CZ Binance Hints At Rising Taxation Being Detrimental To Indian Crypto Industry
The Indian government has maintained a bullish stance on its income tax on crypto assets. The government demonstrated this with the proposal of a Cryptocurrency and Regulation of the Official Digital Currency Bill in 2021. However, cryptocurrencies and NFTs are currently not regulated in India. The RBI even tried to ban crypto in 2018. Related Reading: Why Ethereum Could Drop To $1,500, After ETH Gained 30% In Last 2 Weeks Although the proposed “Cryptocurrency and Regulation of Official Digital Currency Bill” was never implemented, the government’s stance on crypto is....
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An Indian industry association has written to the country’s finance minister seeking clarity on cryptocurrency taxation in Union Budget 2022-23. “The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.”
Industry Wants Clarity in Crypto Tax Laws in Union Budget 2022-23
Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding cryptocurrency taxation. The association represents major....
Changpeng Zhao, crypto platform Binance’s CEO, is serious about securing its position in the Indian market for crypto trading owing to a shift in the tax structure in India. Binance currently has an edge over its competitors in the Indian market because it doesn’t include the high taxes or difficulty in moving money in and […]
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....
The ownership of WazirX became a hot topic as CZ claimed the deal never went through, but three years later, there’s still no clarity. The Twitter exchange between WazirX co-founder Nischal Shetty and Binance CEO Changpeng “CZ” Zhao over the ownership of the Indian crypto exchange grabbed a lot of headlines in the first week of August. WazirX was reportedly acquired by Binance in 2019, and ever since then, the Indian crypto exchange has been referred to as “Binance-owned”; however, to everyone’s surprise, CZ took to Twitter to claim that the acquisition process never went through and....
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....