Just thought to share with us the state of crypto trading right now in India. So starting from July 1st, everyone who trades any Cryptocurrency is expected to pay a freaking 30% on the income you make from every crypto you trade.
This is what should be expected when crypto falls under the regulation of the government. Everything could literally turn into a nightmare in just the twinkle of an eye. While I’m not against taxes on profits made from crypto, a 30% tax is just kinda way up there touching the stars. This could also literally tear down new crypto projects no matter how good they seem to be. I believe a project like Chronoly and Tol token which is the utility token for a forthcoming messenger app are projects which may suffocate by reason of this new Indian law.
Sure we kinda want crypto regulation, but I’m sure nobody wants such enormous demand placed on his shoulders all in the name of a tax. But then, another question is how much tax is Really fair?