Global players cheer crypto tax as first step to nod
Mumbai: The worldwide crypto community has lauded India’s announcement to tax cryptocurrencies and develop a blockchain-based, regulator-backed digital currency as a significant step forward toward legitimising the asset class and encouraging innovation in blockchain technology. «This means that India recognises the importance of crypto, digital assets and their underlying technology, blockchain, too,» said Anndy Lian, Chairman of the Singapore-based BigONE exchange. «The next crypto bull market could be led by India.» On February 1, Finance Minister Nirmala Sitharaman announced the government would impose a blanket tax rate of 30% on the transfer of «virtual digital assets.»
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View Details »Global crypto players believe the tax clarity will enable fence sitters to activate their India investments. «The tax clarity is a very positive step forward. The Indian government is taking a progressive stance by going ahead in the direction of innovation. By bringing in taxation, the government legitimises the crypto industry and trading to a large extent,” said Serdar Bisi, CEO of Tycoon, a Cyprus-based crypto startup. „This makes it now possible for institutions and corporations that have been sitting on the sidelines because of uncertainty to participate in this emerging market and industry.“ Adam Mazzaferro, Founder of Australia-based @pay, said people forget that cryptocurrencies are simply another form of asset class, just like shares and real property, and should be treated in the same light, and the
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