India
Crypto tax policy framework passes India’s parliament despite pushback from lawmakers
A tax framework on cryptocurrencies introduced by India’s Finance Minister Nirmala Sitharaman will become law in the country after being passed as an amendment to the Finance Bill. On Friday, India’s lower house of parliament, the Lok Sabha, passed the 2022 Finance Bill, which included 39 amendments proposed by Sitharaman. The amendment on crypto established a 30% tax targeting digital asset and nonfungible token transactions and did not allow for deductions from trading losses while calculating income. In addition, taxpayers in India will have an additional 1% tax deducted at source, or TDS. As per the new amendment proposed in the Finance bill 2022 to sections of crypto tax. Loss cant be set off against any profit. Similar to betting tax rules. #reducecryptotax — Aditya Singh (@CryptooAd...
RBI seemingly wants to ban cryptocurrencies, but not for the reasons you might think
On Thursday, the Reserve Bank of India, or RBI, the country’s central bank, published a critical bulletin regarding the cryptocurrency industry. While the report praised the innovative distributed ledger technology associated with digital currencies, the RBI dismissed arguments calling for the regulation of such assets and called for an outright ban. RBI’s core concerns were related to cryptocurrencies threatening the country’s financial sovereignty. The RBI wrote: “Historically, private currencies have resulted in instability and therefore, have evolved into fiat currencies over centuries. The retrograde step back to private currencies cannot be taken simply because technology allows it without considering the dislocation it causes to society’s leg...
India’s social media giant Chingari debuts an in-app crypto wallet
Chingari, the TikTok rival that launched its native $GARI token last month, is bringing more integrations onboard The giant social media platform has debuted its integrated-token wallet and plans to unveil an NFT marketplace soon India’s short video platform, Chingari, has revealed it is integrating its native $GARI token and an associated Solana wallet into the social media app. The $GARI token had already launched to 500 community members in the beta testnet at the end of last year. This was followed by the token debut on the global stage to international traders last month. Growth through incentivising content Chingari hopes to foster an expanding in-app economy which would open many innovative doors on the social media platform. Users can withdraw or deposit tokens effortlessly v...
Law Decoded: Tangible wins, new menaces and the global crypto taxation drive, Feb. 1–7
Every global event or major political crisis these days can trigger a digital asset-related conversation. As China welcomes the world’s top athletes to the Beijing 2022 Winter Olympics, showing off ultra-high-tech facilities and sports infrastructure, some United States politicians have raised concerns over the Games’ potential to act as a booster to the digital yuan’s adoption. In neighboring Myanmar, the military government that had overthrown the nation’s elected leadership a year ago is now looking into launching its own digital currency, not to project economic influence but to improve the domestic payments system and the struggling economy more broadly. Below is the concise version of the latest “Law Decoded” newsletter. For the full breakdown of policy developments over the las...
Indian couple celebrates blockchain wedding with NFT vows, digital priest
A young couple from India used nonfungible tokens (NFTs) to digitize their love for each other till eternity over the Ethereum (ETH) blockchain. The recently married couple from Pune, India, Shruti Nair and Anil Narasipuram decided to take their court marriage to the next level by hosting a blockchain wedding. According to Anil, the husband: “I read some articles on how people in other countries were doing blockchain marriages and it motivated me.” Other prominent crypto entrepreneurs to follow the trend include Rebecca Kacherginsky, Coinbase’s staff product designer. Most people get married in a place of religious worship, on a beach, or in the mountains. Peter (@_iphelix) and I are NOT most people. We got married on the #blockchain. 1/7 pic.twitter.com/2ExexrlLbZ — Rebecca Kachergi...
Bitcoin, Ether and NFTs will ‘never become legal tender’ in India, says Finance Secretary
T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender. According to a Wednesday tweet from Asian News International, Somanathan said that a digital rupee backed by the Reserve Bank of India, or RBI, will be accepted as legal tender, but major cryptocurrencies have no chance of doing so. The finance secretary added that because digital assets including Bitcoin (BTC) and Ether (ETH) do not have authorization from the government, they will likely remain “assets whose value will be determined between two people.” “Digital rupee issued by RBI will be a legal tender,” said Somanathan. “Rest all aren’t legal t...
