Union Budget 2022-23: Crypto investors look to pare their holdings

Several crypto investors and traders Business Standard spoke with said the attraction of the asset class is its volatility

Parandeep Goswami, a 27-year-old from Barpeta, a small town in the Northeastern state of Assam, became a crypto investor a few months after the pandemic struck in 2020. His initial capital of Rs 5,000 came from his savings. As he started making gains, his father and brother also contributed to his trades. In due course, Goswami started trading full-time and also diversified a large chunk of his holdings to stocks.

But now, the steep 30 per cent tax rate on crypto gains is making him rethink his allocation. “This means that while my downside on a loss-making trade remains the same,