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Here are the new tax rules on cryptocurrency: * Sitharaman announced that gains arising from the sale of virtual assets would be taxed at a flat rate of 30 per cent without any deduction or exemption.

crypto exchanges and trading platforms cheered the announcements made by Finance Minister Nirmala Sitharaman over the taxation of virtual assets in Union Budget 2022. The Finance Minister announced taxation on gains arising from the sale of virtual assets at a flat rate of 30 per cent in her Budget speech, without any deductions to be allowed on these gains. The government also laid out the detailed provision over tax deducted at source (TDS) at a rate of 1 per cent levied on payments made on transfer of digital assets. Ashish Singhal, Founder and CEO, CoinSwitch and Co-chair Blockchain and Crypto Assets Council (BACC) said, we welcome the government's decision to introduce central bank digital currency (CBDC) to accelerate digitization.

Bitcoin is beginning to reassert its dominance over challengers to its cryptocurrency crown. The original digital coin was assailed by thousands of new «altcoin» competitors in 2021 — from solana and polkadot to litecoin and dogecoin — raising the prospect of a rapid fragmentation of the crypto market. Yet bitcoin has stemmed its loss of market share this month, and begun to regain ground, as rattled investors seek the relative safety of the biggest crypto player while they contend with an aggressive Fed and talk of war in Europe.

Along with this, she proposed that the Reserve Bank of India (RBI) will introduce its digital currency in the new financial year, which will lead to a more efficient and cheaper currency management system. The government also laid out detailed provision on tax deducted at source (TDS) at a rate of 1 per cent levied on payments made on transfer of digital assets.

virtual digital assets at a flat rate of 30 per cent, with no deduction and no provision to set off against any other income. Gift of virtual digital assets is also proposed to be taxed in the hands of the recipient. The government has also proposed a 1 per cent tax deducted at source (TDS) in order to track the transactions. Many see this as a masterstroke that will help the government track every transaction as market players will be liable to deduct taxes and report the transaction to the government. The clarification on the taxation of cryptocurrency was a long pending demand from the industry.

The loss arising from the sale of the virtual assets cannot set off against the any other income, the government cleared. Also, gifting of crypto tokens and the virtual assets would be taxed at the hands of the recipient. A TDS of 1 per cent will also be levied on payment made for transfer, above a monetary threshold, FM said.

RBI) will introduce its digital currency in the new financial year. Digital currency will lead to a more efficient and cheaper currency management system, the Finance Minister said during her budget speech in Parliament. «It is, therefore, proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022-2023,» she added.

While experts believe there are many reasons behind this, the primary among them is that there is yet to be a unilateral consensus inside the government, in the Ministry of Finance, and even in Parliament, they said. The ambiguity on legislation still hangs in the air, according to experts. It was expected that the Economic Survey will have nothing about the crypto industry as the government is still trying to figure out what crypto is and hence how it can impact, said Edul Patel, Co-founder and CEO, Mudrex. Though the industry does not expect the crypto bill to be put on the table in the budget session, we are hopeful that some cat will be out of the FM's bag, he added.

All of the top-10 digital tokens were trading higher during the trade on Tuesday. Terra zoomed 17 per cent, followed by a 13 per cent rise in Solana and a 10 per cent jump in Polkadot. The global crypto market cap jumped almost about 5 per cent to $1.75 trillion. However, the total crypto market volume tanked more than 13 per cent to $63.80 billion.

Silvergate Capital Corp, Diem said on Monday, ending the tech giant's ambitious push to get its billions of users transacting in its own currency. Silvergate said in a separate statement that it had paid $182 million for Diem's intellectual property and other assets. The sale was the culmination of several years of struggle for Meta's fintech unit, which lost most of its leadership, including director David Marcus, amid an exodus of staffers in the fall.

New Delhi: The government will take a balanced view on the issue of regulation of cryptocurrencies as they have implications on the country's financial stability, Principal Economic Adviser Sanjeev Sanyal said on Monday. Currently, there are no particular regulations or any ban on use of cryptocurrency in the country. The issue of cryptocurrency has not been covered in the Economic Survey 2021-22, Sanyal said in an interaction with media on the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman earlier in the day. «As you know, this is a matter of some debate, both inside the government, in the Ministry of Finance, and even in Parliament. So, this is something that is currently in discussion,» he said.

Dogecoin are falling out of favor. All the crypto biggies have witnessed a sharp fall in the market-cap in the last few days and meme coins are no exceptions, experiencing a severe meltdown. With crypto majors like Bitcoin and Ethereum halving their value from the peak, meme tokens including Shiba Inu and Dogecoins have plunged more than 70 per cent from their peaks.

crypto exchanges and trading platforms have launched promotional campaigns to lure investors. These campaigns are aimed at attracting investors to support declining trading volumes amid steep fall and rising regulatory concerns. ETMarkets.com reached out to various exchanges seeking out information about their giveaways for the crypto users. Here is the complete information about offerings of all the exchanges:OKXThe second-largest crypto exchange in the world, OKX, is set to give away $3 million as a part of the Asia Lunar New Year promotion for participants from Asian countries.

cryptocurrency market was back in the red on Monday, thanks to profit-booking following weekend gains. Trading volumes sank significantly on account of the holiday week in Asian markets. Bitcoin, along with other tokens, moved little over the weekend with light trading volume, as the majority of the markets in Asia headed to the weeklong Lunar New Year holiday. All of the top-10 digital tokens were trading lower during the trade on Monday. Terra dropped more than 10 per cent while XRP and Solana shed 5 per cent each.

MUMBAI: Legal experts are divided over regulating crypto assets. While one section is advising the government not to take a hasty decision without understanding the use cases, the other is against continuing the status quo despite the difficulty in defining crypto. ICICI Bank’s group general counsel Pramod Rao has said, “The government’s pause (on introducing the crypto bill in Parliament) is a good thing for us to wait and watch, and decide whether we need a separate regulator, which can transcend into all use cases.” However, Cyril Amarchand Mangaldas partner Anu Tiwari said that it will take a few years for a new regulator to attain maturity — which is too long a time for crypto. According to Tiwari, Sebi is the practical choice for regulating crypto despite challenges like identifying issuers of tokens. Presented ByDid you Know?Sunny Leone too

Bitcoin, the most active cryptocurrency, recovered nearly 15 per cent to trade at $37,600 levels at the time of this article. Bitcoin, along with many other cryptocurrencies, had a fantastic yet volatile run in 2021, hitting all-time highs.Negative sentiments prevailed The price correction was imminent to test the support levels. Despite some bargain buying at lower levels by both institutions and retailers, many remained on the fence due to the overall negative sentiments in the financial markets.

Twitter’s latest feature where users can showcase non-fungible tokens (NFTs) as their profile pictures is “annoying”, billonaoire Elon Musk said, saying the social media giant is spending a huge amount of resources on this feature.

Sunny Leone ventured into the NFT (non-fungible token) space after she made an announcement to enter the marketplace following in the footsteps of megastars Amitabh Bachchan and Rajinikanth. And now, racing ahead, Sunny has gone on to mint her NFTs.