Blockchain & crypto news from India
Italy, among the top ten crypto friendly countries, has levied a capital gains tax (with loss set off) on gains above Euros 2,000 (a little above $2,000). The tax is applicable for trading of virtual assets, defined as electronic value operating on distributed ledger or similar technology. Before this, Italy defined cryptocurrencies as virtual currencies…
A small handful of countries consistently rank among the top when it comes to rankings for being crypto-friendly to businesses. As 2022 nears its close, Singapore has emerged on top on various metrics, such as the number of crypto businesses, funds raised and activity of venture firms. Singapore was followed by the UK, Cayman Islands,…
Some Argentinian holders of bitcoin and cryptocurrencies may need to revise their tax returns to accurately reflect their financial status. The AFIP is the Argentinian tax authority, and reports suggest it has found discrepancies in some IT returns, based on information gained from local cryptocurrency exchanges. The number of such letters sent is said to…
The UK has taken a new step towards regulating crypto assets, with the lower house of parliament adding crypto assets to the list of activities that would be regulated by the upcoming Financial Services and Markets Bill. The Bill will also issue rules to govern stable coin payments. The UK has held positive views on…
Figuring out what cryptocurrencies are is the first step towards bringing them under tax regulations. The Internal Revenue Services of the US is now using the term “digital asset” rather than virtual currency. The change makes the concept much broader in scope, so as to include all blockchain related products that may have the nature…
While the developing world grapples with how to treat cryptocurrencies and their businesses, Japan is eager to adopt them into mainstream economy and make things easier. The country is looking into reducing the tax burden on crypto ventures that list new coins, as well as crypto investors who currently pay a high capital gains tax….
Finance Minister of India, Nirmala Sitharaman has tuned to the G20 nations to include cryptocurrency within the ‘Automatic Exchange of Information’ framework. Over 100 nations have adopted the Common Reporting Standard under the framework. The finance minister discussed crypto during the G20 Ministerial Symposium on Tax and Development in Bali, Indonesia on Friday.
The CBDT (Central Board of Direct Taxes) has shared clear guidelines on the newly introduced TDS on crypto transfers which will be applicable from July 1. The guideline was published on 22nd June evening, and in this blog and we’ll break it down for Blockmagic readers. The Income Tax department has published much-needed guidelines to throw…