Abhay Singh’s Post

🚀 India Budget 2024: A Mixed Bag for the Crypto Industry We closely followed the announcements in the India Budget 2024. While the budget brought some positive news for the broader tech ecosystem, the crypto community had mixed reactions. 🔍 Key Takeaways: 🤦♂️ Crypto Taxation Unchanged: The much-debated crypto tax rules remain unchanged. The 30% tax on gains from virtual digital assets (VDAs) and the 1% TDS on transactions continue to be in effect. 📈 Capital Gains Tax Adjustments: The increase in long-term capital gains tax from 10% to 12.5% and short-term capital gains tax from 15% to 20% might push retail investors towards cryptocurrencies. 💼 Angel Tax Abolished: A significant win for the startup ecosystem is the abolition of the angel tax for all classes of investors. This move is expected to bolster the Indian tech startup scene, especially in the web3 sector. At DappLooker, we remain committed to navigating these regulatory landscapes and continuing to provide robust blockchain data analytics solutions. The unchanged crypto tax rules present challenges, but they also reinforce the need for innovative solutions and strategic planning. Let’s continue to build, innovate, and drive the future of web3 in India! 🇮🇳 #IndiaBudget2024 #Crypto #Web3 #Blockchain

📌 New Crypto tax reforms in India: A potential game changer! The Bharat Web3 Association, led by Chairperson Dilip Chenoy, has proposed significant policy changes to improve crypto taxation in India. These recommendations aim to create a more favorable environment for crypto transactions and investments, potentially adding $1.1 trillion to India's GDP by 2032. 📌 Key Proposals: 1. Lower TDS Rate: Reducing the Tax Deducted at Source (TDS) rate from 1% to 0.01% simplifying transactions and keeping capital within the country. 2. Deduct Crypto Losses: Allowing losses from crypto trades to be deducted from profits, making the tax system fairer. 3. Adjust Flat Tax Rate: Aligning the flat 30% tax on crypto income with other income tax rates to make it more investor-friendly. These reforms mark a progressive shift in India's approach to cryptocurrency, emphasizing the sector's potential for growth and innovation. The proposed changes aim to encourage more individuals and businesses to engage with crypto, driving economic growth. What do you think about these proposals? Let’s discuss this in the comments! 👇 #PurpleX #Crypto #Blockchain #Web3 #CryptoTax #India #CryptoCommunity #BharatWeb3Association #DilipChenoy #GDP #IndianCryptoRefors

💡 Is India’s cryptocurrency taxation hindering innovation or safeguarding the economy? India’s crypto market stands at a crossroads: unregulated but heavily taxed. 📉 A 30% flat tax on profits and 1% TDS on every transaction are squeezing liquidity, while the inability to offset losses means even a ₹0 portfolio can result in hefty tax liabilities. In a country where 46% of the population remains financially excluded, public blockchain holds immense potential to revolutionize cross-border payments and drive financial inclusion in rural areas. Yet, misconceptions linking cryptocurrency to money laundering and gambling hinder its adoption. 🧐 Key Questions to Ponder: 1️⃣ How are these tax policies impacting small traders and middle-class investors? 2️⃣ Why aren’t losses allowed to offset profits, creating an unfair tax burden? 3️⃣ How can policymakers balance taxation with fostering blockchain innovation? 4️⃣ Can blockchain bridge India’s financial inclusion gap for rural communities? 5️⃣ Are outdated perceptions stalling India’s potential as a global blockchain leader? It’s time to rethink crypto taxation and regulation to unlock its transformative potential without compromising economic security. 💭 📢 I invite global leaders like Tushar Aggarwal, Sunny Kachalia, Stani Kulechov, Rune Theill, Kathleen Mullaney, Nischal Shetty, Sumit Gupta, Ashish Singhal, Jaynti Kanani, Sandeep Nailwal, Abhyudoy Das, Varun Deshpande, Siddharth Verma, Tanvi Ratna, Vani Kola, Vinay Chandra Lal, Ravi K, Anirudh Srinivas Balaji, Shivam Thakral, Neeraj Khandelwal, Anirudh Rastogi & Puneet Gupta to share their thoughts on: What does India’s crypto future look like, and how can global stakeholders contribute to balanced regulations? 🔗 What’s your take? Should India embrace balanced policies, or is the current stance justified? Share your thoughts below! 👇 #Cryptocurrency #Blockchain #India #Regulations #Innovation #BuildWeb3.0

