Amid the hue and cry among India’s crypto investor community about the recently introduced tax on virtual assets, the CEO and co-founder of local crypto exchange CoinDCX, Sumit Gupta has become the latest crypto figure to repeat the stance that the proposed 30% tax will hamper wider adoption. Two days earlier, Nischal Shetty, the CEO of another crypto exchange WazirX shared similar views. Crypto Isn’t Gambling A day after announcing the proposed crypto framework, India’s Finance Secretary T.V. Somanathan told Bloomberg that the lawmakers have taxed the volatile virtual asset the same way it taxes winnings from another speculative jaunt i.e. horse racing. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions,” Somanathan said. But the CEO of CoinDCX, Sumit Gupta rejects this notion. In a Twitter thread posted today, Gupta stated that crypto trading requires specific and cannot be just compared to gambling. In this light, he believes that the tax rate should be at least to that of other asset classes. #Crypto is a global asset class and an investment product. Trading crypto requires specific skills and cannot be compared to gambling. The tax rate should have at least been the same as it is for other asset classes. The proposed 30% tax will hamper wider adoption. — Sumit Gupta (CoinDCX) (@smtgpt) March 7, 2022 While the I...
