lot of apprehensions when it came to cryptocurrencies in India as they were termed as not being legal like other countries. But now with taxes being levied on these transactions, they come into the legal radar, and therefore can be placed in the same capacity as stocks.
The Indian government has announced a 1% tax-deductible at source, or TDS, alongside capital gains for all digital assets of specific amounts. This move makes it clear that the government is looking at it as being legal, and hence are applying taxes which would impact the trading volumes as people would now be confident in trading them. Metgain is a platform which is built to provide a variety of digital assets, and its reach is fast expanding across the globe, including India too as they see the country as a growing market for cryptocurrencies. According to the company’s CTO, application of taxes will definitely encourage more and more people from India to join the digital asset space as earlier they were not confident about investing or trading in them as they thought there were chances of them getting banned or being termed as an illegal exchange, but now with the announcement of taxes the entire scenario has changed.
For those who have missed the crypto bus earlier and are now looking for opportunities around the crypto space can now step in through MetGain, which is the most reliable and flexible platform when it comes to digital asset investment and trading. “The markets might see a steady rise,” say people monitoring the development closely. Crypto trading in India would experience a positive graph which would lead to better transactions in coming times.