First Mover Asia: Bitcoin Climbs Past $30K, but Bearish Sentiment Remains

The announcement follows a difficult few months for the digital assets industry in India, despite the country’s growing appetite for cryptocurrencies. In April, Indians began paying a 30% capital gains tax on crypto transactions after Parliament passed a controversial tax law. The legislation, which the industry vehemently opposed, will also require crypto investors in the country to pay a 1% tax deducted at source (TDS), as well as taxes on crypto gifts, with no ability to take deductions for losses, starting on July 1.

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