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Indian Authorities Say Crypto Tax Enforcement Challenging, 30% Profit Unified Tax Hard to Implement
BlockBeats News, January 8th, the Indian financial authorities reiterated concerns about cryptocurrency trading, warning that this could make tax enforcement more complex. The Indian tax department stated that offshore exchanges, private wallets, and DeFi tools pose risks that could make tracing cryptocurrency income "almost impossible." Cryptocurrencies enable "anonymous, borderless, and near-instantaneous" value transfers, allowing individuals to move funds without the need for regulated financial intermediaries.
India currently imposes a unified 30% tax on all profits from cryptocurrency activities, in addition to requiring a 1% tax deduction on all transfers (whether profitable or not). Although India formally allows cryptocurrency trading under a high-tax regime and has approved the return of the major U.S. exchange platform Coinbase by 2025, the Indian government's overall stance on cryptocurrency remains cautious and complex.
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