Binance Holding Ltd. Chief Executive Officer Zhao “CZ” Changpeng said India’s onerous taxes on cryptocurrency transactions will probably “kill the industry” there.

In a livestreamed remark during panel at a fintech conference in Singapore on November 4, Zhao said that “India has high tax which is probably going to kill the industry."

Zhao’s comments add to a invocation of warnings on the view point for India’s crypto industry. This was followed when the government on 2022, introduced a tax package that’s caused trading volumes to evaporate. Instead of introducing comprehensive regulations, India has opted for heavy taxes on capital gains and transactions to curtail the business.

CEO Avinash Shekhar recently said, "ZebPay, which is one of India’s oldest crypto exchanges, is looking overseas for growth, last month."

He further added that the 1 percent transaction tax “has to come down, otherwise things are not going to improve.”

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