Finance secretary T. V. Somanathan said it was not illegal to buy or sell crypto in India and that earnings will be taxed like winnings from gambling.<\/p>\n\n\n\n\n\n\n\n
India.- A new tax regime for cryptocurrency transactions in India will treat income earned to the same tax rate a gambling winnings. Finance secretary T. V. Somanathan told Bloomberg that cryptocurrencies were still in a \u201cgrey area,\u201d but that it was not illegal to buy or sell them.<\/p>\n\n\n\n
The framework for cryptocurrency payments and transactions will be similar to the tax regime for winnings from horse racing or betting and other speculative transactions, with the government proposing\u00a0a 30 per cent tax on income from transfers of virtual assets<\/strong>, including cryptocurrencies. The Indian cabinet has yet to approve the law before sending it to lawmakers.<\/p>\n\n\n\n For now, the government will tax any transactions tracked on citizens’ accounts, while a deeper tax framework is being developed.<\/p>\n","protected":false},"excerpt":{"rendered":" Finance secretary T. V. Somanathan said it was not illegal to buy or sell crypto in India and that earnings will be taxed like winnings from gambling.<\/p>\n","protected":false},"author":176,"featured_media":16435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"India has introduced an interim tax regime for cryptocurrency transactions, classifying income from virtual asset transfers similarly to gambling winnings, with a proposed 30% tax rate. While the Indian cabinet is yet to approve the law, the finance secretary clarified that buying or selling crypto is not illegal, despite its \"grey area\" status, and transactions will be taxed as a deeper framework is developed.","focusai_entities":"T. V. Somanathan, Bloomberg, Indian cabinet","focusai_location":"India","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.95), operator_casino (0.75), payments_fraud_aml (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Crypto Adoption","query":"How might the classification of virtual asset income as \"gambling winnings\" influence institutional and retail adoption of cryptocurrencies within India, particularly concerning capital market participation?"},{"label":"Future Regulatory Framework","query":"What specific governance frameworks and reporting obligations are anticipated in the \"deeper tax framework\" for virtual assets, and how will these integrate with existing financial regulatory compliance structures in India?"}],"footnotes":""},"categories":[156,16333],"tags":[23919,229,23911],"class_list":["post-26886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-news","category-south-east-asia-news","tag-cryptocurrencies","tag-gambling","tag-gambling-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=26886"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26886\/revisions"}],"predecessor-version":[{"id":26893,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26886\/revisions\/26893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16435"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}