Legal or not? India’s budget raises questions, hopes for crypto
3 years, 1 month ago

Legal or not? India’s budget raises questions, hopes for crypto

Al Jazeera  

Narendra Modi’s government plans to launch an official digital currency and begin taxing profits on cryptos. Narendra Modi’s government said during the budget announcement on Tuesday that it will launch an official digital currency and begin taxing profits earned on cryptocurrencies from the financial year 2022-2023. Even as Finance Minister Nirmala Sitharaman insisted cryptos could not be considered “currencies”, she unveiled a virtual currency that will be introduced by India’s central bank next year. “So, nothing changes for me.” Notably, the Cryptocurrency and Regulation of Official Digital Currency Bill – which could simultaneously ban private crypto operators and grant the Reserve Bank of India the authority to issue digital currencies – is not among the tentative list of 15 bills to be tabled in Parliament during the budget session. ‘Prototype of the crypto tax regime’ Parikh said the current proposal reads like a “prototype of the crypto tax regime” and that it would become clearer in the coming months.

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History of this topic

Pakistan Moves To Legalise Cryptocurrency To Attract Foreign Investment. Will India Follow Suit?
5 days, 6 hours ago

Pakistan Moves To Legalise Cryptocurrency To Attract Foreign Investment. Will India Follow Suit?

ABP News  

Pakistan is making strides toward embracing digital assets by setting the stage for cryptocurrency legalisation. With more nations establishing cryptocurrency regulations, Pakistan’s initiative could position it as a key player in the digital finance sector. Pakistan Crypto Council to Oversee Digital Asset Integration To facilitate the transition, the Pakistan government has reportedly launched the Pakistan Crypto Council, a newly formed …

What is Crypto? Is it Legal in India? All You Need to Know
Trending News
2 weeks, 4 days ago

What is Crypto? Is it Legal in India? All You Need to Know

Deccan Chronicle  

In recent years, crypto has emerged as a fascinating and distinct asset class. Let us examine these aspects in order: Understanding Crypto: A New Digital Asset Class At its core, crypto refers to digital assets secured by cryptography. The IT Bill, presented in the Lok Sabha on February 13 this year, explicitly describes virtual digital assets ‘as a digital representation …

What is Crypto? Is it Legal in India? All You Need to Know
2 weeks, 4 days ago

What is Crypto? Is it Legal in India? All You Need to Know

Deccan Chronicle  

In recent years, crypto has emerged as a fascinating and distinct asset class. Let us examine these aspects in order: Understanding Crypto: A New Digital Asset Class At its core, crypto refers to digital assets secured by cryptography. The IT Bill, presented in the Lok Sabha on February 13 this year, explicitly describes virtual digital assets ‘as a digital representation …

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment
2 weeks, 4 days ago

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment

ABP News  

By Vikram Subburaj Digital assets in India have evolved into a complex intersection of technological innovation, regulatory calibration, and fiscal oversight. Recent developments, notably the Union government’s initiative to draft a comprehensive concept paper on crypto and the introduction of the Income Tax Bill, 2025, in the Lok Sabha, signal a pivotal moment in India’s crypto journey. Income Tax Bill, …

The implications of treating Virtual Digital Assets as taxable properties
3 weeks ago

The implications of treating Virtual Digital Assets as taxable properties

The Hindu  

As digital economies expand and blockchain technology reshapes global finance, governments worldwide are grappling with the classification, regulation and taxation of Virtual Digital Assets. VDAs as property and capital assets For the first time in India, the Income Tax Bill, 2025 explicitly treats VDAs as property ) and capital assets. The bill categorically states that VDAs, which include crypto assets, …

Coinbase looks to come back to India, in talks with regulators: Report
1 month, 1 week ago

Coinbase looks to come back to India, in talks with regulators: Report

Hindustan Times  

US-based cryptocurrency exchange Coinbase is working on re-entering the Indian market after exiting more than a year ago TechCrunch reported. This comes at a time when India is reviewing its stance on cryptocurrencies, primarily due to global regulatory shifts, and also recent US policy changes, according to a Reuters report which added that Economic Affairs Secretary Ajay Seth told earlier …

Have crypto earnings? New Income Tax Bill will see it as 'undisclosed income' during searches
1 month, 1 week ago

Have crypto earnings? New Income Tax Bill will see it as 'undisclosed income' during searches

Firstpost  

The new Income Tax Bill, set to be tabled on February 13, categorises virtual digital assets, commonly known as cryptocurrencies, as ‘undisclosed income’ during searches, alongside existing categories like gold and bullion, according to a report The new Income Tax Bill, set to be tabled on February 13, categorises virtual digital assets, commonly known as cryptocurrencies, as ‘undisclosed income’ during …

