Cryptocurrency tax evasion in India motivates regulators to create new policies

tax evasion

TL;DR Breakdown

• Regulators in India blame Exchange WazirX for Tax evasion.
• Cryptocurrencies start the year 2022 with a balanced figure in their price.

After WazirX, a crypto exchange in India made the largest tax evasion worth 40,000,000 Rupees; national regulators have put measures into place to increase the regulations. India has always had an inconclusive decision on the crypto issue, but now its path seems to be set towards imminent regulation.

Indian regulators have reportedly created a campaign to apprehend so-called Exchanges avoiding tax payment. With these measures, the country seeks control over the crypto market that grows every day in the territory.

India reforms to avoid tax evasion with cryptocurrencies

tax evasion

The cryptocurrency market has gathered over $2.25 trillion in global capitalization with more than one decade in progress. This high figure shows an increase of over 0.70 percent in the first days of the year 2022, which is a great advance. However, as virtual commerce expands its financial participation, the repressions in India or other countries become less and less sustainable.

The government in India recently strengthened its policies to avoid tax evasion by crypto exchanges operating in the country. In this way, regulators claim to have control over decentralized finance, which could interfere in the interests of traders.

India has fought cryptocurrencies for over five years, repeatedly branding them as an unreliable investment system. However, these opinions by regulators have not impeded its trading, making it one of the top countries using decentralized currencies.

Policies against tax evasion in India are also motivated by Bitcoin’s price. The cryptocurrency BTC reaches $46,627, while Ethereum positions itself at $3,760. Both cryptocurrencies have recovered a low percentage of their value in the last 24 hours.

Meme cryptocurrencies promise to raise their price in the first week of 2022

One of the most popular series of cryptos in the crypto market is the meme cryptos that carry dog breed logos. These cryptos could also be affected by India’s policies against tax evasion, interfering with their value. But so far, Dogecoin kicks off the first week of 2022 with a price of  0.1704, ranking 12th on the list on CoinMarketCap.

Shiba Inu is trading at $0.00003347 with a drop of 1.50 percent of its value in the last 24 hours. ELON reaches a price of $0.000001561 and SAMO with a value of $0.03992 after experiencing a rise of 1.02 percent in the last 24 hours. Regulators in India are upset so far about WazirX’s alleged tax evasion, and they may also soon divulge that other exchanges have interfered with their anti-crypto policies.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Related News

Hot Stories

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Luna Foundation Guard reveals its $3 billion reserve is down to $87 million

Follow Us

Industry News

Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse
Ukraine war and Bitcoin plunge exposes crypto as no hedge against equities
Coinbase unveils new application with Web3 functionalities