India's Crypto Path: Clarity on the Horizon? The future of crypto in India is starting to take shape, and it's giving rise to hope for the industry. Experts believe that offshore exchanges will soon be part of this growing ecosystem, which could stop the investor flight to global exchanges caused by high taxes. One key figure expressed optimism, saying, "I hope that, with regulatory clarity, we’ll also get a more workable tax arrangement that promotes innovation and brings all aspects of crypto and Web3 into the economy sustainably." It’s a pivotal time for the crypto industry here, as regulatory frameworks are evolving. The global scene is also heating up—Singapore saw a record high in stablecoin payments of nearly $1 billion in Q2. These trends reflect a fast-maturing ecosystem across the world. For innovators, builders, and enthusiasts, this is a moment to stay close and be part of the transformation! #CryptoRegulation #Web3Innovation #BlockchainEconomy #India

🚀 As we delve deeper into the convergence of traditional finance and blockchain technology, a groundbreaking evolution is unfolding - the integration of Real-World Assets (RWA) with on-chain private credit. This innovative approach is not just a niche trend but a burgeoning opportunity for mainstream investment in India. 🌐 The essence of RWA on-chain private credit lies in its ability to bring the conventional process of lending and borrowing against tangible assets into the blockchain realm. Imagine leveraging real estate, business inventory, or receivables in a transparent, efficient, and secure manner through decentralized finance (DeFi). And India, with its rapidly growing digital infrastructure and a robust SME sector, stands at the forefront of this revolution. 💡 The benefits? For starters, reduced transaction costs and enhanced transparency, which are critical in a market as dynamic and diverse as India's. However, as we embrace this innovation, we must also navigate the inherent risks, such as borrower defaults and the evolving regulatory landscape of the crypto industry. 🔍 Spotlight on the pioneers - firms like Centrifuge, Maple, and Goldfinch are leading the charge globally, offering a glimpse into what could be a thriving ecosystem in India. These platforms demonstrate the potential of DeFi to provide SMEs with alternative funding sources, beyond traditional banking channels. 🌟 For Indian financial advisors and investors, this marks a pivotal moment. The opportunity to diversify investment portfolios by incorporating blockchain-based RWA private credit could redefine yield strategies. Moreover, with efforts to simplify crypto transactions, the barrier to entry is lowering, making it an opportune time to explore and educate oneself about these emerging technologies. 🔥 India's journey towards adopting on-chain private credit for RWAs is not just about embracing new technology; it's about leading a financial transformation that promises more inclusive, efficient, and transparent financial services. Let's be part of this exciting journey, explore the potential, and contribute to shaping the future of finance in India. #Blockchain #DeFi #Finance #Investment #Innovation #DigitalIndia #Fintech #PrivateCredit #Crypto

India’s crypto journey is indeed at a critical juncture. The possibility of regulatory clarity and the inclusion of offshore exchanges in the ecosystem could significantly shift the landscape. If a more balanced tax regime follows, it could keep innovators and investors within India, helping the country become a key player in the global crypto and Web3 space. The global trends, such as Singapore’s surge in stablecoin payments, show that the ecosystem is rapidly maturing and adapting. For India, embracing this transformation with the right policies could unlock enormous potential for growth and innovation. Now is the time for all stakeholders to remain engaged and seize the opportunity to shape the future of this industry!

