Crypto updates in India!
Finance Minister Nirmala Sitharaman skipped any update on crypto regulations and taxes in her Interim Budget speech on February 1, as India continues to work with the G20 nations aligned with the ministry’s view of having a common global regulatory framework.
The government has been in talks with the Indian crypto industry and has taken several measures in the recent months to meet some of their demands. These include sending show-cause notices to offshore crypto exchanges such as Binance and Kucoin in December, for not being compliant with the local anti-money laundering laws and not getting registered in the country.
This led to Indian retail crypto investors opting for the offshore exchanges to evade 30 percent virtual digital asset (VDAs) tax, and the 1 percent TDS charged on every crypto transaction of over Rs 10,000.
The government also followed up on this show-cause notice, making Binance, Kucoin and seven other exchanges delist from Apple App Store and later blocking their URLs in India.