Dubai’s Favorable Law Attract Indian Crypto Firms
Indian cryptocurrency companies are shifting their operations to Dubai due to contrasting regulatory landscapes in India and the UAE.
India’s stringent tax laws and uncertain legal framework for digital currencies are driving this trend. The UAE’s expatriate population contributes 18% to India’s $110 billion global remittance inflow, highlighting the financial interconnection between the two countries.
Bilateral trade between the two countries reached $85 billion last year, emphasizing their growing economic rapport. Indian crypto firms prefer Dubai or Singapore due to clear regulations and community support.
This decision is in response to the Indian government’s recent introduction of a 30% tax on cryptocurrency trading profits and an additional 1% tax deducted at source on transactions exceeding 10,000 rupees, which has resulted in a noticeable downturn in India’s local crypto market.
(With inputs from Shikha Singh)
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