I will think about India: Nirmala Sitharaman as Trump 2.0 goes big on crypto
1 month, 3 weeks ago

I will think about India: Nirmala Sitharaman as Trump 2.0 goes big on crypto

India Today  

Finance Minister Nirmala Sitharaman on Tuesday clarified that the government is not against distributed ledger technology. At the Budget Round Table 2025 event organised by India Today and Business Today, Sitharaman did not clearly mention any policy related to cryptocurrencies or VDAs. When mentioned that 97% of the country’s crypto trading has shifted offshore, which has led to a loss …

India's Crypto Policy Delayed Further? Report Suggests Re-Evaluation Of Stances By Multiple Jurisdictions
1 month, 3 weeks ago

India's Crypto Policy Delayed Further? Report Suggests Re-Evaluation Of Stances By Multiple Jurisdictions

ABP News  

India is re-evaluating its position on cryptocurrencies following recent international developments, including regulatory changes in major economies, according to a senior Government official, reported Reuters. The decision comes as multiple jurisdictions have softened their stance on digital assets, prompting India to revisit its delayed discussion paper on crypto policy, which was initially expected to be released in September 2024. Crypto …

India reviewing crypto position due to global changes, senior official says
1 month, 3 weeks ago

India reviewing crypto position due to global changes, senior official says

The Hindu  

India is reviewing its stance on cryptocurrencies due to shifting attitudes towards the virtual asset in other countries, a senior government official told Reuters on Sunday. He did not specifically mention the United States, where Mr. Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a …

Government is reportedly thinking about changing its stance on cryptocurrency
1 month, 3 weeks ago

Government is reportedly thinking about changing its stance on cryptocurrency

India Today  

India has a rigid cryptocurrency environment, and its stance on the digital currency has been anything but consistent. In December 2023, the Financial Intelligence Unit in India issued show-cause notices to 9 offshore crypto exchanges, including Binance and Kucoin, for non-compliance with local regulations. In 2023, former RBI Governor Shaktikanta Das also represented a critical stand against cryptocurrency in India. …

India reviewing crypto stance amid global policy shift: Report
1 month, 3 weeks ago

India reviewing crypto stance amid global policy shift: Report

India Today  

India is reviewing its stance on cryptocurrencies due to shifting attitudes towards virtual asset in other countries, a senior government official told Reuters on Sunday. He did not specifically mention the United States, where Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency …

Budget 2025 and your finances: Check this comprehensive guide for impact on salaries to crypto to rent
1 month, 3 weeks ago

Budget 2025 and your finances: Check this comprehensive guide for impact on salaries to crypto to rent

Live Mint  

The Union Budget’s announcement of the new ₹12,00,000 tax slab has created quite a buzz, bringing cheer to many taxpayers. New Tax Regime Vs. Old Tax Regime for year 25-26 The table compares income tax liabilities under the New Tax Regime and old tax regime for the Financial Years 2025-26, emphasizing the tax savings resulting from changes in tax rates …

Budget 2025: Here’s what centre announced on crypto regulations and tax
1 month, 3 weeks ago

Budget 2025: Here’s what centre announced on crypto regulations and tax

Live Mint  

The Union Budget 2025-26 did not introduce any significant relief for cryptocurrency investors, maintaining the 30 per cent tax on crypto gains and the 1 per cent TDS on transactions. Crypto investors also appreciated the government's decision not to impose a tax deducted at source or a 30 per cent tax on crypto gains within the futures and options segment. …

'We Are Disappointed': Budget 2025 Offers No Relief for Crypto Sector, Industry Voices Concerns
1 month, 3 weeks ago

'We Are Disappointed': Budget 2025 Offers No Relief for Crypto Sector, Industry Voices Concerns

ABP News  

Budget 2025: The crypto industry expressed dismay over the Union Budget 2025, which maintained the current tax structure for Virtual Digital Assets without offering the much-anticipated relief. Shekhar added, "However, with no direction being provided towards the future of Virtual Digital Assets and their regulations has left the huge crypto ecosystem in the country disappointed." 'High Tax Burden Driving Away …

Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget
1 month, 3 weeks ago

Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget

Hindustan Times  

Finance Minister Nirmala Sitharaman in her budget speech has proposed that “virtual digital asset” should be included in defining undisclosed income, the latest step by the government to tighten oversight of cryptocurrencies. "It is proposed to add the term 'virtual digital asset' to the said definition of undisclosed income of the block period," the Budget document said. The move comes …

Crypto industry expects simple tax structures, compliance in Budget 2025
1 month, 3 weeks ago

