According to PANews, the Odisha High Court in India reiterated that cryptocurrency trading is neither prohibited nor considered illegal in India. The court granted bail to Yes World CEO Sandeep Chowdhury on the grounds that there is no official ban or illegality against cryptocurrency trading in the country. Chowdhury was previously detained for allegedly defrauding investors through a Ponzi scheme or multi-level marketing scheme disguised as a cryptocurrency business.
Despite the current lack of specific cryptocurrency regulations in India, the government imposes heavy taxes on cryptocurrency trading. Gains on virtual digital assets (VDAs) are subject to a 30% tax, and users cannot offset gains against losses like they can with stocks. In addition, a 1% withholding tax (TDS) on digital asset transactions further affects traders.
