homecryptocurrency NewsDigital asset taxation positive development; signals crypto industry recognition: CoinSwitch Kuber
Digital asset taxation positive development; signals crypto industry recognition: CoinSwitch Kuber
Finance Minister Nirmala Sitharaman on Tuesday announced that virtual assets will now be taxed at 30 percent on all income made on them. Virtual digital assets, as they are called in the Budget speech, will most likely cover assets like non-fungible tokens (NFTs) and cryptocurrencies.
Finance Minister Nirmala Sitharaman on Tuesday announced that virtual assets will now be taxed at 30 percent on all income made on them. Virtual digital assets, as they are called in the Budget speech, will most likely cover assets like non-fungible tokens (NFTs) and cryptocurrencies.
While provisions of the new tax code will now bring income from the sale of crypto assets under the lens of the Income Tax department, there was no mention of what the government plans to do with cryptocurrencies in the future, apart from the fact that it will not consider cryptocurrency as 'currency'.
In an interview to CNBC-TV18, Ashish Singhal, Co-Founder & CEO of CoinSwitch Kuber said, taxation of digital assets is a positive development and signals that government recognises the crypto industry.
Also Read: Explained: What tax proposals on digital assets mean for cryptocurrency investors in India
"The 30 percent tax is overall a positive development. It removes some ambiguity from the crypto space about ban and signals that government recognises this industry."
He said there has been a 35 percent increase in new signups post the budget.
"We have seen over 35 percent increase in signups in the last 2-3 days which is significant. It also shows that people see this as a right step going forward for the industry. We still have to wait for the cryptocurrency bill to come out but this is definitely a positive step in the right direction."
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