Crypto being a prospective sunrise sector is languishing at the bottom of the pile due to the heavy tax impositions. Subsequently, the crypto sector has lost a total of INR 32,000 crore in trading volume between February and October last year, moving to foreign exchanges, according to a Delhi-based think tank Esya Centre. The report suggests the existing tax architecture may result in a loss of approximately INR 99.3 trillion of local exchange trade volume over the next four years.
The trading volume dropped by 90 per cent in the first week of imposition of the taxes. Other jurisdictions have capitalised of the downfall of crypto in India wherein more liberal jurisdictions have been successful in luring away India's top Web3 talent.
"The key to success during a crypto market downturn is to remain focused on long-term goals and agile in the face of changing market conditions. By taking a strategic and proactive approach, startups can position themselves for success in the long run," said Punit Agarwal, founder, KoinX.
هذه القصة مأخوذة من طبعة March 2023 من Entrepreneur magazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 2023 من Entrepreneur magazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
ROAD TO REGULATIONS
While ensuring safe and legal usage of Al, Indian parliamentarians call for a breathing space for startups to grow in
What It Takes To Run A Family Business
Assimilation involves role clarity, accountability trackers, quarterly dialogues, industry leader mentorship and external work experience
I Know Why Your Customer Service SUCKS
That's because I left my high-paying executive job, worked five low-wage frontline jobs, and experienced the problem firsthand. Here's what I learned about fixing it.
The Hire That Changed Everything
What roles do you need to fill at your company? It's sometimes hard to know. Here, six leaders share the hire they didn't realize they needed (and are so glad they made).
An Empowering Coin
The rise in female retail cryptocurrency investors and why the ecosystem needs more of them
Plans To Expand Presence Its India
To cater to its new segment, MediaTek is increasing its engineering presence and R&D development in India, says Anku Jain, MD, MediaTek India.
India Needs Homegrown Product Companies In Semiconductor
CADENCE DESIGN'S INDIA MD
GROWING WATER SCARCITY IN INDIA REPRESENTS AN OPPORTUNITY FOR NEW AGE START-UPS
The way in which India manages its scarce water resources accounts for much of its water woes.
Google's Shocking Surge in Carbon Emissions Sparks Industry-wide Sustainability Reassessment
According to International Energy Agency, (IEA), Global energy-related CO2 emissions grew by 0.9 per cent or 321 Mt in 2022, reaching a new high of over 36.8 Gt.
EV Industry Lauds UP Govt's Decision On Strong hybrid Vehicles
This comes after the Uttar Pradesh government had announced a threeyear exemption from tax and registration fees for the purchase of EVs which will be valid for five years for EVS manufactured within the state, last year.