隨著小型交易所關閉或與大型交易所合併，印度數位資產交易所可能在 2025 年進行整合

印度的數位資產交易所可能會在 2025 年進行整合，較小的交易所要么關閉業務，要么與較大的交易所合併

India’s digital asset exchanges are likely setting themselves up for a consolidation in 2025, with smaller exchanges either shutting down operations or merging with larger ones due to the country’s punishing taxation regime.

印度的數位資產交易所可能會在 2025 年進行整合，由於該國懲罰性的稅收制度，較小的交易所要么關閉業務，要么與較大的交易所合併。

The government has long treated digital assets with suspicion, to the extent of imposing one of the harshest taxation in 2022—30% flat tax on all digital currency income with no provision to offset losses and a 1% tax deducted at source (TDS) on all transactions above Rs 10,000 ($118). This may likely lead to a loss of about $1.2 trillion in trade volume on domestic exchanges over the years, a study from Esya Centre, an Indian policy think tank, claimed.

長期以來，政府一直對數位資產持懷疑態度，甚至於在2022 年徵收最嚴厲的稅收之一——對所有數位貨幣收入徵收30% 的統一稅，且不提供抵消損失的條款，並對所有數字貨幣收入徵收1% 的源頭扣除稅(TDS)。印度政策智庫 Esya Centre 的一項研究稱，這可能導致多年來國內交易所的貿易額損失約 1.2 兆美元。

Seychelles-headquartered OKX, the second-largest global digital asset exchange by trading volume, shut down its India operations in 2024, citing regulatory hurdles. Domestic exchanges, however, have been increasingly complying with new regulatory demands. At the same time, exchanges have been requesting the government to establish a level playing field for virtual digital assets (VDAs). The requests include reducing TDS from 1% to 0.01%, allowing offsetting and carrying forward losses, and treating income from digital assets at par with other capital assets.

總部位於塞席爾的 OKX 是全球交易量第二大的數位資產交易所，因此以監管障礙為由，於 2024 年關閉了印度業務。然而，國內交易所越來越遵守新的監管要求。同時，交易所一直要求政府為虛擬數位資產（VDA）建立公平的競爭環境。這些要求包括將 TDS 從 1% 降低至 0.01%，允許抵銷和結轉損失，以及將數位資產收入與其他資本資產同等對待。

“Crypto taxes being high is one issue, but the main drawback and the most concerning aspect is that there is no provision to offset losses. This is extremely unfair, especially for small investors,” said Avinash Shekhar, co-founder and chief executive of Pi42, a digital currency derivatives platform.

「加密貨幣稅高是一個問題，但主要缺點和最令人擔憂的方面是沒有規定來抵消損失。這極度不公平，尤其是對小投資者而言。

“While this issue might have a minimal impact during a bull market with growing trading volumes, the real concern arises during a bear market. Without the ability to offset losses, traders would need to take money out of their own pockets to pay taxes, even if they are in an overall loss. This discourages crypto traders and could lead to a decline in trading activity, ultimately reducing trading volumes on exchanges. This will discourage startups, and it is against ‘Make in India.’ This situation poses a serious problem,” Shekhar told CoinGeek.

「雖然這個問題在交易量不斷增長的牛市期間影響可能很小，但真正令人擔憂的是在熊市期間。如果沒有能力抵銷損失，交易者就需要從自己的口袋掏錢來繳稅，即使他們整體虧損。這會讓加密貨幣交易者望而卻步，並可能導致交易活動減少，最終減少交易所的交易量。這會阻礙新創企業的發展，也不利於「印度製造」。這種情況構成了一個嚴重的問題，」謝卡爾告訴 CoinGeek。

“As many countries are endorsing crypto and implementing crypto-friendly regulations, we urge the Indian government, on behalf of everyday crypto traders and investors, to at least introduce the option to offset losses,” Shekhar added.

Shekhar 補充道：“由於許多國家都支持加密貨幣並實施對加密貨幣友好的法規，我們敦促印度政府代表日常加密貨幣交易者和投資者至少引入抵消損失的選項。”

But the requests have so far fallen on deaf ears. While the economy is looking to regulate the digital assets space, Finance Minister Nirmala Sitharaman said in March that ‘cryptocurrencies’ cannot be a legal currency in India.

但迄今為止，這些要求都被置若罔聞。雖然經濟正在尋求監管數位資產領域，但財政部長尼爾馬拉·西塔拉曼 (Nirmala Sitharaman) 在 3 月表示，「加密貨幣」不能成為印度的法定貨幣。

Moreover, in December, India informed that there is no fixed timeline for introducing comprehensive regulatory guidelines for VDAs in the country. As a result, the legal status of digital currency continues to be in limbo, with no specific legislation governing digital currency-based businesses in the country.

