The LUNA 2.0 tokens obtained via the airdrop would be subject to a 30% tax in India. They will also be unable to offset losses against earnings due to its tax laws. The country’s rigorous taxation of the crypto industry implies that any cash received – whether voluntarily or not – are subject to taxation. As a result of the tax structure, many Indian investors may pay a significant amount in taxes. Many investors are likely to sell the investment and be done with it rather than deal with its volatility and convoluted tax accounting. India’s new tax regulations went into effect on April 1 and sparked a frenzy of activity among investors, among the world’s most enthusiastic cryptocurrency users. In terms of overall development, the exchange CoinSwitchKuber launched the first rupee-based index for the crypto market, signaling some progress. India is also considering imposing a reverse charge tax on international cryptocurrency exchanges. This might drive even more business out of the country, which is already experiencing significant drop-offs in trade volumes. LUNA 2.0 is Having Trouble Gaining Traction The LUNA 2.0 token was airdropped to holders of the original LUNA token in an attempt to resurrect the Terra ecosystem following its massive crash. The token has been failing to gain traction, having plummeted by more than 65 percent from its all-time high of $11.33. In May, the trade volume for LUNA 2.0 topped $2 billion, but it...