Crypto tax doesn’t legalize trading, says Indian tax department chief
The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India. The finance minister of India announced a 30% tax on crypto holdings during the budget session on Feb. 1, triggering several headlines on the lines of “India legalizes crypto” However, CBDT chief JB Mohapatra aimed to debunk these misconceptions. Mohaptra in a post-budget presser said that the new crypto tax would help the income tax department measure the depth of the digital currency market in the country. He also stressed that imposing a tax on the nascent crypto market doesn’t necessarily legalize its trade in the country. He explained: “The crypto trade or the digital assets transactions do not ipso facto b...
India announces a 30% tax on gains obtained from digital assets
India’s Finance Minister has announced a 30% tax on profits from crypto and other digital assets She also disclosed plans to roll out a CBDC (digital rupee) in the 2022-23 fiscal year In a move indicating India is unlikely to ban cryptocurrencies as initially suggested, Finance Minister Nirmala Sitharaman has announced that tax will apply to transactions involving virtual digital assets. As she delivered the Union Budget 2022-23 speech yesterday, the minister explained that cryptocurrencies and other digital assets such as NFTs would be liable to a 30% tax. Gifts would also be taxed at reception, and a Tax Deduction at Source (TDS) established when certain conditions are met during the transfer of a digital asset. She further explained that bar the cost of purchase, the tax would be ...
GARI token records a trading volume of over $100M on first day of trading
The social token from video sharing mobile app Chingari became available to international traders on Tuesday India-based short video app company Chingari earlier this week debuted its native token GARI on the international stage. The token quickly saw interest from millions of people on the first day, with trading volume eclipsing $100 million within hours as per an announcement from Chingari. Chingari launched GARI last October as part of efforts to incorporate a cryptocurrency element in the digital content creation world. Renowned actor, producer and TV star Salman Khan served as the brand’s ambassador during the launch. In December, Chingari revealed its Initial DEX Offering launch plans on SolRazr. Taking the market by a storm This week, the token simultaneously arrived on more ...
Indian INX exchange reportedly plans to list Bitcoin futures ETF
Despite the ongoing uncertainty about cryptocurrency regulation in India, local financial firms are backing new ventures aiming to launch Bitcoin (BTC) exchange-traded funds (ETF). Torus Kling Blockchain, a joint venture between Cosmea Financial Holding, a financial firm backed by former Reliance Capital CEO Sam Ghosh, and Kling Trading India, is preparing to launch Bitcoin and Ether (ETH) futures ETFs in India, The Economic Times reported Thursday. The company has signed a memorandum of understanding with India’s major stock exchange, the India International Exchange (INX), to launch crypto ETFs alongside investment products tracking major metaverse-related companies listed in the United States. According to the report, Torus Kling Blockchain is planning to set up the ETFs in the Gujarat ...
Green and gold: The crypto projects saving the planet
It seems as though the potential benefits of cryptocurrency are often overshadowed by the technology’s inherent vulnerability to exploitation. And it’s true, crypto adoption does come with risks. Over the past year, governments from around the world have raised concerns that crypto could be used to finance terrorism or other illicit activity like money laundering. There have been prohibitive measures everywhere from China to Nigeria, with many crypto exchanges forced into a legislative chokehold. While crypto has its challenges, it has also become a tool for policymakers and activists wanting to make the world a better place. The climate crisis During 2021, public scrutiny of Bitcoin (BTC) energy-intensive mining practices dominated headlines all year long — and for...
Indian taxman recovers $6.62M from WazirX for evading tax on commission
Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment. Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the seller and the buyer. Officers of CGST Mumbai East comm’te have detected GST Evasion of Rs 40.5 Cr. on commission of Wazir X Crypto Currency & recovered Rs 49.2 Cr. in cash as GST, interest & Pena...
