IndiaTech, a tech industry association whose members include Zebpay, CoinDCX, Coinswitch Kuber, and WazirX, wants the Indian government to only let registered or founded-in-India cryptocurrency exchanges operate such businesses. In a letter viewed by MediaNama, IndiaTech also requested the Finance Ministry to clarify taxation around crypto assets in the upcoming Budget Session. It further argued that by allowing only "Indian founders to operate such businesses", the country will be able to save money that would otherwise have to be paid to foreign exchanges. "It is recommended that minimum ownership of 26% by Indian founders/entities in Crypto exchanges like the practice followed in the banking sector in India (FDI cap at 74%)," the letter read. Before the Indian government brings in legislation to regulate the crypto industry, it is necessary to take into account the recommendations of all stakeholders for achieving a balance between compliance with laws and promoting the industry. Enable necessary provisions in direct tax laws: IndiaTech Seeking clarity on taxation around crypto assets, IndiaTech urged the government to formally name crypto assets in tax laws. "The budget document should also name and classify cryptocurrencies to be defined as digital assets and not currencies and grant them recognition as digital assets," the letter read. Here are a few other recommendations — Regarding direct tax laws: "Enable necessary provision in the Direct Tax laws to render recognition and treatment under the head of Income 'Profit and Gains from Business and Profession' or 'Income from Capital Gains' depending on the kind of…
Tech association lobbies government to only allow Made in India crypto exchanges
It also gave the government pointers on how to decide taxation of crypto assets, starting with its classification under the law.
- Final Call: Exploring User Verification, 23rd Mar, 2023, Delhi #Ad March 22, 2023
- MediaNama Daily: We are not so certain about the CERT-In rules March 22, 2023
- How many crypto exchanges registered with India’s FIU following government notification? March 21, 2023
- Why is Twitter’s move to withhold accounts amid internet shutdown in Punjab problematic? March 21, 2023
- RTI: No details on how many entities have complied with CERT-In’s cybersecurity directions March 21, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...