Indian IT Ministry directs crypto exchanges to store user data for 5 years
The new directives for VPN service providers and crypto exchanges would require them to collect critical private information as well as the ownership patterns of customers. The Indian Computer Emergency Response Team (CERT-in), which falls under the Ministry of Electronics and Information Technology, issued a new directive on Thursday, forcing crypto exchanges, virtual private network (VPN) providers and data centers to store a wide range of user data for up to five years.Under the newly issued directive, crypto exchanges operating in India will be required to store customers’ names,....
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India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted.
Indian Government Reveals Taxation Plan
The Indian ministry of finance answered some questions Monday in Lok Sabha, the lower house of parliament, regarding how cryptocurrency transactions will be taxed going forward.
Minister Pankaj Chaudhary, the minister of state in the ministry of finance, explained....
Several major global cryptocurrency exchanges are reportedly exploring ways to enter the Indian crypto market. “The Indian market is huge and it is only starting to grow, if there was more policy certainty by now Indian consumers would have been spoilt for choice in terms of exchanges because everyone wants to be here,” said an executive of a crypto firm. Major Crypto Exchanges Want to Enter India Global crypto exchanges are exploring ways to enter the Indian cryptocurrency market, Reuters reported. Four sources told the publication that U.S.-based Kraken, Hong Kong-based....
The number of Indian users on cryptocurrency exchange Binance has soared after the Indian government began levying taxes on crypto transactions. Meanwhile, daily trading volumes at some major India-based cryptocurrency exchanges are down over 90% since the new tax rules took effect.
Binance Sees Record Number of Indian Users
The number of Indian user sign-ups soared on global crypto exchange Binance after a 1% tax deducted at source (TDS) went into effect in July, Bloomberg reported Tuesday.
The number of Binance app downloads in India jumped to 429,000 in August, the....
India’s Ministry of Finance has answered some questions regarding the status of cryptocurrency trading in the country as well as crypto regulation and investor protection. The minister of state for the finance ministry has indicated that the recommendations in the draft bill proposed by the interministerial committee are still being considered. Indian Government Answers Crypto Questions The Indian minister of finance was asked about cryptocurrency trading in Lok Sabha, the lower house of India’s parliament on Monday. The first question concerns “the status of....
The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them.
11 Crypto Exchanges Investigated for Tax Evasion
The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament.
Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and....