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Sumit Gupta (CoinDCX)
Building @CoinDCX 🚀 || Tweets about Indian #Crypto and #Web3 sector || 🌎. Hiring the best Web3 folks; DM to apply. 📩
India collected a total of ₹706 crore in crypto income tax over the last two financial years.
-FY2022–23: ₹269 crore
-FY2023–24: ₹437 crore
But here’s the BIG problem. TDS India lost to offshore exchanges:
-FY22–23: ~₹3,493 Cr
-FY23–24: ~₹2,634 Cr
(Data from from Esya Centre's Report)
Due to high 1% TDS + 30% capital gains, millions of Indians now trade in offshore exchanges and stay non-compliant.
What can fix this?
-Eliminate the 1% TDS on crypto trades: Domestic trading and compliance would rebound.
-Lower the 30% capital gains tax: Will encourage more investors to invest for the long term & in higher volumes
Lower taxes = higher compliance, more volumes, and far greater revenues for India’s web3 future!
I believe these simple reforms alone could 10× India's crypto tax collections to over ₹5,000 crore per year.
By making just a few key changes, we can bring trading volumes back to India and make India a global leader in crypto!
18,53K
Sumit Gupta (CoinDCX) kirjasi uudelleen
Can’t put into words how proud I am of the team at @CoinDCX. Even though the situation involved a massive ₹380 crore, the kind of amount that would shake anyone. The way they have handled the entire situation calm, transparent, and hands-on is nothing short of inspiring.
@smtgpt and @nrjkhandewal personally stepping in to answer user queries across X and other platforms says everything about the culture they’ve built.
GOATed team for a reason. 👏
10,68K
Thanks Sandeep, means a lot.
Every setback teaches us something, and we’re still learning and taking all our lessons on ground and in real time.
We’ll keep pushing our limits to build what India deserves. 💯
22.7. klo 02.42
Coindcx leadership has been incredibly steadfast towards their community during this unfortunate moment — a true masterclass in disaster management.
From what I know, Coindcx has deep pockets and will likely absorb this loss without any impact on its customers. Moments like these have occurred with every top exchange — even Binance — but what mattered was ensuring users were SAFU. That’s what built long-term trust.
I believe the same will happen with Coindcx. 🤞
PS: I'm not an investor in Coindcx — just sharing this as an observer and a member of the Indian crypto community.
10,11K
Trust takes years to build and we won’t let any moment/incident shake that.
CoinDCX is a mission-driven company, committed to building for the Indian crypto ecosystem. This amount was nothing compared to our determination to achieve that goal, so taking such bold decisions was a matter of seconds for us!
22.7. klo 01.06
Massive respect!!
The way @smtgpt @neerajKh_ and entire CoinDCX team handled it, just raises my respect for them even more.
It wasn’t a small quantum, but DCX didn’t let users even face a pinch. They took all the bullets.
It definitely couldn’t have been an easy decision, especially given the sharp decline in exchange volumes over the past few years following the crypto taxation policy.
Situations like these, is when a company is tested on a different level.
Super bullish on @CoinDCX.
12,78K
Sumit Gupta (CoinDCX) kirjasi uudelleen
@smtgpt @neerajKh_ @CoinDCX at the time of crisis you have shown extraordinary temparament to restore investors confidence keeping intact the INR withdrawals and with regular updates to community. This is almost international standards of handling any cyber incident crisis. Now it is high time to your infrastructure cyber resilience at international standards to show India can also do and learn from mistakes . We are all with you. 👍🤝🫴🏻
2,9K
[INR Withdrawals Update] We have processed 100%, I repeat, one hundred percent 💯 of INR withdrawal requests on the platform.
Check your bank account and let us know if your request is still pending.
Big or small, every request has been processed successfully. ❤️
Thanks for all your love and support you’ve shown during this tough phase! ❤️
20.7. klo 16.50
Transparency Update on INR Withdrawals
In the last 24 hours, we received a total of ~31,462 INR withdrawal requests from our customers.
Out of these: 30,862 (98.09%) have already been successfully processed. ✅
The remaining ~600 requests are currently getting processed and will be completed within the next 72 hours of them placing the request. ⏳
Platform activity remains stable, and our teams are proactively engaging with users to provide assistance and ensure a smooth experience at all times.
We remain 100% committed to honoring every single withdrawal request.
105,12K
🚨 Open House ANNOUNCEMENT 🚨
@neerajKh_, @mri_gup, & I have been sharing regular updates with the community for the last 24 hours via videos, blogs, and tweets.
Tomorrow, July 21, 2025, at 7 PM IST, we will go LIVE on X and YouTube with our full leadership team and share what exactly happened in detail and also answer any questions that the community may have.
No filters, just us, answering your questions directly and showing you the heart of CoinDCX. Your trust is everything to us, and we're here to earn it every single day!
Share your questions using #AskCoinDCX and click here to get notified when we go live:
58,43K
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