The Income Tax Department of India is issuing alerts around high-value crypto transactions. The matter came to light earlier this week when Punit Agarwal observed a rise in income tax-related queries tied to crypto transactions from the income tax department. Agarwal is the founder of KoinX, a firm that provides crypto tax management solutions in … Read more
Global crypto tax reporting still has major cracks — and tokenized stocks may be the catalyst that forces the system to catch up. In recent weeks, platforms like Robinhood and Gemini have started offering tokenized stocks to users in the European Union. These blockchain-based derivatives mimic the price of real equities like Apple and Tesla … Read more
Reeling under strict tax policies, India witnessed a rather stunted growth in the crypto sector. Industry leaders in India believe that futures trading in crypto can be a great solution to help potential investors still trade in crypto without having to worry about the tax load. Nischal Shetty and Avinash Shekhar – both veterans of … Read more
The US, where estimates suggest 40 percent of adults currently hold crypto assets, is expecting to see a rise in tax evasion cases. The US’ Internal Revenue Service (IRS) is already gearing up to handle these cases. The information was disclosed by Guy Ficco, the chief investigating officer of the IRS in the US. Ficco … Read more
Several crypto investors in India have failed to pay 30 percent tax on profits they made via crypto activities in the last two years, possibly due to regulatory unclarity and lack of customer awareness, crypto tax firm Taxnodes has warned, urging the community to pay their crypto taxes on time. In conversation with Gadgets360, the … Read more
CoinDCX has released a report that attempts to highlight issues with India’s crypto tax policies, while seeking reforms from the government in order to improve compliance and tax transparency in the country. The FIU-registered crypto exchange is the latest of many firms that have attempted to appeal to the government to reduce the taxes on … Read more
India concluded its general elections on June 1, with results last week paving the way for the re-election of Narendra Modi as Prime Minister for a third consecutive term. As part of PM Modi’s newly constituted cabinet, Nirmala Sitharaman has been re-assigned to serve as the finance minister of the country after first taking charge … Read more
The authorities in Malaysia are said to be cracking down on crypto tax evaders. As part of a special investigation codenamed ‘Ops Token’, officials from the Malaysian federal agency Inland Revenue Board (IRB) reportedly conducted raids at multiple locations having identified firms that were not reporting their crypto-related engagements. Through these taxes, the Malaysian administration … Read more
The Bharat Web3 Association (BWA) met with industry stakeholders in New Delhi on July 11, ahead of the upcoming budget announcement for FY2024-2025. During the meeting, Dilip Chenoy, the chairperson of this Web3 advisory body, said that the industry is ready to be patient and give the government enough time to access the results of … Read more
Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday, with a slew of reforms for various sectors. The Budget did not mention cryptocurrencies or blockchain technology, two areas that are currently are unregulated in India. The Web3 sector in India has been urging the government to reduce the one percent tax deducted … Read more