India Confirms 'It's Not Illegal to Buy or Sell Crypto' — Government Will Consult Widely on Crypto Regulation
He was asked on Bloomberg Television Wednesday whether the proposed taxation means cryptocurrency will be legalized in India. “Crypto assets, we don’t call them cryptocurrencies. Crypto assets are currently neither illegal nor are they encouraged,” he replied, adding: “But, we have now put in a taxation framework that treats crypto assets the same way that we treat winnings from horse races, or from bets or from other speculative transactions,” he continued. “So it’s being taxed at the same rate as speculative transactions and not at the same rate as financial market transactions.”
Commenting on crypto regulation, Somanathan emphasized, “We are not going to jump the gun on crypto regulation but we are going to make sure that any income that is earned is liable to taxation.”What will happen to the future regulation of crypto? That’s an ongoing debate. But I think the government’s approach is to consult widely and also to look at what’s happening internationally in terms of crypto regulation.
reducecryptotax
I am surprised that India made the right decision
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Yeah, it's not illegal, but you have to pay 30% and do everything at your own risk
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IMHO It’s illegal to put such a tax on crypto…but this is none of my business since I have my crypto on bfx.
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True mass adoption of crypto or “digital assets” will start the moment India decides to be firm on their policies. Many are unaware as to how large the bitcoin bags are in India 🇮🇳 Which is also ironic 🤔
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