March 24, 2023

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India legislates to regulate cryptocurrencies

India joins the list of countries moving forward to define the scope of use of cryptocurrencies. All details

India Advances one step in the search to regulate cryptocurrencies, One month after submitting a plan to the authorities.

Lower house Parliament From India Approved The Financial lawExample a Advance For that Law Of cryptocurrencies.

New regulation Coming into force From April 1st.

When the country’s Ministry of Finance calculates taxes, Merchants They cannot compensate for the losses Revenue from one digital asset to another.

India passes the Finance Bill and announces further taxes

In addition, the law establishes A 30% tax About Cryptocurrency transactions And 1% charge under taxes deducted at source.

Under Indian law, income tax is levied Proof of income.

I.e. when making a taxable cryptocurrency transaction, To the user:

  • Tax Deduction (DTS) Amount to be paid based on the established tax
  • Change these fees Independently in favor of the state.

Securities and Exchange Board of India Securities and Exchange Board of India

India and Finance Law: Voices Opposing the Plan

Field participants Indian cryptocurrencies Opposed the amendments Proposed by the TreasuryIn the hope of facilitating taxation on DTS and cryptocurrency transactions.

At the same time as introducing the new regulation, the Reserve Bank of India is trying to bring the rupee into digital form. The authorities aim to achieve it by 2022 and 2023.

Nirmala SitharamanFinance Minister of India confirmed the tax for Revenue from cryptocurrencies And digital assets will be 30%.

Similarly, income Crypto and non-fungal tokens Line by line The tallest in India.

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India: Cryptocurrency sales losses

Chittaraman Let me make that clear Losses Cryptocurrency sales, Cannot be replaced with other incomeBecause it refers to another Encouraging traders And investment in digital assets.

Currently, it is estimated to be approximately between 15,000,000 and 20,000,000 cryptocurrency investors In that country, at least 400,000 million rupees (approximately $ 5,370 million)

However, the official noted that they did not have them yet.An exact number in the Indian crypto market“.

On the other hand, he highlighted Market adaptation Of cryptocurrencies Should not be ignored constantly.

“There has been a tremendous increase in virtual digital property transactions. The size and frequency of these transactions have necessitated the establishment of a specific tax system,” he stressed.

India, a new crypto country

India, a new crypto country

Sitharaman added Central Bank of India, His implementation Central Bank Digital Currency (CBDC) To market between April 2022 and March 2023.

“The country’s policy is to hope that its application will give a major impetus to the local economy,” he said.

India has shown its intentions in promoting digital currency Central Bank Last August.

The Reserve Bank of India also announced that it was going Research projects A test to analyze the potential digital currency that could work in the local currency system.

How was the negotiation

A few days ago, the Asian government presented a plan to regulate digital goods and cryptocurrencies, which are expected to begin applying in 2023.

The plan is one foot Fast growing cryptocurrency marketsIt was unregulated despite the explosive rise of local marketing sites.

With the new measures, India became the last Emerging economy In regulating the sector, after China banned all cryptocurrency transactions in September.

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Sitharaman explained while presenting the federal budget that India would levy 30% tax on the income of cryptocurrencies and other digital assets, according to Reuters.