• February 28, 2024

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Indian Crypto Exchanges Hold Talks with Authorities on Industry Legalization

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In late 2021 it became known that representatives of the government and the Reserve Bank of India planned meet with the crypto business in February.

The parties are trying to find a compromise on the regulation of the blockchain industry. The first round of negotiations involving crypto exchanges and the Indian Ministry of Finance has just taken place.

The Economic Times has clarified that the task of taxing the industry has become a key one. According to a source, the current talks are informal.

Cryptocurrency exchanges want the authorities to revise the tax rate. According to them, it is very difficult to comply with the requirements of regulators, and it is necessary to hold additional consultations with representatives of the government and the Central Bank.

The Ministry of Finance plans to introduce a tax of 30% on all income received by investors from operations involving digital currencies. At the same time, the Central Bank of the country and the Cabinet of Ministers do not intend to reduce the tax, at least in the near future.