Soon to be Enforced: Indian Government to Tax Crypto Exchanges and Trades

India is arguably ready to start regulating the crypto ecosystem by imposing taxation on trades and exchanges.

News website ET Now tweeted on Monday that the Indian government is considering taxing cryptocurrency exchanges and the industry in the nation.

The cabinet is reportedly likely to take up the cryptocurrency measure shortly, with the tax agency reportedly advocating regulating all revenue-generating activities, including crypto exchanges and trades.

ET Now’s Ruchi Bhatia has gotten actionable intel that the Indian government is planning to tax cryptocurrency exchanges and the ecosystem, however, the Indian government has yet to clarify this.

The Indian government has long planned on the regulation of the crypto industry. At this time different countries are taking different approaches to aid the transition from traditional finance to the incorporation of crypto as innovation and upgrade of the global economic and financial system.

Also read: Ronald Stoeferle: the Price of Bitcoin Will Rise to Insurmountable Levels

spot_img

Recent Articles

spot_img

Related Stories

bitcoin
Bitcoin (BTC) $ 42,904.00
ethereum
Ethereum (ETH) $ 2,950.84
cardano
Cardano (ADA) $ 2.45
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 353.53
xrp
XRP (XRP) $ 0.947474
solana
Solana (SOL) $ 139.68
polkadot
Polkadot (DOT) $ 30.63
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.209206