India legalizes crypto

[Freemind]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

[TomPluz]

Well, this can be a good but burdensome start for many crypto lovers and holders in India. While we are awaiting for the fine print of this law regulating and hereby legalizing cryptocurrency in India, good to see that this big market has not followed the path taken by China of blanket ban on cryptocurrency. I am sure that no matter what this can be a big cause of celebration in India though we have to admit that the tax rate can be so high and yes this can encourage people to never declare their cryptocurrency involvement not unless they are dealing with registered exchanges where the tax rate can be automatically levied on them.

[Nil Nil Akash]

This is the big news for India and all crypto user. yes 30% tax is huge but atleast Indian gov think about crypto. still I an not clear some point like 1% every transaction if anyone know about it please help me. Overall it's positive movement

[densus88]

This is the big news for India and all crypto user. yes 30% tax is huge but atleast Indian gov think about crypto. still I an not clear some point like 1% every transaction if anyone know about it please help me. Overall it's positive movement

Yeah, many investors from India.
I have seen many India people do trading and investing in crypto.
So, I think It's big news if India legalized crypto.

[gurunanakji777]

No, they did not say it is legalized they just impose a 30% tax on the profit of Virtual assets that includes cryptocurrency and NFTs and 1% TDS and experts are saying there is a strong probability govt will plan to treat it as an asset and make it legalize in near future. Imposing tax does not mean they legalize it. To get the legalized status they will first pass the cryptocurrency bill in the parliament only then after it will legalize with some conditions.

[mu_enrico]

30% income tax or capital gain? I haven't got the detailed tax plan, and I'm not knowledgeable in India's tax policy. Based on quick googling, however, 30% rate is the highest for income > Rs. 15 Lakhs. That's expensive! Another case if your income is < Rs 2.5 Lakhs, it should be 0% tax, but if your source of income is crypto, you'll get 30% tax?! That's not fair IMO.

[doc]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

great, I'm happy to hear that
I hope It will make good effect for crypto market.
I see many India people have invested in crypto and also  join bounty.

[TomPluz]

30% income tax or capital gain? I haven't got the detailed tax plan, and I'm not knowledgeable in India's tax policy. Based on quick googling, however, 30% rate is the highest for income > Rs. 15 Lakhs. That's expensive! Another case if your income is < Rs 2.5 Lakhs, it should be 0% tax, but if your source of income is crypto, you'll get 30% tax?! That's not fair IMO.

That proposed 30% tax must be on gains but it can be on top of any other transaction fees that can be levied to anyone buying on legit crypto exchanges...peer-to-peer can be harder to track though so it can be easy to evade there. Anyway, this remains to be still on the proposed stage so there can be a chance that it can still be modified if people in crypto can make a lobby with the government to make the proposal not a burdensome because this can be a big reason why people will just evade paying tax.

[Evgenklm]

India is good with its technologies in medicine and IT technologies, but there is also a fairly large % of the poverty level of the population there, I do not even know how this will affect the market, but in general the news is good, only the tax as for me at 30% is quite large.

[Freemind]

No, they did not say it is legalized they just impose a 30% tax on the profit of Virtual assets that includes cryptocurrency and NFTs and 1% TDS and experts are saying there is a strong probability govt will plan to treat it as an asset and make it legalize in near future. Imposing tax does not mean they legalize it. To get the legalized status they will first pass the cryptocurrency bill in the parliament only then after it will legalize with some conditions.

Collecting taxes, even if it is just a project, implies legalization, otherwise the government itself would be breaking the law, when taxing a product or good that is not legal. It is possible that when writing the news they have started on the opposite path, but if they are going to collect taxes it is because there will be a legalization on the government table. Legalization and tax collection, that is the natural order of things in most governments of the world.

[Jaephoenix]

I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously

[mahadev]

I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously

Yeah, I think big countries will accept bitcoin and crypto currency.
It sounds good if India legalized bitcoin.
Hopefully It will make good progress for crypto world.

[Alcor]

I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously

It's too early to rejoice. This topic has already been discussed on the bitcointalk forum and they came to the conclusion that this is only a statement from one of the officials of the government of India. So far, there is no regulation that establishes the introduction of a 30% tax on profits in cryptocurrencies in India. So things can still change there, as it has happened many times before. There will be relevant laws, and we will discuss. But of course, 30 percent of the tax is  a lot.

[collinsjie]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

The 30% is too high as a tax for crypto investors or traders in India. Their government is trying to discourage them not to investing in crypto by that  high tax. I believe It will review again very soon.

[Freemind]

I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously

I am not sure if the Chinese government would change their mind and legalize cryptocurrencies, it would be very rare and their credibility would be damaged, although it would be good news without a doubt. Who is in time not to ban cryptocurrencies is the Russian government, now logically focused on the crisis with Ukraine, when that conflict is resolved (I hope peacefully) maybe the Putin government will only tax cryptocurrencies and they can continue to be used more widely in Russia.