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$Koii, $WQUIL, $AITech, $VDA, $SAI, $HINT Just to name some of my holdings
tldr; The introduction of a 1% Tax Deducted at Source (TDS) on Virtual Digital Assets (VDAs) transactions in India, along with a flat 30% tax on income from these transactions since February 2022, has significantly impacted the country's cryptocurrency and virtual digital asset market. Trading volumes on Indian VDA exchanges have dropped by approximately 97%, and the number of active users has decreased by about 81% from February 2022 to January 2024. This decline is attributed to traders moving to offshore exchanges, undermining the policy's intent to monitor transactions and secure tax revenue. Industry players suggest reducing the TDS rate and revising the tax framework to mitigate these negative impacts. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.