India's killer 30% tax on digital assets could potentially result in a stampede of platforms moving out to crypto-friendlier countries.
Many stakeholders of the ecosystem had expressed faith in the government with hopes of getting some clarity soon. However, with the regressive tax laws coming into effect, many crypto platforms are already deciding to move abroad.A local crypto educator and expert familiar with the matter who preferred to remain anonymous told Cointelegraph that Polygon, one of India’s leading Ethereum scaling solutions, is looking to shift its base along with Push Token to Dubai.
The Indian government has failed to submit a draft crypto bill despite assurance on the same since 2018. At the same time, it has hurriedly formulated new crypto tax laws within two months that are heavily inspired by the country’s gambling and betting laws. The government has failed to take input from stakeholders in the crypto ecosystem and the disastrous impact is for everyone to see within the first month.
“The challenges that crypto investors are facing today can lead to an array of disadvantages for the entire system. It can also lead to traders transacting on peer-to-peer exchanges instead of the Indian exchanges that are Know Your Customer compliant. It will also result in the government losing out on tax revenues. Under such unfavorable circumstances, we will see more and more startups in crypto and Web3 move abroad.
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