Government anticipating classifying crypto under GST law

The Centre is working on the categorization of crypto under the GST law so that tax can be imposed on the complete value of the transaction. As of now, 18% Goods and Services Tax (GST) is imposed just on services offered by the crypto exchanges and is classified as financial services. GST officers said that…

India identifies 700 cryptocurrency investors for not paying taxes

The income tax department of India has reportedly targeted around 700 crypto investors who have failed to pay taxes on high-value crypto transactions. According to an official with the nation’s Central Board of Direct Taxation, they have a long list of people who were dealing in crypto assets but weren’t paying tax. The list includes…

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Dubai embraced its first law to regulate the crypto sector

On March 9, United Arab Emirates’s ruler and also vice president and prime minister Sheikh Mohammed bin Rashid Al Maktoum declared on his official Twitter account that the Emirates has adopted its first law to regulate crypto assets. The law would work towards establishing and developing Dubai and UAE’s place as important players in orienting…

Finance Secretary says Blockchain policy has nothing to do with crypto policy

TV Somanathan, Finance Ministry Secretary said that the government policy vis-à-vis blockchain has nothing to with its policy towards virtual digital assets (VDAs) or cryptocurrency. He added that there should not be any worry regarding the use of blockchain in areas apart from currencies or payments. At an event, he said that Government’s policy towards…

Joe Biden to issue an executive order on crypto this week

According to the administration official aware of the issue, the US administration is about to issue an executive order on crypto this week. On February 18, Yahoo Finance reported that the executive order will direct a wide range of government agencies to study CBDC and crypto and come up with a government-wide strategy to regulate…

Thailand to declare cryptocurrency as regulated as means of payment

Thailand has declared that cryptocurrency will be regulated as a means of payment for services and goods to avoid potential impacts on the nation’s financial stability and economic system. The statement came from the Bank of Thailand, the Ministry of Finance and the Thai Securities and Exchange Commission. On Tuesday, the Bank of Thailand, the…

The Dubai World Trade Centre will become a crypto zone

On Monday, the Dubai Media Office said that the Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for other virtual assets and cryptos. It is a part of the efforts to lure new business as regional economic competition rises. According to the statement, DWTC’s stance to develop a specialized zone for…