India Introduces a Bill to Regulate Crypto Activities
Nirmala Sitharaman, the Finance Minister of India, has recently announced the department is ready to present the 2022 budget to the public. In addition, the woman has noted that the supporters of digital assets will finally be able to get acquainted with the newly minted bill on cryptos.
The government of the country has spent a long time to come to a unified decision regarding “digital assets,” this is how, by the way, the authorities have qualified the “new money.”
The country’s officials had earlier discriminated against cryptos for a long time, which, in turn, did not give India the opportunity to compete with other countries in the crypto sector.
Many holders of digital assets were unpleasantly surprised by the percentage tax rate they will have to face. According to the bill, it will be equal to 30%, regardless of whether the trader’s income has increased or decreased.
The tax on digital gifts will be charged to the recipient. This means that if someone presents a crypto product as a gift to a user, the recipient will have to pay a certain “commission.”
