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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

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 …

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 …

India’s G20 presidency: For Virtual Digital Assets

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

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 …

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

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 …

Indian

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

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

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 …

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 …

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

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

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 …