A crypto tax framework will not legalise crypto in any way, says a revenue department official
A draft crypto bill could be introduced in the upcoming Winter or Budget Session of the parliament
Meanwhile, the global crypto market has also crossed $3 Tn market cap for the first time
Amid the exponential rise in crypto adoption in India, the Indian government has fastened its groundwork for introducing crypto regulations in India.
According to various reports, the developments are happening at multiple levels. While the department of revenue (under the finance ministry) is preparing a framework to levy taxes on crypto assets such as non-fungible tokens, capital gains on crypto trading and more; meanwhile, the department of economic affairs is finalising the content of draft cryptocurrency bill based on cabinet note prepared earlier.
The Bill could be introduced in the next Winter or Budget Session of the parliament, depending on its readiness. However, the revenue department…