Jay Sayta News

Mint reported concerns raised by the ministry in this regard. “With the World Cup and Asia Cup around the corner, there will be more of an emphasis on this.

Mint reported concerns on behalf of the I&B Ministry in this regard. “With the World Cup and Asia Cup around the corner, there will be more of an emphasis on this.

online gaming companies pending adjudication of a batch of cases filed by them as well as the All India Gaming Federation (AIGF) challenging the constitutional validity of Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Act, 2022. AIGF's challenge of the TN Gaming Act was listed (alongside the challenges filed by Gameskraft, Junglee Games, Head Digital Works and Play Games 24x7) before the bench of the Chief Justice SV Gangapurwala and Justice P D Audikesavalu of the Madras High Court.

Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate. Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin — known as Luna 2.0 — in a so-called airdrop face a double whammy. They could be taxed as much as 30% of the value of tokens received and they won’t be able to offset any gains in the new token against losses from the previous one, tax experts said. Under the new crypto tax regime, effective April 1, any income from the “transfer” of a “virtual digital asset” will be taxed at a flat rate of 30%. It does not explicitly mention how airdrops should be taxed, but Jay Sayta, a technology and gaming lawyer, and Manhar Garegrat, executive director of policy at crypto exchange CoinDCX, said the distributions can be seen as income and are subject to the tax.

Terra network coin holders in India are facing a “double whammy” following the LUNAC and UST crash last month – and could be hit with 30% tax bills from the recent LUNA 2.0 airdrop.

Luna 2.0 started trading on May 28.