India’s stringent 30% crypto tax, effective since April 1, 2022, is viewed as an attempt to discourage the use of blockchain technology, with officials associating it primarily with illicit activities. Legal expert Amit Kumar Gupta argues that this “draconian” regime, which does not allow users to offset losses, could drive entrepreneurs abroad in search of clearer regulations. Despite the challenges, Indian developers continue to innovate in the Web3 space, suggesting potential for global leadership in the sector.
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