Govt has no timeline for regulatory guidelines for Virtual Digital Assets
1 week ago

Govt has no timeline for regulatory guidelines for Virtual Digital Assets

Live Mint  

New Delhi, December 16 : The government on Monday informed Lok Sabha that there is no anticipated timeline for the introduction of comprehensive regulatory guidelines for the Virtual Digital Assets industry in India. The government was asked by two members of Parliament whether it was taking steps to establish a comprehensive regulatory framework for the Virtual Digital Assets industry. The government in its reply noted that Virtual Digital Assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. The Indian government does not register crypto exchanges and it maintains crypto assets, by definition, are borderless and require "international collaboration" to prevent regulatory arbitrage.

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History of this topic

Bitcoin, cryptocurrencies not legal in India
Trending News
1 month ago

Bitcoin, cryptocurrencies not legal in India

Deccan Chronicle  

New Delhi: Bitcoin and cryptocurrency are in news again after allegations were levelled against Congress's Maharashtra president Nana Patole and NCP 's Supriya Sule of being involved in "illegal bitcoin activities" to fund their poll campaign. - Cryptocurrency has no intrinsic value and is not redeemable for another commodity, such as gold - has no physical form and exists only …

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India
1 month ago

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India

Live Mint  

Since Donald Trump's victory in the US presidential elections on November 5, 2024, Bitcoin, the world's largest cryptocurrency, has risen more than 30%, reaching its highest point ever. If you are invested heavily in Bitcoin and want to book profit from this biggest crypto asset, remember that taxes on virtual digital assets in India operate differently than those on more …

Crypto industry players see light at end of tunnel despite regulatory vacuum. Here’s why
4 months, 2 weeks ago

Crypto industry players see light at end of tunnel despite regulatory vacuum. Here’s why

Live Mint  

The Ministry of Finance recently made it clear in a written reply in the Lok Sabha that the government is not considering a law to regulate the transaction of cryptocurrencies. However, crypto industry participants are not too pessimistic about Chaudhary’s statement, which was released at the behest of the Finance Ministry since they pin hopes on a discussion paper on …

Why did FIU IND act against virtual asset providers?
11 months, 3 weeks ago

Why did FIU IND act against virtual asset providers?

The Hindu  

The story so far: On December 28, the Financial Intelligence Unit India issued show-cause notices to 9 offshore virtual digital asset service providers, including Binance, Kucoin, Huobi, Bitfinex and MEXC Global, among others. In March 2023, Virtual Digital Asset Service Providers in India were brought under anti-money laundering/counter financing of terrorism regulations. To put it in perspective, the entities “though …

28 virtual digital asset service providers register with Centre
1 year ago

28 virtual digital asset service providers register with Centre

Deccan Chronicle  

New Delhi: The government on Monday declared that as many as 28 virtual digital assets or VDA service providers, including WazirX, Coin DCX and Coin Switch, have registered themselves with the Financial Intelligence Unit-India. As per the finance ministry, entities dealing in VDAs, crypto exchanges and intermediaries would be considered ‘reporting entity’ under the Prevention of Money Laundering Act. To …

As G-20 plans crypto regulatory framework, India may shelve plan for outright ban
1 year, 3 months ago

As G-20 plans crypto regulatory framework, India may shelve plan for outright ban

The Hindu  

With the G-20 countries agreeing to explore a coordinated regulatory framework for crypto assets, India could wait a while longer before firming up its domestic regulations for crypto currencies, and initiate a dialogue with stakeholders on the way forward. Any country can allow higher risks if they want, or ban it if they like, but whatever one does, it should …

Virtual digital assets regulation in G20 countries: Towards a global governance framework
1 year, 3 months ago

Virtual digital assets regulation in G20 countries: Towards a global governance framework

Hindustan Times  

Statements made by public officials in certain G20 member-States as well commentaries by financial analysts suggest that emerging market economies stand on a different footing from developed counterparts in their regulation of virtual digital assets. This paper examines this notion by presenting a quantitative analysis of the positions taken by G20 member-countries on different facets of virtual digital assets regulation. …

Virtual digital assets: Lessons from global trends in regulation
1 year, 3 months ago

Virtual digital assets: Lessons from global trends in regulation

Live Mint  

Leading international organizations have recently produced policy notes on crypto-assets, also known as virtual digital assets as per the Finance Act of 2022. Given BIS's considerable influence, its observations are expected to significantly impact upcoming G20 discussions on virtual digital assets. BIS has outlined three high-level policy options concerning virtual digital assets in its recent paper: 1) an outright ban, …

