AAP MP Raghav Chadha addressed the Rajya Sabha, urging the Indian government to legalise Virtual Digital Assets as a formal asset class. He noted that the government has already started taxing digital assets but has failed to accord them the requisite legal classification. Chadha noted that the tax structure requires
The 2026 Budget for the Union in India retains the same tax treatment for cryptocurrencies, no exemptions or changes, and increases penalties for non-reporting of virtual digital assets. In the Finance Bill introduced by Finance Minister Nirmala Sitharaman, new provisions under Section 509 of the Income-tax Act, 2025, are introduced.
Envisioning the crypto industry, India wants to explore more with the development of Web3. As per the press release from the Ministry of Electronics and Information Technology (MeitY) on Wednesday, the browser foresees crypto token support for digitally signing documents, which would further strengthen the security of online transactions and
India’s central bank has put forward a recommendation for banks to embrace artificial intelligence and blockchain technology in order to achieve sustainable growth and ensure stability. Deputy Governor Mahesh Kumar Jain, at a conference organized by the Reserve Bank of India (RBI) for directors of Indian banks, led a discussion on
India, until March 2023 for the financial year 2022–23, a total of Rs. 157.9 crore has been collected in direct tax or deducted at source (TDS) on payments made upon transfer of virtual digital assets (VDAs) and cryptocurrencies. Cryptocurrencies and other VDAs are entitled to 1% TDS, which went into
Despite the challenging global economic conditions, central bank officials strive to stabilize Asia’s third-largest economy. As the Indian Finance Minister Nirmala Sitharaman stated in a LokSabha question hour, the Group of 20 (G20) big economies are exploring “the possibility of regulating cryptocurrencies and crypto mining” as a group. While China
The Indian government is initiating a crypto awareness campaign to educate investors on the legality of cryptocurrencies. In India, while highlighting the risks of investing in crypto assets. And the effort is said it is a first-of-its-kind crypto awareness campaign. It will be operated by the Investors Protection and Education
Central bank officials strive to stabilize Asia’s third-largest economy in the midst of challenging global conditions. While India’s Finance Minister Nirmala Sitharaman stated in the Reuters NEXT conference on Wednesday that she expects strong growth and lower inflation in the upcoming year. In addition, Nirmala Sitharaman specified Growth, health, and
CoinDCX founder Sumit Gupta joined the investigation. CoinSwitch Kuber was also part of the investigation. Under the Foreign Exchange Management Act (FEMA), India’s Directorate of Enforcement (ED) has sent notifications to cryptocurrency exchanges requesting additional information and documents as part of its ongoing investigation into any alleged foreign exchange crimes
Twitter announced that it had investigated the incident. The Modi government is now drafting laws to restrict cryptocurrency usage. Indian Prime Minister Modi’s official Twitter account sent a message on December 12th at midnight (IST) stating India had officially adopted Bitcoin as a legal tender. The government had bought 500
