Tuesday, 20 June, 2023
Imposition of TDS on Digital Assets a Significant Blow to Indian Crypto Exchanges, CoinDCX
The recent imposition of Tax Deducted at Source (TDS) on digital assets has dealt a significant blow to Indian cryptocurrency exchanges, particularly CoinDCX. The introduction of TDS means that crypto exchanges will have to deduct taxes on transactions, affecting the overall profitability and liquidity of the industry. CoinDCX, a prominent player in the Indian crypto market, expressed concerns over the potential impact on the growth and development of the sector.