The verdict for the crypto industry in this budget session has the potential to boost crypto trader interest and remove ownership barriers in India. As we approach the Union Budget session, it's crucial to consider impactful measures for the crypto sector. The 30% tax slab on crypto gains needs to be reconsidered as it’s too high for individuals experimenting with crypto trading, navigating the ecosystem, and looking to earn passive income from crypto rather than traditional investment assets. The reduction of TDS from 1% is also a decisive factor in this regard because such high transaction costs negatively impact high frequency traders. In fact 1% tds does not allow high frequency trading as it's prohibitively expensive and leads to lock up of capital in tds. This capital could be better utilized in trading and help generate further revenues for the traders as well as the government. For seasoned crypto traders, carrying forward losses or setting off of losses can be a sentiment boost as they don’t have to worry about losing on precious gains. Some of these traders are monitoring the market almost round the clock before making investment decisions and not getting a chance to set off losses incurred due to market volatility from a maturing ecosystem can be a deterrent. These high taxes negatively impact the over 30 Million crypto traders in India. Many of them look up to being an early mover in this emerging technology sector and through them India will have an unfair advantage in the future as the blockchain ecosystem matures. Let’s make this ecosystem conducive for all stakeholders! Implementing these changes can boost trader interest, lower barriers to ownership, and support the growth of the crypto ecosystem in India. 🌐📈 #Crypto #Budget2024 #Blockchain #TraderInterest #CryptoRegulation #UnionBudget #VDA #TDS

India Budget 2024: Economic Survey Indicates Crypto Tax Reduction Unlikely India Budget 2024 is all set to be presented tomorrow and remains a hot topic nationwide. Meanwhile, the Economic Survey was tabled by the Indian Finance Minister Nirmala Sitharaman today. The #crypto community’s hopes don’t seem optimistic at present, as no developments hinted at a crypto tax reduction. https://lnkd.in/eBNwDYvU #cryptonews #cryptocurrency #crypto

🚨 Crypto News: Jetking Infotrain has shaken up India's financial landscape by becoming the first publicly traded company in the country to add $BTC to its treasury. The company purchased 12 $BTC on December 9, currently valued at $97,986.35 per Bitcoin, totaling around $1.2 million. With a market cap of just $4.5 million, this means over 26 percent of Jetking's valuation is now riding on Bitcoin. CEO Avinash Bharwani revealed at the Bitcoin Conference MENA that this move is part of a long-term strategy to blend equities and Bitcoin, aiming to boost the company's value. Discussions with regulators are already underway to ensure compliance and pave the way for others to follow. Jetking Infotrain began its journey back in 1947 and went public in 1986. Interestingly, their decision to diversify their treasury comes on the same day as MicroStrategy adding to its massive BTC wallet and Riot Platforms outlining a $500M Bitcoin acquisition strategy. With Indian regulations on crypto still evolving, prominent lawyer Suril Desai is guiding these groundbreaking steps. It’s worth noting that India lifted a major banking ban on crypto services in 2020, laying the groundwork for moves like this. However, rising Bitcoin adoption also comes with a caveat – India still imposes a hefty 30 percent tax on crypto gains. Looks like Jetking is putting India in the spotlight of the Bitcoin revolution. Are we witnessing a game-changer for crypto adoption in Asia? Let us know your thoughts. #BitcoinAdoption #CryptoIndia #BTC

📰 A Wake-Up Call for Crypto in India: Tax Reform Needed 🛑 The latest survey in India sheds light on the urgent need for #CryptoTax reform. The findings highlight increasing investor concerns and the demand for a clearer, fairer taxation structure in the burgeoning Indian crypto market. 🔍 Key Insights: 📊 73% of crypto investors see current tax policies as a major barrier to their growth. 🤔 Unclear regulations have left 62% of participants feeling uncertain and cautious about further investments. 🚀 The call for change is getting louder, with 85% urging the government to implement more transparent and supportive tax policies to foster innovation and growth. India's crypto landscape is on the brink of transformation, but it requires a structured and rational approach to taxation to truly unlock its potential. 📢 It's time for policymakers to step up and pave the way for a robust and thriving #CryptoEconomy in India. Your thoughts? How has crypto taxation impacted your investment decisions? Share your views! 💬 #Cryptocurrency #Blockchain #CryptoTaxReform #Investing #IndiaTech #TaxationPolicy Read More: