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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 …

India Market Financial Regulation Money Laundering Service Ind
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 …

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

India Tax Information Crypto Assets Digital Digital Assets
Crypto Tax In India: A Tale Of Control Or Caution?
2 years, 4 months ago

Crypto Tax In India: A Tale Of Control Or Caution?

ABP News  

Cryptocurrency gains face a tax of 30 percent in India. The taxation of cryptocurrencies is also considered a way to legitimise crypto assets in India, without banning them outright, allowing investors and traders to continue dealing with crypto without much worry. Compared to some countries, India’s tax structure might seem a little bit more relaxed, whereas compared to some other …

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Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?
2 years, 8 months ago

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?

India Today  

Cryptocurrency investors in India will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. Financial Minister Nirmala Sitharaman in the Union Budget 2022 announced that "any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent." The minister also added that in order to …

India Tax Income Tax Transfer Digital Income Virtual
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 …

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