I was going through this page on Clear Tax that explains in details about the tax implecations on Crypto. There are many regulatory guidelines for cryptocurrencies and Government provides detailed regulations on how someone should pay tax to the government. It was a detailed read and I should say it was also interesting to read. I'm not sure if everyone will be able to follow that or not but I'm glad that they are bringing some kind of regulations for this.
When I was continuously reading, just one part gathered my attention. This is the part where it shows the list of events that happened since the emergence of cryptocurrencies. These were the series of regulatory events that happened in India. One thing that was very attractive for me was the part where the crypto ban was lifted in 2020 and that is when I remember that the crypto industry had a huge boom. I had a very attractive portfolio back then and now the value has gone down completely. I was going through some parts of the page and it appeared that people who are continuing to trade or do any activities with their cryptocurrencies will have to pay taxes accordingly. For people who are keeping the funds in their wallets without doing anything will not have to pay any taxes. That was interesting to know.
If you look at the chart above, 2020 was the best year for crypto. I remember that is when we had a great boom in crypto. Especially during the month of January the value of my crypto assets were at peak and I did not have the mood to quit at that point. But I saw a lot of people booking profits at that time and those people are now well settled. People who invested in crypto during that time are still struggling to get their investments back.
So this is what triggered me that in the future if we expect crypto to boom again, there will have to be some good news in either Korea or India and that can play a very important role in bringing more attractions to crypto. People enter crypto to explore some new world but people would be interested to enter only if they get something out of it or if they see this technology is doing great. I hope that happens soon and I'm expecting to see another crypto boom if many countries relax their crypto rules and provide much better guidelines.
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