India government mulls taxing crypto gains

TL;DR Breakdown India may begin taxing crypto gains, i.e, profit from crypto trading.India government has a controversial stance on crypto industry.18 percent tax would be imposed on foreign crypto exchange firms in India Authorities in India have begun working on how they will tax crypto gains, i.e., profits made from cryptocurrency trading. This is as the Indian government continues to blow hot and cold regarding crypto and crypto operations in the country. Local report in India claims that rather than an outright ban on cryptocurrencies, authorities plan to implement the crypto gain tax. Economic Times quoted sources close to the matter as saying that the government is contemplating taking a different approach to the digital asset space. They noted that the plans to tax crypto gain is coming from the local tax department in India. The source noted that India taxing crypto gains does not mean that the country would accept cryptocurrencies as a valid asset class. It is a function of the government belief that every activity generating any income for locals should be taxed. Arguably, the Asian country has the most controversial views on the digital asset industry. Crypto gains tax: Back and forth of India on crypto Back in 2018, India’s apex bank, The Reserve Bank of India (RBI), forbade all customers from operating with anyone even remotely associated with the crypto industry. It took the intervention of the Supreme Co...