India’s Proposed Crypto Ban Has Investors Nervous, May Feed Anti-Bitcoin Narr...
The move is bound to make potential and current crypto investors outside the country uneasy as well.
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An internet startup association in India has asked the government to define cryptocurrencies like Bitcoin as digital assets and not currencies. IndiaTech.org, an industry association representing India’s consumer internet startups and investors, is backing wants to provide clear definitions for the cryptocurrency industry.On Wednesday, the association released a white paper including a policy proposal with recommendations for a regulatory framework for crypto-assets and crypto exchanges in India.The proposed framework suggests to define cryptocurrencies like Bitcoin (BTC) as digital assets....
India’s government could levy taxes on Bitcoin trading despite the lack of legal clarity for the country’s crypto space. India’s finance ministry has called for the enactment of Bitcoin (BTC) tax laws in the country. According to the Times of India, the ministry’s Central Economic Intelligence Bureau, or CEIB, recently submitted a draft document that proposes levying an 18% goods and services tax on Bitcoin trading.CEIB figures put the estimated Bitcoin transaction volume in India at over $5.4 billion. Thus, the proposed 18% tax could see the government earning about $970 million from....
India’s introduction of new crypto taxes had a negative impact on overall trading, forcing entrepreneurs to move to friendlier jurisdictions. The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions.India’s first crypto law, which requires its citizens to pay a 30% tax on unrealized crypto gains, came into effect on April 1. A commotion among the Indian crypto community followed as investors and entrepreneurs tried to decipher the impact of the vague announcement with little....
Authorities in India are reportedly weighing up options concerning crypto regulations in the country. India’s government is reportedly reviewing modalities for banning or regulating cryptocurrencies in the country.According to Bloomberg Quint, reports indicate that the government is in talks with financial regulators and industry stakeholders to examine the provisions of an earlier proposal that effectively called for a blanket prohibition of crypto in India.Back in February, several reports out of India stoked fears of a possible crypto ban that has so far failed to materialize. Instead,....
Under the framework, those conducting crypto transactions will be subject to a 30% tax starting on April 1, while the 1% TDS requirement will take effect on July 1. A tax framework on cryptocurrencies introduced by India’s Finance Minister Nirmala Sitharaman will become law in the country after being passed as an amendment to the Finance Bill.On Friday, India’s lower house of parliament, the Lok Sabha, passed the 2022 Finance Bill, which included 39 amendments proposed by Sitharaman. The amendment on crypto established a 30% tax targeting digital asset and nonfungible token transactions....