The regulatory implications of India’s crypto transactions tax
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....
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India’s Prime Minister Narendra Modi announced on November 9, 2016, that 500 and 1000 rupee notes would be taken out of circulation in an effort to reduce corruption, terrorism, black money and counterfeiting, and will no longer be accepted as legal tender in India. His surprise announcement caused chaos in the country as citizens scrambled to adjust to a new monetary norm that banned about 85 percent of cash in circulation. This move was meant to bring billions of dollars worth of unaccounted money back into India’s economy. The Indian economy has thus far run primarily on cash....
The country's finance minister admitted to not having enough information to make a fateful call. Yet another statement by a top Indian official suggests that regulatory uncertainty around the status of digital assets in the country will persist in the near term.Responding to the general discussion of the 2022–23 Union Budget at Rajya Sabha, the upper chamber of India’s bicameral parliament, finance minister Nirmala Sitharaman stated that she was not going to “legalize or ban” cryptocurrency at this moment. The minister added that “Banning or not banning will come subsequently,” when the....
Coinbase Ventures will conduct an in-person pitching event in Bengaluru to help accelerate India's financial inclusion goals via crypto and Web3 investments. Coinbase Ventures, an investment arm of American crypto exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives via an in-person pitching event. In a blog post drafted while he was in India, Coinbase CEO Brian Armstrong revealed that the venture firm intends to tap into India’s software talent with the crypto and Web3 technologies and help accelerate India’s economic and financial....
HSBC, HDFC and Citi are now requiring crypto traders in India to provide information about their activities or risk losing their funds. Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account closures by global banking operations. India’s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have compared to “banning the internet for five years.”The Economic Times reports that customers of private banks in India, such as HDFC, HSBC and Citi,....
Most mainstream Indian investors still do not see an easy way to enter the crypto markets despite recent regulatory liberalization regarding virtual currencies. A comprehensive survey from India’s CoinDCX exchange has found that most local investors don’t see an “easy way” to access exposure to crypto assets. That’s despite the country reversing a ban on financial institutions providing services to digital asset businesses earlier this year.According to the OKEx-affiliated exchange’s findings, 56% of respondents under the age of 40 assert there is stil “no easy way to enter” the markets.....