Finanace Ministry seeks to tighten norms for crypto taxation
The Govt has proposed to tighten norms for crypto taxation by disallowing the set-off of losses with any gains from digital assets (crypto, NFT, etc). As per the amendments to the Finance Bill, 2022, the Finance Ministry proposes to remove the word ‘other’ from the section relating to set off of losses from gains in virtual digital assets. From April 1, a 30% income tax plus cess and surcharges will be levied on all crypto transactions. It will be levied in the same manner as it treats winnings from horse races or other speculative transactions.
Crypto prices today: Bitcoin up 2%, ETH rises 2.8%
Bitcoin is currently trading at $44,117.32, a 2.1% increase over the previous day. Ethereum is up 2.8% over the last 24 hours to $3,141.12. Solana surged 7% to $103.74, while Cardano is trading higher by 3.8% at $1.15. Polygon (MATIC) rose 3.6% to $1.64. The global crypto market cap stands at $2 trillion, a 1.94% increase over the previous day.
Bank of England lays out first regulatory approach to crypto
The Bank of England (BoE) has begun sketching out the UK’s first regulatory framework for crypto assets. BoE said the rapid growth of cryptos could pose risks to financial stability in the future if left unregulated. Crypto-assets have come under the regulatory spotlight amid concerns they could be used to bypass financial sanctions imposed on Russia since its invasion of Ukraine.
Solana price gains 10% as gaming adoption accelerates
Solana jumped ~10% in 24 hours, moving from about $96 to $103 at one point today. The move comes shortly after Krafton announced it is partnering with Solana Labs to develop blockchain games on the network. Krafton is the publisher of the popular battle royale game PUBG. Earlier this week, Web3 gaming startup Block Tackle said it is developing a Solana NFT skateboarding game.
