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india crypto regulation

India Seeks Stakeholder Input On Crypto Regulation, Incoming Relief For Traders?

Ash Tiwari
by Ash Tiwari
1 year ago
·
Posted in India Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a report by CNBC TV18, India aims to reach out to crypto industry stakeholders to invite inputs to clarify its regulatory framework for digital assets. A panel led by the Secretary of the Department of Economic Affairs (DEA) is set to publish a consultation paper on digital asset regulations in the country by October 2024.

Lack Of Clear Regulations Hurt Indian Crypto Investors

India is considering contacting crypto industry experts to streamline regulations surrounding the nascent digital asset industry.

In stark contrast to the country’s recent lack of enthusiasm toward the cryptocurrency industry, the Indian government is now mulling releasing a consultation paper, seeking industry stakeholders’ thoughts on efficiently regulating the emerging asset class.

Related Reading: India Central Bank Reiterates Strong Opposition To Crypto – Here’s Why

According to sources close to the matter, a panel within the DEA is tasked with drafting the consultation paper. The consultation paper is expected to be available between September and October 2024.

The urgency for clear regulations for cryptocurrencies in India cannot be overstated, as the country’s crypto industry still seems to be operating somewhere in the legal gray area. While clear laws exist regarding the tax implications of crypto transactions, the lack of consumer protection against exchange hacks remains a concern.

The recent hack of WazirX, a leading Indian cryptocurrency exchange, lost customer funds totaling $235 million from one of its multi-sig wallets. This is just the latest example of how Indian crypto investors are essentially on their own if the security of their digital assets is compromised. 

Since the hack, the exchange’s token WRX has experienced a significant decline in value, tumbling from $0.36 in March to around $0.15 in August 2024.

India crypto regulations WazirX
WRX token price decline on the daily chart | Source: WRXUSDT on TradingView.com

However, WazirX has stated that it is working toward restoring the balances of trades between July 18 – 21, 2024. However, a legal apparatus for customers to rely on seems missing.

Merrier Times For Indian Crypto Investors Ahead?

India has cemented itself as one of the largest cryptocurrency markets in the world, consistently ranking amongst the countries with the highest number of crypto investors and traders. 

The current tax treatment of crypto transactions in India attracts a flat 30% tax on all crypto-related profits from trading, selling, or spending crypto. At the same time, losses cannot be offset against any gains to reduce tax liability. 

A 1% TDS (Tax Deducted at Source) is imposed on the sale of crypto assets exceeding $595 ($119 in certain cases) in a single financial year, discouraging retail investors from actively trading in the industry.

Related Reading: Binance Hit With $86 Million Fine For Tax Compliance In India

The Indian government’s move to seek industry opinion on clarifying crypto regulations could be seen as a positive sign for investors and traders. 

Lowering tax rates would certainly attract more retail participation in the industry, enabling the government to expand its tax base while also allowing profit-making investors to pay less tax liability. It remains to be seen what the consultation paper will propose in the coming months.

Featured image from Unsplash, Chart from TradingView.com
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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