03-26-2022, 02:20 AM
India's regressive crypto tax laws kick in from 1st April.. Monero P2P platforms are
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/tnmxs4/indias_regressive_crypto_tax_laws_kick_in_from/"> <img src="https://b.thumbs.redditmedia.com/wh0cojjSfo33VecmcDe0QNazBn51bwgG715OPY3fGFs.jpg" alt="India's regressive crypto tax laws kick in from 1st April.. Monero P2P platforms are already seeing a boom" title="India's regressive crypto tax laws kick in from 1st April.. Monero P2P platforms are already seeing a boom" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>India's regressive tax laws come into effect from 1st of April.. hardly a week left for it. </p> <p>This includes a flat 30% tax on all crypto trades.. because the govt enabled and helped you to trade right? ?</p> <p>Also you cant claim capital losses, but have to pay capital gains. Lol..</p> <p>And the worst of the lot, each time you trade, you have to remit 1% of the trade to the government as tax deducted at source. For example if you buy $100 BTC, you pay $1 right away, the seller is supposed to deduct this..so you only get $99. This will kill market makers who make hundreds of trades every day to provide liquidity. Imagine if they have to pay 1% on each trade, their capital is going to get sucked out pretty hard. As a result you will have very thin order books on CEX as market makers will exit. </p> <p>Since the laws are kicking in soon, Monero p2p platforms have gained some popularity. </p> <p>This is a popular Monero platform that was almost a ghost town even in January with hardly any traders, but all of a sudden there are dozens of sellers there with hundreds if not thousands of trades. </p> <p><a href="https://preview.redd.it/157b7pplfjp81.jpg?width=2726&format=pjpg&auto=webp&s=ec252c8e69e6fa35fe7f24dc6fcf796f50deec7f">Monero p2p boom</a></p> <p>Bisq has not seen much growth though, as it has a steeper learning curve.. </p> <p>These laws show the government is clueless as to what crypto is and how much . As ZK tech becomes more popular, it would be much more easier trading P2P crypto with one another</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Set1Less"> /u/Set1Less </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tnmxs4/indias_regressive_crypto_tax_laws_kick_in_from/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tnmxs4/indias_regressive_crypto_tax_laws_kick_in_from/">[comments]</a></span> </td></tr></table>Kind Regards R
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/tnmxs4/indias_regressive_crypto_tax_laws_kick_in_from/"> <img src="https://b.thumbs.redditmedia.com/wh0cojjSfo33VecmcDe0QNazBn51bwgG715OPY3fGFs.jpg" alt="India's regressive crypto tax laws kick in from 1st April.. Monero P2P platforms are already seeing a boom" title="India's regressive crypto tax laws kick in from 1st April.. Monero P2P platforms are already seeing a boom" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>India's regressive tax laws come into effect from 1st of April.. hardly a week left for it. </p> <p>This includes a flat 30% tax on all crypto trades.. because the govt enabled and helped you to trade right? ?</p> <p>Also you cant claim capital losses, but have to pay capital gains. Lol..</p> <p>And the worst of the lot, each time you trade, you have to remit 1% of the trade to the government as tax deducted at source. For example if you buy $100 BTC, you pay $1 right away, the seller is supposed to deduct this..so you only get $99. This will kill market makers who make hundreds of trades every day to provide liquidity. Imagine if they have to pay 1% on each trade, their capital is going to get sucked out pretty hard. As a result you will have very thin order books on CEX as market makers will exit. </p> <p>Since the laws are kicking in soon, Monero p2p platforms have gained some popularity. </p> <p>This is a popular Monero platform that was almost a ghost town even in January with hardly any traders, but all of a sudden there are dozens of sellers there with hundreds if not thousands of trades. </p> <p><a href="https://preview.redd.it/157b7pplfjp81.jpg?width=2726&format=pjpg&auto=webp&s=ec252c8e69e6fa35fe7f24dc6fcf796f50deec7f">Monero p2p boom</a></p> <p>Bisq has not seen much growth though, as it has a steeper learning curve.. </p> <p>These laws show the government is clueless as to what crypto is and how much . As ZK tech becomes more popular, it would be much more easier trading P2P crypto with one another</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Set1Less"> /u/Set1Less </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tnmxs4/indias_regressive_crypto_tax_laws_kick_in_from/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tnmxs4/indias_regressive_crypto_tax_laws_kick_in_from/">[comments]</a></span> </td></tr></table>Kind Regards R