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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
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 …

India Regulations Crypto G20 Countries Set Nations
Government amends KYC to add non-profit organisations, ‘politically exposed persons’
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
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
TDS Rules On Cryptocurrencies Effective From Today; Know How These Rules WIll Work
2 years, 5 months ago

TDS Rules On Cryptocurrencies Effective From Today; Know How These Rules WIll Work

News 18  

The rules regarding the tax deducted at source on virtual digital assets and cryptocurrencies have come into effect from Friday. The rules make it mandatory for the purchaser of a VDA to deduct 1 per cent of the amount paid to the seller as income tax deducted at source. The new section mandates a person, who is responsible for paying …

Tax Rules Person Deduction Tds Cbdt Vda
TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here
2 years, 6 months ago

TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here

News 18  

The Central Board of Direct Taxes has issued detailed guidelines on the levy of tax deducted at source on virtual digital assets or crypto assets, which will be effective July 1. The CBDT said, “This deduction is not required to be made in the following cases:- the consideration is payable by a specified person and the value or aggregate value …

Tax Transfer Value Sum Deduction Tds Exchange
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 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 …

Finance Tax Cryptocurrency Crypto Indian Assets Digital