印度加密监管

💢 Binance, WazirX and other cryptocurrency companies accused of tax evasion in India

According to reports, India has recently taken strict measures against tax evasion by a number of cryptocurrency companies. A total of 17 cryptocurrency exchanges, including Binance and WazirX, have been accused of tax evasion amounting to $99.1 million.

Binance has attracted particular attention, as it has been asked to pay up to $86 million in unpaid Goods and Services Tax (GST), related to a transaction fee of $480 million paid to a company named Nest Services Ltd., which is said to be associated with the Binance Group.

The Indian government has already recovered $14.7 million in taxes, fines, and interest through these crackdowns, and more is expected to follow. Currently, WazirX is accused of tax evasion of $4.9 million, and CoinDCX and CoinSwitch Kuber are also under investigation for suspected tax evasion of $2 million and $1.7 million, respectively.

In addition, the Indian government has intensified its regulatory oversight of the cryptocurrency sector. According to the 2002 Prevention of Money Laundering Act, 47 virtual digital asset service providers (VDA SP) have registered as reporting entities with India’s financial intelligence unit under the Prevention of Money Laundering Act.

In August of this year, Indian law enforcement agencies requested Binance to pay approximately $86 million in back taxes. Although Binance and several other offshore cryptocurrency exchanges have been banned in India for non-compliance with local regulations, Binance has expressed its intention to resume operations in India after settling the unpaid taxes.

India's regulation of cryptocurrencies is becoming increasingly stringent, requiring all cryptocurrency service providers and investors to pay a withholding tax (TDS) of 0.1% to 1% on each transaction, and all profits from cryptocurrency investments are subject to a 28% tax.

This series of actions not only demonstrates the Indian government's determination in tax recovery but also reflects a global trend towards stricter regulatory frameworks for cryptocurrencies.

This poses a challenge not only to current market participants but also provides new directions for the long-term development of the industry and global regulatory cooperation. With the gradual establishment and improvement of the regulatory framework, the cryptocurrency industry is expected to usher in more robust and sustainable development.

What are your views on India's crackdown on tax evasion? In the context of tightening global regulations, what direction will cryptocurrency regulation take in the future?

#印度加密监管 #交易所逃税 #币安WazirX被指控

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