India’s G20 presidency: For Virtual Digital Assets
1 year, 4 months ago

India’s G20 presidency: For Virtual Digital Assets

Hindustan Times  

Virtual Digital Assets were, for the longest period, considered forbidden fruits, capable of causing financial instability and compromising transactional integrity. An SOP focused on the four priority areas - Consumer and Investor Protection, Access to Law Enforcement Agencies to Address Fraudulent Practices, Regulatory Arbitrage and Financial Stability – holds the potential to address the existing lacunae in the VDA framework. …

G7 Summit Could Offer Some Cues To Set G20’s Crypto Regulations Straight
1 year, 7 months ago

G7 Summit Could Offer Some Cues To Set G20’s Crypto Regulations Straight

ABP News  

The G7 nations recently congregated ahead of their summit to discuss the much anticipated regulatory developments for virtual digital assets. The nations have collectively taken a call, much like the G20 group, to align their regulations with the standard set by the Financial Stability Board. Market stability becomes a key point of concentration in this aspect as for central bank …

Virtual digital assets, India’s stand and the way ahead
1 year, 7 months ago

Virtual digital assets, India’s stand and the way ahead

The Hindu  

Rulemaking is an arduous task. A prominent, and far-reaching, update has been India’s recent notification extending the anti-money laundering provisions to virtual digital assets businesses and service providers. On March 7, the Union Finance Ministry, in a gazette notification, extended these activities under the Prevention of Money Laundering Act Act of 2002: exchange between virtual digital assets and fiat currencies; …

Cryptos Under PMLA: A Move To Go A Long Way Towards Empowering Legitimate Businesses
1 year, 8 months ago

Cryptos Under PMLA: A Move To Go A Long Way Towards Empowering Legitimate Businesses

News 18  

Earlier this month, the finance ministry notified that certain activities relating to virtual digital assets, including cryptocurrencies, will be brought under the ambit of the Prevention of Money Laundering Act, 2002. Now, service providers in this space, specifically VDA exchanges and wallet operators, need to conduct due diligence activities, including reporting suspicious transactions/ activities related to the sale or purchase …

MeitY mystery: Consultation process for Digital India Bill still opaque
1 year, 9 months ago

MeitY mystery: Consultation process for Digital India Bill still opaque

The Hindu  

Published : Mar 23, 2023 10:45 IST - 7 MINS READ The Union government’s ambitious vision of Digital India and its goals of “Catalysing New India’s Techade” are well known. The Bill will also touch upon the idea of “discretionary moderation of fake news” by social media platforms as well as “content monetisation rules for platform-generated and user-generated content”. “The …

Belated, but essential: The Hindu Editorial on bringing all trade in virtual digital assets under the PMLA
1 year, 9 months ago

Belated, but essential: The Hindu Editorial on bringing all trade in virtual digital assets under the PMLA

The Hindu  

The Finance Ministry’s March 7 notification placing all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act is a much-needed, even if belated, step. The government has been struggling in recent years to formulate an appropriate regulatory response to deal with the pandemic-era upsurge in The intergovernmental Financial Action Task Force — the global …

Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors
1 year, 9 months ago

Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors

Live Mint  

Finance Ministry has tweaked the anti-money laundering law by bringing cryptocurrencies and other virtual digital assets trade under the ambit. Also, the safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets --- will be covered under the Act. Punit Agarwal, Founder of KoinX said, "The Government …

Centre Brings Crypto Transactions Under Money Laundering Laws
1 year, 9 months ago

Centre Brings Crypto Transactions Under Money Laundering Laws

News 18  

The Central government, in a new regulatory move, has bought a range of virtual digital asset transactions, including cryptocurrencies, under the ambit of the Prevention of Money Laundering Act 2002. Virtual digital assets are defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value. “Exchange between virtual digital assets …

Money laundering law to apply to crypto trade: Finance Ministry
1 year, 9 months ago

Money laundering law to apply to crypto trade: Finance Ministry

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, “Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Money laundering laws will now cover cryptocurrency trade
1 year, 9 months ago

Money laundering laws will now cover cryptocurrency trade

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto
1 year, 9 months ago

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto

News 18  

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. In their entirety, the IMF’s discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions …

India likely working on roadmap to regulate cryptocurrencies at G-20
1 year, 10 months ago

