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.

The post Nischal Shetty Appeals Indian Govt to Rethink Proposed Crypto Tax appeared first on Cryptoknowmics-Crypto News and Media Platform.

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.

The Supreme Court of India on Friday sought clarity from the central government on the legal status of Bitcoin in the country. Earlier this month, the finance minister had declared a 30% tax on crypto gains in the annual financial budget. However, finance minister Nirmala Sitharaman clarified that taxing cryptocurrencies does not give them legal […]

The Advertising Standards Council of India (ASCI) has published guidelines covering the advertisement of different crypto assets after finding that several ads “do not adequately disclose” risks associated with crypto. The ASIC noted in its guidelines that crypto companies need to put on a disclaimer in their advertisements. Earlier, the Indian finance ministry had announced […]

Read full post The Advertising Standards Council of India issues guidelines on advertising crypto assets. on Chaintimes.com.

Key Takeaways Shri T. Rabi Sankar, Deputy Governor of the Reserve Bank of India, called for a crypto ban during a speech today. He argued...

The Indian government is consulting with the Reserve Bank of India (RBI) on crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues. Indian Government and Central Bank Discussing Crypto Policies Internally Indian Finance Minister Nirmala Sitharaman revealed Monday that the government is…

The post Indian Government Consulting With Central Bank RBI on Crypto — ‘There Is Complete Harmony’ appeared first on Bitcoin News Miner.

India has one of the largest crypto economies in the world, but the country is yet to enforce a clear regulatory framework on cryptocurrencies. The [...]

India’s central bank governor Shaktikanta Das says crypto is a threat to financial stability and reiterated his stance on crypto while confirming the progress towards a digital rupee so let’s read further in today’s latest cryptocurrency news. India’s central bank governor said that private cryptocurrency is a huge threat to macroeconomic stability and financial stability […]

While reiterating India’s Central Bank's concern about cryptocurrencies, the Reserve Bank of India (RBI)…

The post RBI governor says crypto a big threat to India’s financial and macroeconomic stability appeared first on Coin Journal.

Indian finance minister Nirmala Sitharaman on Friday said that it was a “sovereign right” of the central government to impose taxes on cryptocurrency transactions. She replied to the Rajya Sabha on the general discussion on the Union Budget that was presented earlier this month. The Indian finance ministry announced a 30% tax on cryptocurrency transactions which received […]

India's Finance Minister Nirmala Sitharaman came out guns blazing to clarify that cryptocurrency taxation is a "sovereign right" and a "corrective action". (Read More)