Tag: crypto taxation

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Crypto Transactions Involving Indian, Foreign Exchanges May Attract GST – Top Crypto News

Crypto transactions involving Indian, foreign exchanges may attract GST

As per reports, transactions involving Indian exchanges and those outside the country could come under the tax authority’s lens. The tax department is scrutinizing how exchanges that allow trading in India manage their crypto float. [Crypto float is the total number of outstanding cryptos available for trading on public markets.] They are also checking whether there is any element or transaction where Goods and Services Tax (GST) could apply. You can read more about it here.

Crypto prices today: Bitcoin rises 1.2%, ETH up 2.5%

Bitcoin is currently trading at $47,523, a 1.22% increase over the previous day. Ethereum is up 2.51% over the last 24 hours to $3,404.33. Solana rose 1.6% to $110.72, while Cardano is trading higher by 2.7% at $1.22. Meanwhile, Terra (LUNA) jumped 8.8% to $103.61. The global crypto market cap stands at $2.15 trillion, a 1.3% increase over the previous day.

UAE crypto push sees Bybit, Crypto.com announce Dubai offices

Crypto exchange Bybit will open its global headquarters in Dubai. It has received in-principle approval to conduct a full spectrum of virtual assets business in the city. Meanwhile, Crypto.com also said it would establish a regional hub in Dubai. The UAE has been pushing to develop the virtual asset sector and regulations to attract new forms of business. Recently, Dubai issued its first law governing virtual assets. It formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. 

Miss Universe fans to soon get partial ownership of crown via NFTs

Beauty pageant fans can now own part of the Miss Universe crown, currently with Harnaaz Sandhu of India. International luxury jewelry house Mouawad has tied up with Icecap (a developer of NFTs for investment-grade diamonds) to offer fractionalized ownership of the crown via NFTs. The unique icon will be offered via NFT technology to fans of the pageant.

Biden eyes $5B in 2023 revenue from applying new tax reporting rules to crypto

US President Joe Biden has submitted his budget proposal for the 2023 financial year, along with the U.S. Treasury Department’s revenue explanations. By the administration’s estimate, the U.S. can gather roughly $11 billion in revenue over 10 years (and ~$5 billion in FY23 alone) by “modernizing rules” to apply certain financial accounting and reporting practices to digital assets.

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FinMin Seeks to Tighten Norms for Crypto Taxation – Top Crypto News

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.

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Crypto Losses Can’t be Set Off, Clarifies Govt – Top Crypto News

Crypto losses can’t be set off, clarifies Govt

The Government of India has clarified that losses from virtual digital assets cannot be set off against gains one makes from other such assets. In other words, crypto investors and traders would have to pay a flat 30% tax on income, while losses would not provide any tax benefit. The Centres’ flat 30% tax rate on income from transfer of crypto and other virtual digital currencies will come into effect from April 1, 2022.

Crypto prices today: Bitcoin rises 3%, ETH up 4.2%

Bitcoin is currently trading at $42,238.46, a 3% increase over the previous day. Ethereum is up 4.2% over the last 24 hours to $2,991.86. Solana rose 1.6% to $90.32, while Cardano is trading higher by 5.9% at $0.93. Meanwhile, Polkadot (DOT) rose 4.88% to $19.73. The global crypto market cap stands at $1.91 trillion, a 3.02% increase over the previous day.

Goldman Sachs makes over-the-counter Bitcoin trade

Goldman Sachs has become the first major US bank to make an over-the-counter (OTC) cryptocurrency transaction. The Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital. The company bought a contract betting on the future price of Bitcoin— rather than actually buying the digital asset itself. 

Malaysia should make Bitcoin, crypto legal tender: Deputy Minister

Malaysia’s Deputy Minister of Communications Zahidi Zainul said the country should recognize Bitcoin and other crypto-assets as legal tender. Like many other countries, Malaysia is researching a central bank digital currency. Currently, its government is not considering an El Salvador-style leap into crypto. El Salvador made Bitcoin legal tender in September 2021.

Coinswitch, CoinDCX to invest up to $200,000 in crypto, Web3 startups

Coinswitch Kuber and CoinDCX are scouting for investment deals, seeking to infuse $100,000-200,000 in crypto and Web3 start-ups that need funding. The crypto exchanges plan to invest the amount in each of the multiple deals they are seeking. Coinbase’s investment arm, Coinbase Ventures, is also entering the Indian market with plans to invest up to $1 million in Web3 start-ups.