Crypto industry expects simple tax structures, compliance in Budget 2025

New Indian Express  

BENGALURU: With Bitcoin prices continuing to rise and US President Donald Trump’s order of creating a cryptocurrency working group, the virtual assets industry in India says the momentum is building up and that the country should remain in the forefront. Edul Patel, co-founder & CEO of Mudrex said, “The 1% TDS on crypto transactions led many investors and traders to …

Crypto tax cuts in Budget 2025? Indian industry hopes for relief from FM Nirmala Sitharaman
2 months, 1 week ago

Crypto tax cuts in Budget 2025? Indian industry hopes for relief from FM Nirmala Sitharaman

Live Mint  

As the Union Budget 2025 approaches, the cryptocurrency industry in India anticipates a more favourable tax and regulatory environment. Crypto sector seeks income tax reforms ahead of Union Budget 2025 "The 1% TDS on crypto transactions led many investors and traders to turn towards foreign exchanges, making it harder for the government to track activity. A reduction of TDS down …

Bitcoin Taxation: This lesser-known rule cut a techie’s tax liability to just ₹33 lakh on ₹6.64 crore in crypto gain
3 months ago

Bitcoin Taxation: This lesser-known rule cut a techie’s tax liability to just ₹33 lakh on ₹6.64 crore in crypto gain

Live Mint  

Bitcoin taxation case: An ex-Infosys employee recently won a case against the Income Tax department after the Jodhpur income tax appellate tribunal decided that the cryptocurrency sold by the person was a capital asset. The ITAT stated that the person should be allowed to pay a lower tax rate on his profit from the sale and claim ₹4.95 crore as …

GIFT City To Introduce Regulatory Framework For Crypto Exchange, Tokenisation Entities In 2025
3 months ago

GIFT City To Introduce Regulatory Framework For Crypto Exchange, Tokenisation Entities In 2025

ABP News  

India’s GIFT City is gearing up to introduce a regulatory framework for cryptocurrency exchanges and tokenisation entities in 2025, as reported by NDTV Profit based on source inputs. Initially, the IFSCA will oversee crypto exchanges within GIFT City, but the approach may later expand to include domestic regulators. Currently, GIFT City’s regulatory sandbox hosts several projects involving the tokenisation of …

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits
3 months, 1 week ago

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits

ABP News  

The Income Tax Appellate Tribunal in Jodhpur has provided much-needed clarity on the taxation of cryptocurrencies in India. By recognising crypto as capital assets, it provides much-needed relief for investors who sold crypto before 2022, allowing them to benefit from long-term capital gains tax rates. For investors, this means that any profits made from selling cryptocurrencies will now be subject …

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings
3 months, 1 week ago

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings

India Today  

The Income Tax Appellate Tribunal in Jodhpur has clarified how cryptocurrency profits should be taxed in its ruling in Tuesday. TAXATION BEFORE AND AFTER 2022 Pre-2022 transactions: Before the Virtual Digital Assets regulations came into effect in 2022, profits from crypto sales were categorised as capital gains, much like profits from stocks or real estate. Investors holding cryptocurrencies for more …

Govt has no timeline for regulatory guidelines for Virtual Digital Assets
3 months, 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 …

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments
3 months, 2 weeks ago

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments

India TV News  

Following Donald Trump’s victory in the US presidential elections, the value of cryptocurrencies, including Bitcoin, has skyrocketed. Heavy 30 per cent Tax on Gains In India, cryptocurrencies aren't formally identified as legal tender under the Income Tax Act’s Section 2, which classifies them as Virtual Digital Assets. These provisions mandate: A flat 30 per cent tax on profits earned from …

Mint Money Festival: Is it worth investing in cryptocurrencies, an unregulated asset class in India?
3 months, 3 weeks ago

Mint Money Festival: Is it worth investing in cryptocurrencies, an unregulated asset class in India?

Live Mint  

Imagine a fixed-income investment advisor who tried out crypto assets and then got converted. While Pande invested in crypto assets such as Bitcoin, Ethereum, Arbitrum and Uniswap, he continued his systematic investment plans in mutual funds, exchange traded funds and contributions to the National Pension System. It is an asset class for the young generation that understands technology, Ashish Singhal, …

Bitcoin, cryptocurrencies not legal in India
Trending News
4 months 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
4 months, 1 week 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 …

Will Bitcoin's revival boost India's appetite for cryptos despite high taxes?
4 months, 1 week ago

Will Bitcoin's revival boost India's appetite for cryptos despite high taxes?

