We bring you important updates from Blockchain and Cryptocurrency sector with special focus on legislation and policy space.
Indian Subcontinent
Joined May 2021
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RBI to issue Central Bank Digital Currency in FY23: FM Sitharaman in Budget
#CBDC #Bitcoin #Bkockchain
Virtual digital assets to be taxed at 30%. 1% TDS on payments made on transfer of digital assets.
#BudgetSession2022 #Bitcoin #Blockchain
Gifting of virtual digital asset also to be taxed. No deduction permitted except the cost of acquisition of such assets.
teapawt.net/ANI/status/14884034768…
I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition: FM Nirmala Sitharaman
#Budget2022
. @AnirudhRastogi, Founder and Managing Partner @ikigailaw speaks to @jnsayta on the proposed crypto regulation law.
youtu.be/ykoSkcrS5K8
Watch @thegopaljain, senior advocate, Supreme Court speak to @jnsayta on the Fundamental Rights, the IAMAI case, the proposed legislation:
youtu.be/4mpks5x-3B0
#crypto #RBI #IndiaWantsCrypto
Crypto Vakil retweeted
In the meanwhile, #crypto exchanges will continue to operate in regulatory ambiguity. This uncertainty & lack of clarity adversely impacts crypto investors, VC/PE funds who have invested in this space & crypto exchanges. Govt should clarify its stand asap & publish draft Bill.
Crypto Vakil retweeted
With both Rajya Sabha & Lok Sabha adjourned sine die today, it is clear that the proposed #crypto legislation will not be passed at least for the next couple of months. Govt unlikely to take ordinance route specially as budget session is barely 40 days away. #CryptocurrencyNews
All Private cryptocurrencies to be regulated, not banned.
Reports NDTV
#Bitcoin #CryptocurrencyNews
Jack Dorsey’s Square is changing its name to Block.
This comes days after Dorsey stepping down as CEO of the social media company he co-founded. He continues to be the CEO of Square.
#blockchain #bitcoin
"The income earned by exchanges and other #crypto service providing platforms is liable to tax under the head Biz or Profn under Chapter-IV of the Income-tax Act, 1961. Applicability of tax rate wll depnd on status and category of taxpayer."
Govt in #RajyaSabha @nsitharaman
Smt. @nsitharaman ji responds to a starred question by Rajya Sabha member Shri. @SushilModi
#cryptocurrency #Bitcoin
#ETH
Smt. @nsitharaman ji responds to a starred question by Rajya Sabha member Shri. @SushilModi
#cryptocurrency #Bitcoin
#ETH
Is there any plan to regulate / prohibit crypto ads ? Sushil Kumar Modi asks in #RajyaSabha
Modi says no one read the RBI, SEBI advisories.
. @nsitharaman says the earlier bill is reworked and would definitely come before the house.
Finance minister responds at this point she cannot comment on the framework concerning #NFTs.
She said she has no readily available data on income tax paid on account of crypto transactions.
Govt is creating awareness on risks involved in #crypto through Govt, RBI, SEBI.
- @nsitharaman in Rajya Sabha
"The issues pertaining to regulatory capacity and also the fact that it is proliferating in past two years is taken note of," @nsitharaman responds to BJD MP Amar Patnaik on capacity of RBI and other bodies to regulate crypto and CBDC. #RajyaSabha
In response to a question in Lok Sabha, the finance ministry said, "The Government does not collect data on bitcoin transactions. The Government has no proposal to recognise bitcoin as a currency."
#CryptocurrencyNews #Bitcoin
MPs in LS & RS from Shiv Sena, TRS, VCK & BJP have raised Qs in Parliament on whether govt will regulate #crypto & bring legislation as well govt's stand on it. To be answered in LS on Mon & RS on Tue.
@CMRamesh_MP @rautsanjay61 @thirumaofficial
#cryptocurrency #bitcoin
