随着小型交易所关闭或与大型交易所合并，印度数字资产交易所可能在 2025 年进行整合

印度的数字资产交易所可能会在 2025 年进行整合，规模较小的交易所要么关闭业务，要么与规模较大的交易所合并

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.

印度的数字资产交易所可能会在 2025 年进行整合，由于该国惩罚性的税收制度，较小的交易所要么关闭业务，要么与较大的交易所合并。

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.

长期以来，政府一直对数字资产持怀疑态度，甚至于在 2022 年征收最严厉的税收之一——对所有数字货币收入征收 30% 的统一税，且不提供抵消损失的条款，并对所有数字货币收入征收 1% 的源头扣除税 (TDS)。所有交易金额超过 10,000 卢比（118 美元）。印度政策智库 Esya Centre 的一项研究称，这可能导致多年来国内交易所的贸易额损失约 1.2 万亿美元。

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.

总部位于塞舌尔的 OKX 是全球交易量第二大的数字资产交易所，该交易所以监管障碍为由，于 2024 年关闭了印度业务。然而，国内交易所越来越多地遵守新的监管要求。与此同时，交易所一直要求政府为虚拟数字资产（VDA）建立公平的竞争环境。这些要求包括将 TDS 从 1% 降低至 0.01%，允许抵消和结转损失，以及将数字资产收入与其他资本资产同等对待。

“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.

“加密货币税高是一个问题，但主要缺点和最令人担忧的方面是没有规定来抵消损失。这极其不公平，尤其是对小投资者而言。”数字货币衍生品平台 Pi42 联合创始人兼首席执行官阿维纳什·谢卡尔 (Avinash Shekhar) 表示。

“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.

“虽然这个问题在交易量不断增长的牛市期间影响可能很小，但真正令人担忧的是在熊市期间。如果没有能力抵消损失，交易者就需要从自己的口袋里掏钱来纳税，即使他们整体亏损。这会让加密货币交易者望而却步，并可能导致交易活动减少，最终减少交易所的交易量。这会阻碍初创企业的发展，也不利于“印度制造”。这种情况构成了一个严重的问题，”谢卡尔告诉 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 补充道：“由于许多国家都支持加密货币并实施对加密货币友好的法规，我们敦促印度政府代表日常加密货币交易者和投资者至少引入抵消损失的选项。”

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.

但迄今为止，这些要求都被置若罔闻。虽然经济正在寻求监管数字资产领域，但财政部长尼尔马拉·西塔拉曼 (Nirmala Sitharaman) 在 3 月份表示，“加密货币”不能成为印度的法定货币。

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 月通报称，该国尚未出台针对 VDA 的全面监管指南的固定时间表。因此，数字货币的法律地位仍然悬而未决，该国没有具体的立法来管理基于数字货币的业务。

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执业者阿米特·库马尔·古普塔 (Amit Kumar Gupta) 告诉 CoinGeek，指出高交易量和创新型交易所可能仍能渡过难关，此类交易所可能会适应利基市场并利用规模来维持生存。尽管行业呼吁减税，但预计政策不会发生变化，这使得交易所在倡导长期改革的同时应对充满挑战的监管环境。

“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，随着主导企业收购规模较小的交易所以扩大用户群并简化对严格法规的遵守，我们预计将会看到更激烈的整合。” “成功的交易所将优先考虑代币化资产、跨境解决方案和质押服务等创新产品，以吸引用户并保持盈利能力。”

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.

根据 Chainaanalysis 2024 年 9 月的一份报告，印度在数字资产采用方面处于世界领先地位，连续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，由于对金融包容性的渴望和对传统银行系统的不信任，该国对数字货币的兴趣日益浓厚。

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.

印度第三大私人银行 Kotak Mahindra 的创始人乌代·科塔克 (Uday Kotak) 将数字货币称为“替代市场货币”，对于长期在财政或货币方面行为不端和不负责任的世界各国政府来说，这是一种必要的反击手段。

“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.

“随着印度维持严格的加密货币税收政策，交易所行业的整合似乎不可避免。利用 BSV 区块链技术的链上应用程序开发公司 Timechain Labs 的创始人兼首席执行官 Rohan Sharan 表示：“利润率较低的小型交易所可能会寻求合并或收购来维持生存。”

“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.

“我们可能会看到一些大交易量的交易所主导市场，而其他交易所则因监管压力和用户参与度下降而关闭。除非政府修改税收或引入渐进式法规，否则加密货币交易领域的创新可能会停滞不前。然而，提供交易以外服务的区块链实用平台可能会在这些挑战中蓬勃发展。”Sharan 告诉 CoinGeek。

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 正在寻求将共同基金等现实世界资产（RWA）代币化，而不是专注于数字货币。据他介绍，大多数付款聚合