India likely working on roadmap to regulate cryptocurrencies at G-20

Live Mint  

India is likely to introduce a roadmap for regulating virtual assets such as cryptocurrencies. On Thursday, Economic Affairs Secretary Ajay Seth in an interview said that the government is working with Financial Stability Board to at least build a policy for crypto assets along with a regulatory framework. He added, "we are also working with the FSB and the idea …

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments
1 year, 10 months ago

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments

Firstpost  

Cryptocurrencies have been gaining momentum worldwide for the past two years, making big headlines. Tax on VDAs The Union Budget of India in 2022 has introduced a system of taxation on virtual digital assets with a 30 percent tax on gains and 1 percent on Tax Deducted at Source. Need for a progressive approach to taxation The crypto industry is …

WIll Crypto-Asset Reporting Framework bring clarity for investors?
2 years, 1 month ago

WIll Crypto-Asset Reporting Framework bring clarity for investors?

Live Mint  

Transactions in cryptocurrency have increased manifold. The OECD defines crypto assets as a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions. The framework provides guidance on various aspects of entities and individuals, subject to data reporting responsibility and data collection requirements, types of transactions covered, and relevant …

Know your rights before investing in digital assets
2 years, 4 months ago

Know your rights before investing in digital assets

Live Mint  

To understand the rights that are afforded to you when you are dealing with, or transacting in, cryptocurrencies, you need to first understand how this ecosystem works. Amid all the cautionary advice issued by the government in view of the risks associated with the technology, the end users must become familiar with what they can expect of these service providers …

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?
2 years, 5 months ago

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?

News 18  

Indian investors had readily accepted cryptocurrency as a brilliant means to invest especially after the Bitcoin boom that happened a few years back. With its not-so-accepting approach to cryptocurrencies, the government during Budget 2022 inserted a new Section under the Income Tax Act, whereby income from virtual digital assets would be taxable at the rate of 30 per cent, while …

Crypto tax rules: Should you sell your crypto assets before Mar 31?
2 years, 8 months ago

Crypto tax rules: Should you sell your crypto assets before Mar 31?

Live Mint  

The Indian government has tightened bolts for trading in cryptocurrencies. On Friday, Lok Sabha approved taxation rules on virtual digital assets or "crypto tax" that was proposed in Budget 2022-23 by clearing the Finance Bill 2022. Under the bill, section 115BBH deals with taxes on virtual digital assets, while clause prohibits setting off a loss from crypto assets against income …

Cryptocurrency tax, bill in India: What we know so far
2 years, 8 months ago

Cryptocurrency tax, bill in India: What we know so far

India Today  

The cryptocurrency tax and proposed regulation bill have been a topic of discussion among investors and stakeholders in India for sometime. The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing the set off of any losses with gains from other virtual digital assets, according to a PTI report. FINANCE BILL, 2022 As per the …

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points
2 years, 9 months ago

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

India Today  

As the ongoing financial year 2021-22 draws to a close, there has been a lot of chatter pertaining to crypto-tax in India. The central government in Union Budget 2022 proposed the introduction of a specific tax regime for virtual digital assets. INCOME TAX ON DIGITAL ASSETS FM Sitharama proposed that "any income from the transfer of any virtual digital asset …

Cryptocurrency to be banned in India? What we know so far
2 years, 10 months ago

Cryptocurrency to be banned in India? What we know so far

India Today  

The question over the legality of cryptocurrencies in India has garnered eyeballs, especially after the government's move to tax virtual digital assets. Apart from providing clarity on taxation on virtual digital assets, Union Finance Minister Nirmala Sitharaman and top officials of the government have given statements on the future of cryptocurrency in the country. The proposed bill TAXATION ON VIRTUAL …

Explained | What is the debate around the legality of cryptocurrencies after the announcement of a 30% tax?
2 years, 10 months ago

Explained | What is the debate around the legality of cryptocurrencies after the announcement of a 30% tax?

The Hindu  

The story so far: In her Budget speech, Finance Minister Nirmala Sitharaman introduced a 30% tax on income earned from transfer of virtual digital assets. At a press conference after presenting the Budget, Ms. Sitharaman said consultation is underway with stakeholders on digital assets, adding that there is no clarity yet on how the Government of India will regulate cryptocurrencies. …

By Taxing Crypto Assets, India Has Taken First Step towards Regulating This Volatile Space
2 years, 10 months ago

By Taxing Crypto Assets, India Has Taken First Step towards Regulating This Volatile Space

News 18  

The unregulated space of cryptocurrency has been largely perceived as volatile, unsafe and susceptible to untimely changes. As part of Budget 2022 proposals, transfer of virtual digital assets shall now be liable to Income Tax at the highest marginal rate of 30 per cent plus applicable surcharges. Launch of Digital Currency The Budget proposals lay emphasis on India adopting an …

