India

Finance Minister Nirmala Sitharaman has unveiled the Indian Budget today for 2022-23 with two major announcements around cryptocurrencies. The FM has proposed a taxation rate of 30% on any income arising from the transfer of any virtual digital asset. Moreover, it is reported that no deduction in respect of any expenditure or allowance will beContinue reading “Breaking | India: Transfer of digital assets to attract 30% tax”

Previous reports have clarified that it is unlikely that a comprehensive crypto-bill will be introduced in the Parliament for the upcoming Budget Session on 1 February. However, the crypto-industry in India remains both hopeful and divided about it. Local media reports suggest that one section of legal experts wants the government to break the statusContinue reading “India: Legal experts divided on pre-budget crypto-wishlist ahead of Union Budget”

While the crypto-industry in India is hopeful about regulatory clarity when Budget 2022 comes around, local media reports say it is unlikely that the bill will be introduced on 1 February. AMBCrypto spoke to CREBACO’s Sidharth Sogani to understand where the bill is at right now. According to the exec, the bill is unlikely to make itContinue reading “India: Crypto-bill unlikely to make it to Parliament’s Budget session”

The global cryptocurrency market cap on 22 January went down by a massive 13.5% in the last 24 hours, to settle at around $1.6 trillion. Needless to say the tumble follows the year when the market witnessed its first record $3 trillion in cumulative market cap. Market mayhem Some, like the President of El Salvador,Continue reading “Report: Indians maintain a cautious outlook as crypto markets witness a bloodbath”

After 2022 started with tax raids on crypto businesses in India, industry players are pushing for a bill in the upcoming Budget session. The session is scheduled for 1 February for the financial year 2022-23. But firstly, local reports suggest that the industry wants taxation clarification. Sathvik Vishwanath, Co-Founder, and CEO of India-based trading platformContinue reading “India: Crypto industry players hope for regulatory clarity in Budget 2022”

India’s digital payment system and financial services company, Paytm, had previously stated that it might dive into crypto once the regulatory environment becomes favorable. Now, with the Indian Budget session coming up, CEO Vijay Shekhar Sharma has spoken in favor of implementing regulations. He told ET,  “No technology should be blocked. Technology should be shaped andContinue reading “India: Calls for crypto regulations intensify ahead of Budget Session 2022”

In India, 2021 came and went without the cryptocurrency regulation bill that many crypto investors were hoping to see. However, that doesn’t mean the government has shelved its plans to regulate the industry. In fact, Indian media publications are abuzz with whispers of new crypto policies and institutional developments. A most taxing question According toContinue reading “Will Indian investors have to pay 42% income tax on their crypto assets”

As India is bracing for the Union Budget 2022-23, an industry association called IndiaTech has written to Finance Minister Nirmala Sitharaman. The association that represents internet start-ups, including crypto exchanges, is asking the government to include crypto taxation rules in the budget, local reports claim. The development comes as major cryptocurrency service providers are underContinue reading “India: Tech startup association writes to Finance Minister seeking crypto tax clarity”

Major cryptocurrency service providers are under investigation in India on suspicion of possible tax evasion. However, Zanmai Labs’ WazirX had recently come under fire for alleged evasion of 400 million rupees in goods and services tax (GST), after 492 million rupees were reportedly recovered from the exchange as tax and penalty. Treading the thin lineContinue reading “‘No intention to evade tax,’ India crypto exchange WazirX responds to ongoing investigation”