此外，印度去年 12 月通報稱，該國尚未出台針對 VDA 的全面監管指南的固定時間表。因此，數位貨幣的法律地位仍然懸而未決，該國沒有具體的立法來管理基於數位貨幣的業務。

Pointing out that high-volume and innovative exchanges may still weather the storm, Amit Kumar Gupta, a legal practitioner at the Supreme Court of India, told CoinGeek that such exchanges will likely adapt to niche markets and leverage scale to stay afloat. Despite industry appeals for tax relief, no policy changes are anticipated, leaving exchanges to navigate a challenging regulatory environment while advocating for long-term reforms.

印度最高法院的法律執業者阿米特·庫馬爾·古普塔(Amit Kumar Gupta) 告訴CoinGeek，指出高交易量和創新型交易所可能仍能渡過難關，此類交易所可能會適應利基市場並利用規模來維持生存。儘管業界呼籲減稅，但預計政策不會發生變化，這使得交易所在倡導長期改革的同時應對充滿挑戰的監管環境。

“In 2025, we can expect to see intensified consolidation as dominant players acquire smaller exchanges to expand user bases and streamline compliance with stringent regulations,” Gupta said. “Successful exchanges will prioritize innovative offerings like tokenized assets, cross-border solutions, and staking services to attract users and maintain profitability.”

古普塔表示：“到 2025 年，隨著主導企業收購規模較小的交易所以擴大用戶群並簡化對嚴格法規的遵守，我們預計將會看到更激烈的整合。” “成功的交易所將優先考慮代幣化資產、跨境解決方案和質押服務等創新產品，以吸引用戶並保持盈利能力。”

According to a September 2024 report by Chainalysis, India is the world leader in digital asset adoption, holding its position at the top of global rankings for the second consecutive year.

根據 Chainaanalysis 2024 年 9 月的報告，印度在數位資產採用方面處於世界領先地位，並連續第二年保持全球排名第一。

The nation’s growing interest in digital currencies is driven by a desire for financial inclusion and a distrust in traditional banking systems, according to Statista.

Statista 表示，由於對金融包容性的渴望和對傳統銀行體系的不信任，該國對數位貨幣的興趣日益濃厚。

Uday Kotak, the founder of India’s third-largest private bank, Kotak Mahindra, labeled digital currency as an “alternate market currency” and a necessary counter hedge for governments worldwide who misbehave and are irresponsible on the fiscal or monetary side over long periods.

印度第三大私人銀行Kotak Mahindra 的創始人烏代·科塔克(Uday Kotak) 將數位貨幣稱為“替代市場貨幣”，對於長期在財政或貨幣方面行為不端和不負責任的世界各國政府來說，這是必要的反擊手段。

“With India maintaining its stringent crypto taxation policies, consolidation in the exchange sector seems inevitable. Smaller exchanges struggling with low margins may seek mergers or acquisitions to stay afloat,” said Rohan Sharan, founder and chief executive of Timechain Labs, an on-chain application development firm utilizing BSV blockchain technology.

「隨著印度維持嚴格的加密貨幣稅收政策，交易所產業的整合似乎不可避免。利用 BSV 區塊鏈技術的鏈上應用程式開發公司 Timechain Labs 的創始人兼首席執行官 Rohan Sharan 表示：“利潤率較低的小型交易所可能會尋求合併或收購來維持生存。”

“We may witness a few high-volume exchanges dominating the market while others shut down due to regulatory pressure and declining user engagement. Unless the government revises taxation or introduces progressive regulations, innovation in the crypto exchange space may stall. However, blockchain utility platforms offering services beyond just trading may thrive amidst these challenges,” Sharan told CoinGeek.

「我們可能會看到一些大交易量的交易所主導市場，而其他交易所則因監管壓力和用戶參與度下降而關閉。除非政府修改稅收或引入漸進式法規，否則加密貨幣交易領域的創新可能會停滯不前。然而，提供交易以外服務的區塊鏈實用平台可能會在這些挑戰中蓬勃發展。

Sharan, for instance, is looking to tokenize real-world assets (RWAs) like mutual funds instead of focusing on digital currencies. According to him, most payment aggreg

例如，Sharan 正在尋求將共同基金等現實世界資產（RWA）代幣化，而不是專注於數位貨幣。據他介紹，大多數付款聚合