The tax regulations of 2022 have resulted in trading volumes worth Rs 32,000 crore shifting to overseas exchanges last year. Yet, it appears unlikely that the government will budge to review its current stance
In the new year, retail investors and intermediaries operating in the cryptocurrency ecosystem must be wondering how much longer the trade needs hospital care to survive and recover to a state of well-being.
2022 was a year to forget for crypto: Bitcoin and ethereum prices fell near 60 percent in the year in a risk-averse environment; stablecoins TerraUSD and Luna collapsed; trading volumes at some of India’s leading crypto currency exchanges plunged by nearly 90 percent due to high taxes; and by the year-end the FTX exchange had filed for bankruptcy after a bank-type run and its founder Samuel Bankman-Fried faces conviction.
(This story appears in the 27 January, 2023 issue of Forbes India. To visit our Archives, click here.)