- Binance CEO Changpeng Zhao has warned that high cryptocurrency transaction taxes in India may “kill the industry” at a time when crypto firms are facing regulatory challenges.
- According to media reports, Zhao told a fintech conference in Singapore on Thursday that India’s high taxes will kill the industry.
- His declaration follows India’s 30% tax on cryptocurrency earnings and 1% TDS on crypto transactions. The former tax rule took effect on April 1, 2022; the latter on July 1, 2022.
- After the taxes took effect, leading Indian crypto exchanges witnessed trading volume drop by 70%.
