News Muncher - category vda

1 week ago

Govt has no timeline for regulatory guidelines for Virtual Digital Assets

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 …

India Crypto Regulatory Assets G20 Vda Crypto Assets

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 …

India Crypto Vda

4 months, 4 weeks ago

Crypto industry 'disappointed' as it finds no mention in Budget

New Indian Express

BENGALURU: The crypto industry, which has been seeking a reduction in the rate of TDS on the transfer of VDAs from 1% to 0.01%, remained disappointed with the Budget as there was no mention of crypto or VDAs in Finance Minister Nirmala Sitharaman's speech. Dilip Chenoy, Chairperson, Bharat Web3 Association, said they will continue to push for rationalization of the …

Industry Budget Crypto Tds Vda Crypto Industry

5 months, 2 weeks ago

Europe starts to impose car import tariffs

China Daily

SAIC vehicles are ready for export to the Netherlands, Egypt and other countries from a port in Fuzhou, Fujian province, on March 12. However, EU countries are divided on whether to back additional tariffs on Chinese-built electric vehicles, highlighting Brussels' challenge in building support for its largest trade case yet. The German Association of the Automotive Industry, better known as …

Europe China Electric Vehicles Chinese European Tariffs Vda

7 months, 3 weeks ago

VDA opposes EU's threat of punitive tariffs on Chinese EVs

China Daily

Hildegard Mueller, president of the German Association of the Automotive Industry, visits BYD's booth at the Beijing auto show on April 25, 2024. The European Union's measures against Chinese EVs such as additional tariffs would not solve the challenges facing the European automotive industry, said Hildegard Mueller, president of the German Association of the Automotive Industry. In an interview with …

Europe China Chinese German Bmw Mueller Vda

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 …

India Market Financial Regulation Money Laundering Service Ind

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 …

Vda Crypto Exchanges

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. …

Regulation Regulatory Framework G20 Countries Paper Digital Assets Virtual

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. …

India Regulation Enforcement Regulatory Assets G20 Law Enforcement Agencies

1 year, 6 months ago

Decoding crypto reporting requirements in new income tax return forms

Live Mint

The government has finally, via the Finance Act of 2022, included taxation of cryptocurrencies or virtual digital assets in the Income Tax Act and laid out some key aspects around how much tax one has to pay on the gains, whether losses can be set off and which expenses to claim as deduction from gains arising from the sale of …

Tax Sale Income Itr Return Taxpayer Reporting

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 …

India Regulations Crypto G20 Countries Set Nations

1 year, 8 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 …

Tax 1 Per Cent Vda

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 …

India Money Laundering Money Act Laundering Pmla Vda

1 year, 9 months ago

Government amends KYC to add non-profit organisations, ‘politically exposed persons’

The Hindu

The Finance Ministry has amended the Prevention of Money Laundering Rules for widening the scope of Know your Customer norms to include Politically Exposed Persons, non-profit organisations and those dealing in virtual digital assets as reporting entities. Through a notification, the Ministry has made the exchanges and intermediaries dealing in VDA, such as cryptocurrency, reporting entities under the Prevention of …

Ministry Kyc Reporting Entities

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 …

India Assets Digital Virtual Vda Crypto Industry Virtual Digital Assets

1 year, 10 months ago

Budget 2023-24 Expectation: Need for clarity on equalisation levy; higher tax on virtual digital assets

Firstpost

Among the tax base broadening initiatives taken by the government in recent years in the digital sector, two key measures that have stood out are the equalisation levy and higher tax on virtual digital assets. Taxing digital economy Unlike the digital services tax applied by some other countries, the widened scope of EQL provisions in India covers even the traditional …

India Budget Online Pan Levy Nft Digital Assets

1 year, 11 months ago

Budget 2023: Income Tax Relief Measures That Corporates, Individuals Expect

News 18

As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2023-24 on February 1, 2023, expectations abound, especially as this will be the last budget before the 2024 general elections. Corporate Expectations Tax Deduction at Source 1) Benefits or perquisites Many interpretational issues have emerged on TDS provisions on benefits or perquisite since their introduction in the Finance Act …

Budget Income Tax Expect Mat Tds Vda Tds Obligation

1 year, 11 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 …

India Financial Budget Assets Digital Cryptocurrencies Sector

2 years ago

India's First CBDC, FTX Fiasco, LUNA Meltdown: Crypto Events That Defined 2022

ABP News

2022 has been a particularly eventful year for the crypto sector. Here’s a quick look at some of the major crypto events that made headlines in 2022: India announces crypto tax Cryptocurrencies, non-fungible tokens, and similar entities are clubbed under virtual digital assets in the country and face a stringent taxation structure as part of the new regime that came …

India Digital Rbi Rupee Luna Binance Ethereum

2 years ago

Five Ways That Crypto Asset Reporting Framework Can Impact Indian Institutions, Investors

News 18

India is one of the few early signatories and adopters to the Multilateral Competent Authority Agreement which provides a standardised and efficient mechanism to facilitate automatic exchange of information released by rhw Organization for Economic Co-operation and Development. CARF rules are designed to include the scope of crypto assets to be covered, entities and individuals subject to data collection and …

India Tax Crypto Indian Assets Service Currency

2 years, 1 month ago

Consumption Of Fake Information Is Injurious To Health: Progressive Steps Towards Ad Regulation In India

Live Law

The year 2020-21 bore witness to a significant number of changes relating to almost every aspect of human life and the advertising ecosystem was no exception. There was a major shift from print media to digital media: the pandemic accelerated the process of digitizing the print media, opening the floodgates to a stream of According to the ASCI Complaint Analysis …

India Advertising Misleading Media Consumer Delhi Consumer Protection

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 …

India Tax Information Crypto Assets Digital Digital Assets

2 years, 2 months ago

Gifting NFTs, Crypto, VDAs This Diwali? Recipients Can Be Taxed On Certain Items. Know More

ABP News

Exchanging gifts during Diwali has become part and parcel of the festival as it brings a smile to our face. Certain gifts received can attract tax under the existing Income Tax law. Crypto tax Finance Minister Nirmala Sitharaman in her Union Budget speech this year announced that from April 1 all forms of VDA or crypto assets that are sold …

Tax Digital Diwali Income Digital Assets 30 Per Cent Nfts

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 …

Consumer Rights Service Platform User Users Provider

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Articles for Vda

Govt has no timeline for regulatory guidelines for Virtual Digital Assets

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

Crypto industry 'disappointed' as it finds no mention in Budget

Europe starts to impose car import tariffs

VDA opposes EU's threat of punitive tariffs on Chinese EVs

Why did FIU IND act against virtual asset providers?

28 virtual digital asset service providers register with Centre

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

India’s G20 presidency: For Virtual Digital Assets

Decoding crypto reporting requirements in new income tax return forms

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

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

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

Government amends KYC to add non-profit organisations, ‘politically exposed persons’

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

Budget 2023-24 Expectation: Need for clarity on equalisation levy; higher tax on virtual digital assets

Budget 2023: Income Tax Relief Measures That Corporates, Individuals Expect

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

India's First CBDC, FTX Fiasco, LUNA Meltdown: Crypto Events That Defined 2022

Five Ways That Crypto Asset Reporting Framework Can Impact Indian Institutions, Investors

Consumption Of Fake Information Is Injurious To Health: Progressive Steps Towards Ad Regulation In India

WIll Crypto-Asset Reporting Framework bring clarity for investors?

Gifting NFTs, Crypto, VDAs This Diwali? Recipients Can Be Taxed On Certain Items. Know More

Know your rights before investing in digital assets