There is a bad news for high value crypto investors who have refrained from paying taxes over their investment gain. According to Economic Times (ET) report, India’s income tax department has started probing nearly 700 high value crypto investors on the ground of non-payment of tax. The IT department has already started working on issuing [...]

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As reported by The Business Times, Singapore Finance Minister Lawrence Wong announced on March 11 that NFT owners in Singapore will start paying taxes on their investments. Income tax treatment will be determined based on the nature and use cases of the NFT. The announcement comes on the heels of recent tax measures that many [...]

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Nischal Shetty, founder and CEO of the popular Indian crypto exchange WazirX, has appealed to the government to re-examine the proposed crypto tax law to build a favorable crypto ecosystem in the country. Does India’s Crypto Tax Need More Work? In a recent Twitter thread posted today, the CEO of WazirX, Nischal Shetty has appealed to the Indian government on implementing favorable laws for the next generation of crypto enthusiasts who are building and contributing to the upcoming blockchain and cryptocurrency ecosystem. Shetty believes that the proposed crypto tax should be at par with India’s highest population between the ages of 18-25 who are into crypto but not under the taxable income bracket. Concerning the TDS, Nischal feels that a 1% slab will make it virtually impossible for day traders, or high-frequency traders as investors could get their entire capital locked in it if they trade for only a few hundred times. Government has also extra work of refunding all such TDS as well, according to him. The WazirX Boss further pointed out the latest tax rules could even encourage “brain drain” as the lack of clarity makes it difficult for law enforcement as well as entrepreneurs to function effectively. Day 32 India needs to implement favourable laws for Crypto entrepreneurs & investors We risk losing #BUIDL talent & future gains from Crypto Issues: 1) 30% income tax irrespective of income slab2) 1% TDS on every trade 3) No clarity for crypto entrepreneurs#BuildForCrypto — Nischal (Shardeum) ⚡️ (@NischalShetty) March 5, 2022 30% Crypto Tax Bracket Highest in the Country Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a crypto tax proposal of 30% on gains made from crypto tradings from April 1. The proposal also includes a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133). Reportedly, the 30% crypto tax bracket is the highest in the country and nearly double the corporate tax rate of 16%. The announcement saw a mixed reaction from the Indian crypto community with some calling it a welcome step towards recognizing the unregulated crypto market, while others called it regressive.

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Razorpay, one of India’s leading payment getaways, has released the 10th edition of its (COVID) Era of Rising Fintech, outlining the growth it witnessed during the past year. Among the

The post India’s RazorPay Sees 611% Growth In BNPL Business Last Year appeared first on Fintech Singapore.

The Advertising Standards Council of India (ASCI) has released guidelines for the promotion of cryptocurrency and virtual assets related services, prohibiting advertisers to use certain words that may lure consumers

The post Here’s How India Will Start Regulating Crypto Related Ads Starting April appeared first on Fintech Singapore.