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Cryptocurrency

Sandeep Jhunjhjnwala, Partner, Nangia Andersen LLP

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

Feb 03, 2022

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

Kamath also tweeted that Zerodha will be ready to offer crypto "whenever SEBI gives its blessing."

'Crypto will potentially be treated like stocks': Nithin Kamath's take on Budget

Feb 01, 2022

In a series of tweets, Kamath mentioned that post the Budget announcements, crypto, at best, will be treated as an asset and not a currency.

For the unversed, Sitharaman said that any income from the transfer of virtual digital assets will be taxed at 30 per cent and the losses accrued from these transaction cannot be offset against other income

Budget 2022: Meme fest on Twitter as FM Sitharaman announces crypto tax

Feb 01, 2022

The announcement of 30 per cent tax on income from transfer of any virtual digital asset saw some hilarious reaction from Twitter users.

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

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

Feb 01, 2022

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

Union Budget 2022: The income from virtual digital assets will be taxed at 30 per cent.

Budget 2022: Income from transfer of virtual digital assets to be taxed at 30%

Feb 01, 2022

Union Budget 2022: Sitharaman said that there has been a tremendous increase in the use of virtual digital assets and it requires a specific tax regime.

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

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

Feb 01, 2022

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.

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

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

Feb 01, 2022

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.

During the course of this speech, Sitharaman said that India’s economic growth forecast for FY 23 stood at 9.2 per cent and also announced an increase in capex allocation.

Budget 2022: From digital currency to crypto tax; here are the key highlights 

Feb 01, 2022

This year’s Budget address was noteworthy on many counts as it was the shortest address by Finance Minister Nirmala Sitharaman in 4 years. 

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

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

Feb 01, 2022

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.

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

Feb 01, 2022

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

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

Budget 2022: Crypto exchanges seek regulatory clarity

Jan 15, 2022

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.

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

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

Jan 16, 2022

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.

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.

Budget 2022: Govt should clarify taxability of cryptocurrencies

Jan 20, 2022

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.

(Photo: Reuters)

Budget 2022: All eyes on the crypto bill, industry hopes for regulation

Jan 21, 2022

The Cryptocurrency Bill is expected to be addressed in this year’s Budget and the industry is hoping for regulatory clarity.

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

Jan 21, 2022

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

Crypto-giant Binance kept weak money-laundering checks, reveals report (Photo: Reuters)

Crypto-giant Binance kept weak money-laundering checks, reveals report

Jan 21, 2022

Binance’s proposed relocation crowned the Maltese government’s strategy to turn Malta into a “Blockchain Island.” Zhao pledged that Binance would raise donations for local cancer patients. But soon the romance ended.

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

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

Jan 21, 2022

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.

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

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

Jan 21, 2022

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

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

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

Jan 12, 2022

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.

India may soon see its first Bitcoin and Ethereum futures ETF

Jan 13, 2022

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

Elon Musk says Tesla merch buyable using Dogecoin

Jan 14, 2022

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.