The rules and regulations about crypto in #India are changing, and this is making things uncertain and a bit confusing for crypto investors and traders in India.
#Crypto investors and traders in India are facing challenges:
- There's a 30% flat tax without any setoff, making it less profitable.
- A 1% TDS is affecting trading capital.
- There's uncertainty about #decentralized exchanges (DEX), mobile wallets, and hardware wallets.
- Some international exchange URLs are blocked, and #bank accounts are getting frozen.
- There are scams happening in P2P transactions.
Despite these issues, some people are considering moving to Indian exchanges because of the policies by the #government.
However, it's important to note:
- Indian exchanges rely on #liquidity from international exchanges.
- Most of the coins on Indian exchanges are listed later, which will make it difficult for us to catch on trends and we will be used as exit liquidity.
- Indian exchanges have limitations on depositing/withdrawing crypto.
- Indian trading platforms add promising cryptocurrencies after the excitement has faded, turning investors into the last ones trying to sell their assets.
#Bybit is one exchange that hasn't been shadow banned by the government, so you can still use it.
Your $5,230 #NewYear 's gift awaits. Register on Bybit and visit the Rewards Hub to claim it.
Here's the link: https://www.bybit.com/register?ref=G2QA86