Blockchain
Huobi Research Institute expects India’s new cryptocurrency tax to dampen crypto demand
India announced the launch of cryptocurrency taxes effective April 1, when cryptocurrency gains will be taxed at 30%. This is one of the highest cryptocurrency taxes globally, and even higher than what is charged for gambling and lottery winnings in India.
Commenting on the new tax, Flora Li, director of Huobi Research Institute, said:
“To date, cryptocurrencies have been classified as financial services in India with GST of 18% applied to transactions on exchanges. With the upcoming 30% tax on profits generated by cryptocurrencies, we believe that this will dampen demand and discourage investors from trading and adding cryptocurrencies to their asset portfolios. In addition, the new tax will result in investment costs spiking over 50%, which will reduce the risk premium for cryptocurrencies and make Indian investors more conservative. The combination of these two outcomes will likely impact the crypto market in India in the short run. Long-term, however, we still believe that India, given its size and young population, continues to remain an attractive market for the cryptocurrency industry.”
Blockchain
CoreNest Capital, Sologenic’s VC partner, invests in Texture, a U.S.-based broker-dealer, to launch SoloTex, a new platform for trading tokenized equities
Sologenic + Texture = SoloTexAs a result of a strategic partnership between the Sologenic Development Foundation and Texture Capital Inc., a FINRA—and SEC-licensed broker-dealer, SoloTex aims to be the ultimate gateway to tokenizing and trading capital markets on demand.This innovative approach leverages tokenization to introduce features like enhanced liquidity, fractional ownership, and quicker settlement processes, offering a more efficient way to manage and exchange assets.Join the waitlist at SoloTex.com to learn more.
Blockchain
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