‘Crypto investors in India accidentally got lucky,’ says Zerodha CEO Nithin Kamath, here's why

Zerodha CEO Nithin Kamath explained how Indian investors were accidentally saved from the recent crypto market crash. 

New Delhi: Zerodha’s CEO Nithin Kamath, on Saturday (June 12), posted a tread on Twitter, explaining how crypto investors got lucky, thanks to the announcement of TDS and taxation scheme on investments in digital coins. According to the chief of the  Bengaluru-based online trading platform, the activity and participation of Indian crypto investors dropped significantly after Finance Minister Nirmala Sitharaman, in Febraury 2022, announced the taxation on crypto assets while presenting the Budget 2022-23 in the Indian Parliament. He noted that if the taxes weren’t introduced at that time, many could have potentially been trapped trying to buy the dip and then averaging down. 

“I think many Indian crypto investors accidentally got lucky due to TDS & Tax on Crypto announcement this budget in Feb. Activity & participation dropped significantly immediately. If not, many could have potentially been trapped trying to buy the dip & then averaging down," Kamath said in a tweet. (ALSO READ: 

I think many Indian crypto investors accidentally got lucky due to TDS & Tax on Crypto announcement this budget in Feb. Activity & participation dropped significantly immediately. If not, many could have potentially been trapped trying to buy the dip & then averaging down. 1/3 pic.twitter.com/4SKmo8cvKx

— Nithin Kamath (@Nithin0dha) June 11, 2022

Sitharaman had said that investors’ will have to pay a 30% tax will on income earned by making investments in cryptocurrency, beginning April 1, 2022. “No deductions and exemptions are allowed. Loss from the transfer of such assets cannot be set off against any other income,” she had said. (ALSO READ: WhatsApp Users Alert! You can soon add 512 members in a group)