India Today  

Bitcoin has taken the financial world by storm once again, this time surging to a record-breaking $90,000 following Donald Trump's unexpected victory in the US presidential election. TRUMP'S IMPACT ON THE CRYPTO SURGE The crypto market has been riding a wave of optimism following Donald Trump's election as US president, with hopes that his administration will adopt a crypto-friendly stance. …

Bengaluru auto driver gains social media fame for accepting cryptocurrency
7 months ago

Bengaluru auto driver gains social media fame for accepting cryptocurrency

New Indian Express  

In Bengaluru, a city celebrated for its tech-savvy culture, a local auto-rickshaw driver has captured widespread attention by accepting cryptocurrency as payment for rides. His forward-thinking approach was spotlighted in a viral social media post shared on August 18, featuring a photo of the driver standing beside his auto-rickshaw, proudly displaying a sign that reads, “We accept cryptocurrency.” The post …

Crypto industry players see light at end of tunnel despite regulatory vacuum. Here’s why
7 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 …

Crypto Policy Discussion Paper To Release Before September: DEA Secy Ajay Seth
8 months ago

Crypto Policy Discussion Paper To Release Before September: DEA Secy Ajay Seth

ABP News  

India is set to release a discussion paper outlining its policy stance on cryptocurrencies before September, according to Economic Affairs Secretary Ajay Seth. The forthcoming discussion paper will seek input on the extent of cryptocurrency regulations in India, addressing current limitations. Currently, India's focus on cryptocurrencies revolves around AML and CTF measures, but a broader remit is definitely needed to …

Union Budget 2024: As Crypto Taxes Remain Unchanged, Here Are Top Takeaways For Investors & Market
8 months ago

Union Budget 2024: As Crypto Taxes Remain Unchanged, Here Are Top Takeaways For Investors & Market

ABP News  

Union Budget 2024: Finance Minister Nirmala Sitharaman in her Budget presentation made a pivotal decision to retain the current tax rates on virtual digital assets. One of the primary concerns is that the current tax regime could act as a deterrent for new investors. New investors, particularly those from outside the country, may find the tax implications challenging or discouraging, …

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help
8 months, 1 week ago

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help

ABP News  

As the global crypto markets are on a bull run, the excitement among Indian investors is also palpable. With the Union Budget 2024 on the horizon, understanding the current tax framework and anticipating potential changes can help investors make informed decisions and optimise their portfolios. Anticipated Changes In Union Budget 2024 As we approach the Union Budget 2024, several potential …

Invested in cryptos this year? You will have to pay tax at this rate…
8 months, 3 weeks ago

Invested in cryptos this year? You will have to pay tax at this rate…

Live Mint  

If you have invested in cryptocurrencies in the financial year 2023-2024, then the chances are that you earned significant profits in the year gone by. Bitcoin rose nearly 108 percent in the past one year, while ether rose nearly 80 percent during this time. When you transfer crypto tokens, also known as virtual digital assets in the taxation lingo, investors …

Crypto industry seeks conducive tax environment
8 months, 3 weeks ago

Crypto industry seeks conducive tax environment

New Indian Express  

BENGALURU: The first half of this year was a significant one for the crypto industry ­-- Bitcoin touched its peak of over $73,000 in March, Bitcoin Halving, US SEC granted approval for spot Bitcoin ETFs. All these have driven increased trading activity in the Indian crypto market, and crypto exchanges hope that the upcoming Budget will create a conducive regulatory …

Budget Highlights 2024: Govt to lay white paper on economic performance
1 year, 1 month ago

Budget Highlights 2024: Govt to lay white paper on economic performance

Hindustan Times  

Feb 1, 2024 7:33 PM IST Ashish Singhal, Co-founder and Group CEO, PeepalCo says, "Crypto is experiencing a resurgence this year. On a positive note, the Government of India now has the chance to introduce comprehensive crypto regulations and improved tax policies in the upcoming full Budget, with the full support of the electorate. We continue to urge: i) Allow …

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod
1 year, 5 months ago

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod

Live Mint  

Finance ministers of G20 nations have now adopted the synthesis paper released by Financial Stability Board and International Monetary Fund that carries a number of suggestions on regulations of cryptocurrencies. Here is the timeline of regulatory evolution that the digital currencies have undergone: Feb 1, 2018: Then Finance Minister Arun Jaitley, during the Budget Speech, said government did not consider …

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV
1 year, 6 months ago

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV

ABP News  

Crypto is often called the "Internet of Value" and for good reason. Here’s Why Crypto Could Prove Important To India Remittances: A Game Changer India holds the global top spot for remittance receipts, raking in approximately $80 billion annually. Crypto and decentralised technologies are not merely optional but vital to safeguarding India's national sovereignty. Enterprise Adoption A consortium of 15 …

