India to Revisit On Hold Crypto Discussion Paper as Global Attitude Softens
India is reconsidering its stance on cryptocurrency as the global perspective shifts towards a more accommodating approach. This review of the crypto discussion paper, which was previously set aside, comes in the context of several countries, including the U.S., adopting more favorable regulations on digital assets under Donald Trump's administration. Although cryptocurrency remains largely unregulated in India, the government has initiated a tax regime that includes a 1% tax-deducted-at-source on crypto transactions and a 30% capital gains tax, prompting the cryptocurrency sector to push for clearer and more relaxed taxation policies. Ajay Seth, India's Economic Affairs Secretary, remarked that the review process reflects changes in jurisdictions regarding the use and acceptance of cryptocurrencies. The discussion paper was put on hold while officials focused on other priorities, but the changing global environment may encourage a revival of crypto policy discussions in India.
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