Cryptocurrency

Updated : Mar 15, 2022

Crypto industry's budget expectations with CoinDCX's Sumit Gupta

Investors remain on the fence about taxes on crypto returns. Sumit Gupta, CEO, CoinDCX says that the industry expects clarity on crypto taxation from the upcoming Union Budget. Watch: https://youtu.be/kGa_VemBqE4

Updated : Feb 3, 2022

Crypto tax can go upto 43% for HNIs: Sandeep Jhunjhjnwala, Partner, Nangia Andersen LLP

Sandeep Jhunjhjnwala, Partner, Nangia Andersen decodes in detail the provision relating to cryptocurrency tax.

For those who have already invested in crypto and NFTs, the 30 per cent tax is not great news, industry players are seeing this as a positive step forward

Updated : Feb 1, 2022

Budget 2022: 30% tax on digital assets is the first step towards regularisation

No exemptions or deductions will be allowed on the digital assets taxes.

Budget 2022 introduces taxation on cryptocurrencies.

Updated : Feb 1, 2022

Dear Indians, value of cryptocurrencies you hold is now down by 30 per cent as govt moves to take its cut

Finance Minister Nirmala SItharaman announced in Budget 2022 that income in cryptocurrencies will be taxed at 30 per cent. Here is all you need to know.

Cryptocurrency exchanges including Wazir, CoinDCX, Zebpay have welcomed the tax announceemnts on virtual digital assets at 30%

Updated : Feb 1, 2022

Budget 2022: Crypto tax signals acceptance of virtual assets, say exchanges

While the legal experts have stated that the announcement made by the Union Finance minister, Nirmala Sitharaman of taxing keeping the taxation rate for virtual digital assets at 30 per cent will discourage crypto transactions, the industry players have welcomed the move.

Union finance minister, Nirmala Sitharaman announced that any income from transfer of virtual digital assets will be taxed at 30 per cent

Updated : Feb 1, 2022

Budget 2022: Bold move, may upset crypto transactions: Experts on virtual assets tax

Despite the government not introducing the much-awaited cryptocurrency bill in the Union Budget 2022-23, the union finance minister, Nirmala Sitharaman announced that any income from transfer of virtual digital assets will be taxed at 30 per cent.

Moreover, no country has yet implemented a CBDC-based economy though many are in the testing phase currently.

Updated : Feb 1, 2022

Budget 2022: Will RBI's blockchain-powered digital currency be a gamechanger?

With the help of Central Bank Digital Currency or CBDC, experts say all transactions can be tracked on the ledger with no ability to modify the past – leading to transparency.

BT had earlier reported that Budget expectations by tax experts where they suggested that crypto should be treated the way winnings from lotteries and game shows are taxed given the speculative nature of transactions.

Updated : Feb 1, 2022

Budget 2022: Will 30% tax on cryptocurrencies and NFTs apply retrospectively?

Finance minister Nirmala Sitharaman has proposed a 30 per cent tax on virtual digital assets with no deductions allowed.

While regulating cryptocurrencies will provide a legal framework, it is expected that the upcoming budget clarifies taxability of cryptocurrencies and provide certainty and guidance to crypto investors prior to investing in such currencies.

Updated : Jan 25, 2022

Budget 2022: Govt should clarify taxability of cryptocurrencies

While regulating cryptocurrencies will provide a legal framework, it is expected that the upcoming budget clarifies taxability of cryptocurrencies and provide certainty and guidance to crypto investors prior to investing in such currencies.

The crypto market is expected to touch $241 million by 2030, according to a Nasscom report, prepared in association with WazirX.

Updated : Jan 25, 2022

Budget 2022: Crypto exchanges seek regulatory clarity

Amid regulatory ambiguity, crypto exchanges seek clarity including classification of crypto as an asset class and its taxation policies. Here are Budget expectations from the representatives of leading crypto exchanges in India.

Crypto exchanges in India are looking forward to some clarity vis-à-vis the government’s regulatory framework on cryptocurrencies

Updated : Jan 25, 2022

Budget 2022: Here's what India's crypto industry looks forward to

Along with seeking regulatory clarity, crypto exchanges want the government to allay any misconceptions around crypto and incentivize research in the field.

The 'Cryptocurrency and Regulation of Official Digital Currency Bill' is now expected to be introduced in the Budget session of Parliament beginning January 31.

Updated : Jan 25, 2022

Union Budget 2022: Govt may mull TDS/TCS levy on cryptocurrency trading

Furthermore, a higher tax rate of 30% should be levied on the income from the sale of cryptocurrency, akin to winnings from game shows, lottery, puzzle, etc., said Aravind Srivatsan, tax leader & partner, Nangia Andersen LLP.

According to the lawsuit, Kardashian promoted EthereumMax in a June 2021 post on Instagram, when she had 250 million followers.

Updated : Jan 22, 2022

Kim Kardashian, Floyd Mayweather sued by cryptocurrency investors; here's why

The lawsuit, filed January 7 in Los Angeles federal court, claims the celebrities touted tokens sold by EthereumMax, or EMAX, in order to boost its price and make themselves a profit "at the expense of their followers and investors."

Torus Kling Blockchain IFSC plans to launch the ETF in Gift City by the end of this fiscal, subject to IFSCA and other regulatory approvals.

Updated : Jan 22, 2022

India may soon see its first Bitcoin and Ethereum futures ETF

Torus Kling Blockchain IFSC and Kling Trading India has signed an MoU with India INX; launch planned by the end of current fiscal, subject to IFSCA and other regulatory approvals.

“Tesla merch buyable with Dogecoin,” Elon Musk said in a one-line tweet

Updated : Jan 22, 2022

Elon Musk says Tesla merch buyable using Dogecoin

Tesla and SpaceX founder and CEO Elon Musk, who is also a well-known crypto enthusiast, recently tweeted that all those who want to purchase the Tesla merchandise can pay using Dogecoin.

Updated : Jan 22, 2022

Singapore's central bank issues guidelines to limit crypto trading by public

Updated : Jan 22, 2022

Jack Dorsey's fintech firm Block to build an open bitcoin mining system

In a tweet thread on Thursday, Block's general manager for hardware, Thomas Templeton, laid out the company's plans about building the mining system.

Updated : Jan 22, 2022

Spain to regulate crypto-asset advertising, make sure investors are aware of risks

The rapid growth of cryptocurrencies and digital assets pegged to traditional currencies has drawn attention from regulators worldwide, who fear they could put the financial system at risk if not monitored.

PM Modi at World Economic Forum's Davos Agenda. (Photo: ANI)

Updated : Jan 22, 2022

Countries need similar mindset to deal with cryptocurrency challenges: PM Modi

While delivering the special address at WEF’s virtual Davos Agenda, PM Modi stated that with the kind of technology cryptocurrency is associated with, decisions taken by a single country will be insufficient to deal with its challenges.

Sales of NFTs reached some $25 billion in 2021, according to data from market tracker DappRadar, although there were signs of growth slowing toward the end of the year.

Updated : Jan 22, 2022

NFT marketplace OpenSea buys crypto wallet Dharma Labs

OpenSea, which was founded in 2017 and was recently valued at $13.3 billion in its latest round of venture funding, said the deal would help it "dramatically improve the experience of buying, minting, and selling NFTs" on its marketplace.

When asked if they want cryptocurrencies to be banned, 38.1 per cent of respondents answered in the affirmative.

Updated : Jan 22, 2022

Mood of the Nation: Most Indians want cryptocurrencies to be banned

In the 2022 edition of the India Today-CVoter biannual Mood of the Nation (MOTN) poll, a significant number of respondents said that they want the government to ban cryptocurrencies.