regulatecryptoindia

Legalizing VDA (Virtual Digital Asset) Ownership in India 🇮🇳

While India recognizes that there are taxation laws around Value Added Tax (VAT) and Property Transfer Tax (PTT) regarding VDA( Virtual Digital Asset),(but) when looking at the legal framework and regulation around VDA( Virtual Digital Asset), India does not have a clear legal framework or regulatory structure for the VDA ( Virtual Digital Asset) industry.

Currently in India, cryptocurrency is taxed at a capital gains rate of 30% + 1% TDS, but:
> There is no legal framework for cryptocurrency.
> There are no regulation for investor protection for cryptocurrency users.
> There are no Anti-money laundering (AML) laws in place for cryptocurrency.

The net effect of this is:
> 12 crore Indians are using international exchanges to trade cryptocurrency.
> More than ₹4.8 lakh crore of trading in cryptocurrency in India has been conducted on international exchanges
> 73% of India’s trading volume for cryptocurrency occurs on international exchanges.
> More than 180 companies that were originally started in India to develop cryptocurrency have moved to international jurisdiction.
This is not just capital flight; it’s regulatory uncertainty.

The solution is simple:
> we must implement compliance in India with respect to VDAs.
> Provide clear asset class classification.
> Create a regulatory sandbox in India that has adequate AML protections in place.

This would:
1. Bring a significant amount of trading activity back to India.
2. Provide adequate protections to Indian investors.
3. Improve compliance of VDAs in India.
4. Generate between ₹15,000 crore - ₹20,000 crore in new, annual tax revenue.

Let's not fear innovation, let's ensure we regulate it. Prohibition of an industry protecting the public and regulating the industry for the purpose of protecting the public are entirely different.

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#RegulateCryptoIndia #LegaliseVDAs #Web3India #CryptoIndia

India to Regulate Cryptocurrency: Public Input Needed!

Big news for India's crypto community! The government is taking steps to regulate cryptocurrency and is asking for public input on how to do it. This move aims to make the crypto market safer, boost innovation, and prevent fraud.

Why This Matters:

- Safety and Trust: Regulations will protect investors and make crypto trading more secure.

- Growth and Innovation: Clear rules can attract more businesses and encourage new technology.

- Less Fraud: Regulations will help prevent scams, making the market safer for everyone.

This is an exciting opportunity to shape the future of cryptocurrency in India. Keep an eye out for how you can share your thoughts and make your voice heard!

#india_crypto #CryptoMarketMoves #regulatecryptoindia #BlackRockETHOptions #BinanceLaunchpoolDOGS