“Uncertainty surrounding cryptocurrency regulations, limited knowledge of the capital market and a desire to maximize profits drove exchanges to innovate unnecessarily, to the point where complexity became too much to handle – taking positions against the market, custodian, settlement, evangelism, airdrops and initial coin offerings (ICO), and incentivizing trades with rewards. Obviously, TDS is complicated for them. For exchanges engaged in standard exchange operations, TDS should be a cakewalk,” Mehta said.
Indian Crypto Exchanges Met With Finance Ministry Officials to Seek Tax Reconsideration
