TechFlow News — Shardeum co-founder and president Nischal Shetty said in an interview that India's 1% Tax Deducted at Source (TDS) policy poses challenges for cryptocurrency trading, particularly for high-frequency trading firms.
The tax policy requires crypto traders to set aside 1% of each transaction amount for taxation, which is costly for high-frequency trading companies. However, for ordinary retail traders, the 1% TDS may not have a significant impact.
He also pointed out that while the Indian government primarily focuses on consumer protection when formulating cryptocurrency regulations, this one-size-fits-all regulatory approach may require more tailored considerations.
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