CoinDCX and WazirX Urge Crypto Tax Relief in India's 2024 Budget

The Indian government has imposed heavy taxes and increased scrutiny on the crypto industry in the past two years, causing many people to hesitate or completely withdraw from trading and investing in crypto. The founders of top crypto exchanges CoinDCX and WazirX have expressed concerns about the almost shadow crypto ban in India and have called for a reduction in crypto taxes in the 2024 budget. They are urging a reduction in tax-deducted at source (TDS) from 1% to 0.01% and a decrease in the crypto tax rate to 30%, as well as the establishment of a self-regulatory body for the crypto and blockchain sectors. The decline in trading volumes on India's crypto exchanges in the last two years, combined with the worse bull market, has led crypto investors to demand a stable and trustworthy environment in which to thrive.