The cryptocurrency market has seen astonishing growth in the past two years. This has made a lot of profit to many investors. Last year, total profits for crypto investors stood at $162.7 billion, an increase of about $130 billion from the year-ago period. The growth of crypto assets has grown exponentially in the past year, with Bitcoin rising by 64 percent and Ethereum by 393 percent.
Blockchain Data Platform of Chainalysis Report According to the US, the biggest beneficiary of the crypto boom last year was the American people. Their profit was $ 47 billion. This was followed by a profit of 431 percent for Britons and 43 percent for Germany. Last year, China’s total profit from crypto stood at about $5.1 billion, up $1.7 billion or 194 percent from a year earlier. The main reason for the low profits in China was the ban on crypto-related activities by the government last year. China began tightening its grip on the crypto segment in May and barred financial institutions and payment firms from providing services related to cryptocurrencies. After this, in September, it completely banned all crypto transactions and mining.
Last year, India ranked 21st in terms of profits in the crypto segment. India’s crypto investors made a profit of $1.85 billion. Data from the past year shows that cryptocurrencies continue to be a major source of economic opportunity for users in emerging markets. However, growth in cryptocurrencies has been slow this year. Regulators across the world are also looking at ways to control this segment. Investor interest in non-fungible tokens (NFTs) has increased due to slowing growth in the crypto segment.
Tax laws for digital assets in India from the beginning of this month Applicable Cryptocurrency trading volumes have dropped significantly after this. Taxes on crypto trading were announced in the budget in February and since then this issue has become a cause of controversy among people in the crypto industry. Many industry experts and crypto players have praised the government’s approach to regulating this segment rather than banning it, while others believe that the tax rate on crypto profits should be reduced.