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KuCoin started TDS deduction in India

mukund123 - 2024-07-20 02:48:06

Hello friends,


I am doing good, and I hope that you are having a good time with your near and dear ones.


Hope you are aware that in India international Exchanges were blocked through the URL by the government in December month. A total of nine crypto exchanges were blocked and the reason for the block was that they are not compliant with FIU. This is called the financial intelligence unit and it is a government body in India that takes care of companies working in the financial sector.


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Users have been struggling because they are not able to access the exchanges but some of the exchanges are still working through the mobile application. The leading exchange Binance is also not registered yet and their website is not working. Kucoin is the first international exchange which is registered in India and it is compliant with FIU. The exchange has also announced that they are going to start deducting TDS on the transaction as they are registered in the country. It is not a tax basically but a mechanism to track the transactions where the community is not happy with its percentage. The government has been deducting 1% TDS and it eats capital faster. Community is suggesting that even 0 .01% works to track the transaction then why should keep such a higher percentage as TDS



The TDS collected by the exchange will be deposited to India's financial authorities. A 1% tax will be deducted on crypto transactions that include trading activities, selling crypto assets, obtaining crypto assets, depositing them in wallets, purchasing NFTs, and more.



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Currently, this is the only exchange which is registered in India and no update on other exchanges whether they are in the process of getting compliant or not. India is a bigger cryptocurrency market and hopefully, many exchanges would not try to miss this opportunity to have a presence in this market. This can be considered good news because users will be able to use the exchange with no legal issues and they need not worry about anything. Kucoin is also expected to have a fiat option added like many other Indian exchanges. I never used this exchange before but now I can think of using the exchange because now its compliant. In the bull market, more people will enter the market and with international exchange users would be able to get better trading volume and good coin variety also through Kucoin.


Some people are new in crypto in my circle and they are planning to open an account on Kucoin soon but they want to wait for some more time. As this discussion happened and they want to see how the exchange going to work after setup in India. I also have a similar thought that its good to give it some time and observe and then take action. At the end of the day we all need a better exchange where better services can be availed and this is primary and makes the difference.


Thank you


Peace @mukund123