India Has No Plans to Control the Selling and Buying of Cryptocurrency
India’s Minister of State for Finance, Pankaj Chaudhary, has revealed that the nation has no intentions to control the buying and selling of cryptocurrencies.
On August 5, Pankaj revealed the information in a parliamentary meeting. Pankaj answered a number of enquiries about the nation’s position on cryptocurrency throughout the meeting.
“Currently, there is no proposal to bring legislation for regulating the sales and purchase of virtual digital assets in the country,” Pankaj stated.
In addition, he clarified that anti-money laundering (AML) and counter-terrorism financing (CFT) legislation are in place for particular supervisory requirements. The nation’s measures against exchanges such as Binance, KuCoin, Bitget, and others make this clear.
In India, cryptocurrency assets are unregulated
Pankaj also clarified that there is no regulation of cryptocurrency assets in India and that no data is gathered by the government regarding these assets. It’s interesting that he also mentioned that the asset class is known as “virtual digital asset” in India rather than “crypto.”
India still possesses cryptocurrency even though Pankaj stated that it is not regulated in the nation strict tax policy applied to the asset class. The Finance Act 2022 states that the transfer of cryptocurrency is subject to a 30% tax.
Pankaj further stated that losses incurred during the cryptocurrency transfer cannot be deducted from other earnings. Every cryptocurrency transaction also has a 1% transaction fee.
India’s battle with Binance
India has requested outstanding taxes from binance totalling about $86 million. According to sources, the exchange received the warning in order to collect fees from Indian consumers.
According to reports, transaction fees collected from Indian consumers allowed Binance to make at least Rs 4,000 crore. The business has a 90 million users worldwide, with a sizable customer base in India as well,” a high insider with access to The Times of India said.
However, based on information provided to CoinDesk, the exchange has contested the tax show cause letter. In June, the exchange was also fined $2.2 million for breaking the nation’s anti-money laundering regulations.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : cryptopolitan