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