A disjointed response: The Hindu Editorial on crypto assets and regulation
2 years, 10 months ago

A disjointed response: The Hindu Editorial on crypto assets and regulation

The Hindu  

One of the most striking moves in the Union Budget’s taxation proposals for 2022-23 is the introduction of a taxation regime for virtual digital assets — evolving manifestations of cryptocurrencies, codes and non-fungible tokens. Finance Minister Nirmala Sitharaman has proposed to tax all profits from transactions in such assets at 30% along with the applicable surcharge and cess, and a …

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs
2 years, 10 months ago

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India has imposed a 30 per cent tax on any income from the …

Govt may not ban cryptocurrencies, regulation likely: Reports
3 years ago

Govt may not ban cryptocurrencies, regulation likely: Reports

India Today  

Cryptocurrencies may not be completely banned in India and the government may create a framework to regulate highly risky virtual assets, as per multiple reports. The development comes at a crucial time as the government’s upcoming cryptocurrency bill has spooked investors and other stakeholders. Read | Cryptocurrency Bill: Raining on India's crypto parade A few days ago, Finance Minister Nirmala …

Regulation, not ban: on cryptocurrencies
3 years ago

Regulation, not ban: on cryptocurrencies

The Hindu  

Eight years after the RBI issued its first advisory cautioning holders of virtual currencies about the potential financial and security risks, and two years after drafting a Bill to ban cryptocurrencies, the Government is set to introduce legislation that would, if passed, officially proscribe such currencies. Prime Minister Narendra Modi had in a video address to the Sydney Dialogue earlier …

Cryptocurrency Curbs in India: How Other Nations are Treading the Digital Currency Path
3 years ago

Cryptocurrency Curbs in India: How Other Nations are Treading the Digital Currency Path

News 18  

India is all set to bring in new rules to regulate cryptocurrency as the Union government plans to introduce a Bill to ban all private cryptocurrencies in the upcoming winter session of Parliament. As per the Lok Sabha Bulletin released on Tuesday, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to create a facilitative framework for the …

Government unlikely to ban Bitcoin and other cryptocurrencies, finding middle path
3 years, 1 month ago

Government unlikely to ban Bitcoin and other cryptocurrencies, finding middle path

India Today  

The Indian government was really close to imposing a blanket ban on cryptocurrencies last year. According to a report by Economic Times, the government is now considering making cryptocurrencies a digital asset and introducing regulations to safeguard investors. The government believes that Indian investors have put large volumes of investments in cryptocurrencies to outrightly ban them. If the bill is …

Virtual currencies face more oversight
3 years, 6 months ago

Virtual currencies face more oversight

China Daily  

China is expected to issue tougher measures to intensify the crackdown on illegal mining and trading of virtual currencies, after the central bank reinforced a ban on related services provided by financial institutions, experts said on Tuesday. Virtual currency speculation disrupts economic and financial order, increases the risks of illegal and criminal activities, such as illicit cross-border asset transfers and …

Government makes first move to regulate Bitcoin, asks companies to disclose all cryptocurrency dealings
3 years, 8 months ago

Government makes first move to regulate Bitcoin, asks companies to disclose all cryptocurrency dealings

India Today  

Indian government has made its first move to regulate bitcoin and other cryptocurrency by making it mandatory for all companies in the country to disclose their dealings in virtual currency in their balance sheets. The move will boost institutional adoption of crypto assets in India and will take Indian crypto industry to the next phase of growth,” Shivam Thakral, CEO, …

Govt seeks disclosure of crypto transactions, holdings
3 years, 8 months ago

Govt seeks disclosure of crypto transactions, holdings

Live Mint  

In a first, the ministry of corporate affairs has asked all companies in the country to mandatorily disclose any dealings in cryptocurrency or virtual currency in their balance sheets. This is a major step towards regulating crypto assets in India and is expected to bring in a lot of transparency in reporting or filing of crypto investments. The companies have …

Don't miss the cryptocurrency boat, experts say on India's proposed regulations
3 years, 9 months ago

Don't miss the cryptocurrency boat, experts say on India's proposed regulations

India Today  

India’s cryptocurrency investors are staring at a new set of regulations that may stifle the trading and existence of global cryptocurrencies in the country. The government plans to introduce a bill — The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 — in Parliament to ban companies and individuals from trading in cryptocurrencies. Bought some Dogecoin for lil X, …

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