Crypto Tax Compliance Solution for Investors: Giottus, TaxNodes Join Hands
1 year, 9 months ago

Crypto Tax Compliance Solution for Investors: Giottus, TaxNodes Join Hands

News 18  

Crypto assets platform Giottus and leading tax solutions provider TaxNodes have entered into a strategic partnership to provide a safe and reliable solution to customers trading and investing in virtual digital assets. Giottus CEO Vikram Subburaj said, “Giottus is delighted to partner with TaxNodes on our mission to strengthen tax compliance in the industry. By leveraging TaxNodes’ expertise and advanced …

Crypto issue requires immediate attention, says FM Sitharaman
1 year, 11 months ago

Crypto issue requires immediate attention, says FM Sitharaman

The Hindu  

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Ms. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at …

Opinion: It’s a miracle most Americans pay their taxes. Crypto could upend that norm
1 year, 11 months ago

Opinion: It’s a miracle most Americans pay their taxes. Crypto could upend that norm

LA Times  

One of the many questions raised by cryptocurrency is how to tax this new world of digital assets. Effective crypto taxation promises substantial revenues: The new broker-dealer reporting requirements alone could raise an estimated $28 billion within the next decade. One explanation is tax morale: the nonrational reasons that people choose to file and pay, including social norms and the …

TDS on Cryptos: Know How Much Govt Has Earned So Far
1 year, 11 months ago

TDS on Cryptos: Know How Much Govt Has Earned So Far

News 18  

Virtual digital assets, including cryptocurrencies, attract 1 per cent of tax deducted at source. Finance Minister Nirmala Sitharaman in the Union Budget 2022 had introduced the provision of tax deducted at source at 1 per cent levied on payments made on transfer of virtual assets. According to a CBDT notification, “The new section mandates a person, who is responsible for …

Navigating the complexities of crypto taxation in India
1 year, 11 months ago

Navigating the complexities of crypto taxation in India

Live Mint  

There is an adage which encapsulates the process of taxation, and it goes thus: the only two things certain in life are death and taxes. Navigating crypto from a tax angle We believe that Indian crypto investors can become tax compliant and plan their investments better by following certain principles. Building a crypto portfolio: India’s crypto tax regime does not …

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto
2 years, 1 month 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 …

Budget 2023 Updates: FM offers no relief for crypto industry as 30% flat tax continues
2 years, 1 month ago

Budget 2023 Updates: FM offers no relief for crypto industry as 30% flat tax continues

India Today  

The 2023 Union Budget has brought with it great news for the middle class with a revised tax slab offering income tax concessions to the middle class. Finance Minister Nirmala Sitharaman announced a flat 30 percent tax on crypto in the previous budget which wasn't revised during this year’s session. Not good for our country and those building in this …

Economic Survey 2023: Common Approach A 'Necessity' To Regulate Crypto
2 years, 1 month ago

Economic Survey 2023: Common Approach A 'Necessity' To Regulate Crypto

ABP News  

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament today, kicking off the Union Budget session. Making a reference to the recent FTX collapse and the ensuing sell-offs that saw the vanishing of nearly $2 trillion from the global crypto market, the Survey noted that crypto assets don’t “strictly pass the test of being a financial asset” as …

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments
2 years, 1 month 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 …

Why VDA taxation needs attention in the Budget 2023
2 years, 2 months ago

Why VDA taxation needs attention in the Budget 2023

Live Mint  

In India, the relationship between regulators and the crypto community has been tumultuous. While the legal status of cryptocurrency in India is still ambiguous, Union budget 2022 had set the stage for taxation of Virtual Digital Assets by introducing a three-pillar tax regime: income arising from transfer of VDA to be taxed at a flat 30% rate, 1% withholding tax, …

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know
2 years, 2 months ago

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know

ABP News  

The 2023 Union Budget is nearly here and the biggest question that’s haunting the mind of crypto enthusiasts is simple — how will the Finance Ministry treat the virtual digital assets sector this time around? While 2022 saw several important milestones for the crypto sector, from the taxation of gains to the introduction of a central bank digital currency, the …

Domestic crypto trading volume declines following the announcement of tax on crypto gains
2 years, 2 months ago

Domestic crypto trading volume declines following the announcement of tax on crypto gains

India Today  

With the advent of the new-age digital currencies, the cryptocurrency space has been buzzing with investors increasingly turning to crypto-based investments over fiat currency and traditional alternatives. Ever since the Finance Minister, Nirmala Sitharaman, revealed new tax laws on these digital assets in the previous year’s budget, it has been observed that there has been a shift in the trading …

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