Global players flag 'one size fits all' approach in FM's crypto tax

economictimes.indiatimes.com:

virtual assets at a flat rate of 30 per cent although lauded by global players has faced some scepticism regarding the approach. Sitharaman on Tuesday announced that the taxation will be applicable without any exemption or deduction and the loss arising from the sale of virtual assets cannot be set off against income. While this is a positive step towards the adoption of technology for the future, a flat 30 per cent tax without any loss offset is alarming to a lot of investors, said Aliasgar Merchant, Developer Relations Engineer of New York-based Tendermint.

Did you Know?

Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs

Crypto exchanges and other projects are working towards getting Indian users on board after the announcement by FM in Budget 2022. Global crypto players believe that the tax clarity will enable fence-sitters to activate their India investments. Although some have flagged a lack of clarity around the announcement. Bill Hugues, Senior Counsel & Director of Global Regulatory Matters at ConsenSys said, «The government's move delays resolution of the issue. All things considered, it is still better than proposing a bad rule. But the chances of a bad rule remain and that is something that should concern anyone who cares about innovation in this space.» The recognition of cryptocurrency in the Indian budget is definitely a positive step towards the future, believe experts. Many countries are considering crypto regulations, and India is paving a positive path for the industry, they said. «As India is moving towards being a global