India asks exchanges to report crypto trades

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Updated November 2, 2022 | Published November 2, 2022

2 mins read

The country’s tax authority is keen to find out more about how cryptocurrencies are traded and what taxes can be applied.

India continues to seek a way to control and monitor its cryptocurrency industry up close.

To this end, the country’s tax authority, the Central Board of Indirect Taxes and Customs (CBIC), has asked the country’s major exchanges to provide information pertaining to all coins that are traded on their platforms.

This is done in order for the tax watchdog to determine whether it can apply goods, and services tax (GST), to the tokens and help ease investors’ understanding of how these tokens works.

A senior official told the Business Standard: “We had meetings with crypto exchanges on wide-ranging issues relating to the asset class.”

The report that the CBIC expects should help the regulator to better understand how crypto products behave, why they are transacted, and in what circumstances a tax can be applied fairly to the parties comprising part in the transaction. CBIC is now giving all major exchanges a few weeks to comply.

India wishes to establish itself as a technology-driven hub for cryptocurrencies, similar to ambitions stated by countries such as Singapore, France, and the UK, but in India’s case, a regulatory framework is also in the way.

Regardless, India’s path to cryptocurrency regulation has been fraught with difficulties. The country’s central bank, the RBI, has repeatedly tried to completely shutter cryptocurrency exchanges and digital assets as a whole. This has added to tension, scared potential investors, and dampened innovation.

The new attempt to tax crypto is not a bad thing. It may help consumers take control of their digital assets and empower them to pursue crypto in a more permanent capacity without risk of breaking any laws.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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