According to ChainCatcher, Cointelegraph reported that at the 2024 Peer-to-Peer Financial System Seminar, legal practitioner Amit Kumar Gupta presented a research paper on India's crypto tax.

Gupta said that India's tax policy for the crypto industry and blockchain field is very strict, but there is a lack of corresponding regulatory measures. This reflects the Indian government's lack of understanding of this emerging technology. They believe that cryptocurrency and blockchain technology are mainly used for illegal activities such as money laundering and terrorist financing.

This misunderstanding may limit India's competitiveness in the global crypto market and also hinder local blockchain innovation.