Blockchain & crypto news from India
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…
On Friday, Finance Minister Nirmala Sitharaman said that the government has sovereign right to tax profit made from crypto transactions and the decision on prohibiting or not prohibiting will be taken depending on the feedback from consultations. Responding to the general discussion on Union Budget, the finance minister said that she is not going to…
A day after announcing taxing crypto transactions just the same as winnings from gambling, the government said it doesn’t treat trading in crypto assets as illegal. Finance Secretary T V Somanathan said that the cryptos are in a grey area. It is not illegal to sell and buy crypto. He added that they have now…
Crypto exchanges in India have begun blocking and reporting trading accounts, which handle dubious trades after government agencies raised red flags over cryptos being utilized for money laundering. Self-regulation is introduced during the time frame when the country is yet to settle on any regulations around cryptos or the method to tax them. Industry analysts…
Getting inclined towards the ongoing crypto trend, The Rug Republic, a homegrown décor brand, has started accepting major crypto as payment for its orders. Although the Delhi-based décor brand delivers all across the globe but the payment option is as of now available in India only. The brand will take the top 20 cryptos according…
According to a report, the Enforcement Directorate (ED) has sent many notices in the previous month related to cross border crypto transactions and trades of NRIs (Non-Resident Indians) who extended their stayed longer in the nation due to the novel Coronavirus pandemic in the previous year, betting on Euro 2020 matches. The report, mentioning an…
China has forbidden payment and financial firms from offering services related to crypto transactions. Further, the country has warned investors against speculative crypto trading. In a joint statement, three industry bodies informed on Tuesday that under the ban, institutions like online payment channels and banks must not offer clients any service involving digital currency. This…
A court in the Northern District of California introduced an order that authorizes the IRS to serve a John Doe summons on Payward Ventures Inc. and its subsidiaries d/b/a Kraken (Kraken) looking for info about U.S. taxpayers who did transactions in crypto of at least the equivalent of $20,000 during the years 2016-2020. The IRS…
National Payments Corporation of India which runs UPI in India has denied banning crypto transactions. The domestic payments authority has instead asked banks to take a stand considering their risk assessment. The decision should be taken based on the advice of the banks’ compliance and legal departments. The NPCI’s suggestion is important at a time…