To Nishal Shetty &  To all indian exchange owners

The need to tax the state is justified because it is the state that protects our lives and property but the question of why a terrible tax should be paid on crypto assets that are completely under our protection is relevant.

The imposition of 30% tax is a foolish decision which is likely to cause loss to the country.

Satoshi Nakamoto invented bitcoin to prevent the state from plundering our wealth so that the state could not interfere in any way.

Let's see what happens if 30% tax is imposed.

1. We find a person and send bitcoin to his wallet and then we take the money from him. It's okay to give him a small fee. Here the state loses tax.

2. We go to a country where taxes are low and there we convert our cryptocurrencies and spend that money there ... If this happens then it is a terrible loss to the state because the money owed to our country is being taken away by another country.

3. We go abroad and convert the crypto asset into cash and then we transfer it to Indian Rupees. Even if this happens, the state loses tax

In short, the state can only control when we transfer to a bank account through an exchange, but we have other options ahead of us.

What the state needs to do here is to protect the interests of investors by imposing a maximum of 1 to 5% tax on digital assets. If that happens then India will become a crypto hub and even foreign investment will come to India.

In short, this is not easy to control Bitcoin or any crypto by a government. There should be limitations for getting implemented

You and other exchange owners should convince the government to open eyes from taking decision on applying much tax of 30% on crypto assets because one of most populated country india missing its chance of utilizing its big power the man power
As more people involving with crypto it will gradually increase the government income too as more people come in to crypto investment field
So reducing the tax might be an ideal decision need to taken by the government for Indian economy since it help in attracting more people in to crypto investment field

But congratulating government on decision of accepting and regulating Crypto only concern in high tax