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#DigitalAssetBill * Need for Comprehensive Regulation: While taxation is a crucial step, the absence of a comprehensive regulatory framework leaves gaps in areas like investor protection, market regulation, and the operation of cryptocurrency exchanges. Clarity in these areas is essential for the sustainable growth of the digital asset industry in India. * Alignment with Global Trends: The classification of VDAs as property for taxation aligns India with several other major economies. * Focus on Tracking and Preventing Illicit Use: The inclusion under PMLA demonstrates the government's commitment to preventing the misuse of digital assets for illegal activities. In conclusion, while India has made significant strides in defining the tax treatment of digital assets, the broader regulatory landscape is still evolving. The Income Tax Bill, 2025, provides a detailed framework for taxation, but the industry awaits a comprehensive bill that addresses other crucial aspects like the legal status of exchanges, investor protection, and market integrity.
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#DigitalAssetBill VDAs are also to be included in the Annual Information Statement (AIS) of taxpayers. * Tax on Gifts: Cryptocurrency gifts exceeding ₹50,000 in total value are taxed as 'Income From Other Sources' at regular income tax slab rates. * No Offsetting of Losses: Losses incurred from the transfer of VDAs cannot be offset against any other income, including gains from other digital assets. Only the cost of acquisition can be claimed as a deduction. * Regulatory Ambiguity Regarding Exchanges and Trading: While taxation is defined, a comprehensive law specifically regulating cryptocurrency exchanges, trading platforms, and other aspects of the digital asset ecosystem is still awaited. The "Cryptocurrency and Regulation of Official Digital Currency Bill, 2021," which aimed to ban most private cryptocurrencies while allowing for a Central Bank Digital Currency (CBDC), has not yet been passed. This has led to a degree of uncertainty in the industry. * Focus on Anti-Money Laundering (AML): Since March 2023, crypto assets have been brought under the purview of the Prevention of Money Laundering Act (PMLA). This requires cryptocurrency exchanges and service providers to comply with AML standards, including Know Your Customer (KYC) procedures and the reporting of suspicious transactions. The Financial Intelligence Unit India oversees enforcement. * No Legal Tender Status: Cryptocurrencies, including Bitcoin, are not recognized as legal tender in India. Review and Potential Impacts: * Increased Revenue for the Government: The clear taxation framework is expected to generate significant revenue for the government from digital asset transactions. * Greater Scrutiny and Compliance: The TDS and reporting requirements aim to bring more transparency to the digital asset market and ensure compliance with tax laws. * Potential Impact on Trading Volumes: The high tax rate of 30% and the lack of provision for deducting expenses beyond the cost of acquisition might deter frequent traders and impact trading volumes.
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#DigitalAssetBill Review of the Digital Asset Bill in India (as of May 2, 2025) While a specific, comprehensive "Digital Asset Bill" that holistically regulates all aspects of cryptocurrencies and digital assets is still under development in India, significant steps have been taken through amendments to existing laws, particularly the Income Tax Act. Here's a review of the current situation, which reflects the essence of the ongoing legislative efforts: Key Aspects of the Current Regulatory Landscape: * Taxation of Virtual Digital Assets (VDAs): The Income Tax Bill, 2025, builds upon the Finance Act of 2022 to establish a clear tax framework for VDAs, which include cryptocurrencies and Non-Fungible Tokens (NFTs). * Classification as Property and Capital Assets: VDAs are explicitly treated as property and capital assets under the Income Tax Bill, 2025. This aligns India with global practices where digital assets are often classified as either securities or property for tax purposes. * Capital Gains Tax: A flat tax rate of 30% is levied on income from the transfer of VDAs. Notably, unlike traditional capital assets, no deductions (other than the cost of acquisition) are allowed. For example, if you buy Bitcoin for ₹1,00,000 and sell it for ₹1,50,000, the ₹50,000 profit is taxed at 30%, with no deduction for transaction fees. * Tax Deducted at Source (TDS): A 1% TDS is applicable to the transfer of VDAs, even in peer-to-peer (P2P) transactions, to enhance the tracking of large crypto transactions. The threshold for TDS exemption is ₹50,000 for small traders and ₹10,000 for others in a financial year. * Inclusion in Undisclosed Income: Failure to report VDA holdings can lead to their classification as undisclosed income, subject to соответствующее taxation. Tax authorities also have the power to seize VDAs during investigations related to tax evasion. * Reporting Requirements: Entities dealing in VDAs, such as exchanges and wallet providers, are mandated to report transactions in a prescribed format.
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$BTC Bitcoin (BTC) Review - Friday, May 2, 2025 Price Performance: Bitcoin is currently trading around the $96,000 - $97,000 range. * YCharts reports a current price of $96,426.95, up 2.33% from yesterday and a significant 65.40% higher than a year ago. * CoinMarketCap shows a live price of $96,702.64, with a 2.2% increase in the last 24 hours. * TradingView indicates a price of approximately $97,178, showing a 0.91% rise in the past 24 hours. Overall, Bitcoin has shown positive price movement over the last 24 hours and continues to trade at a significantly higher level compared to a year ago. Market Sentiment and Technical Analysis: * TradingView's technical analysis summary for Bitcoin indicates a "Strong Buy" signal based on popular technical indicators. Both the 1-week and 1-month ratings also suggest a "Buy" trend. * Investtech has a "Positive" short-term and medium-term outlook for Bitcoin. They note that Bitcoin has broken through resistance levels, indicating a potential for further rise. The short-term momentum is described as strongly positive with the RSI above 70, suggesting increasing optimism, although a high RSI can sometimes indicate an overbought condition. * Investing.com's technical analysis also points towards a "Strong Buy" sentiment. Moving averages and various technical indicators like RSI, MACD, and others mostly show "Buy" signals. Overall, the technical analysis suggests a bullish sentiment for Bitcoin in the short to medium term. Key News and Drivers: * Global Market Cap Increase: The global cryptocurrency market cap has risen to $3.02 trillion today (May 2nd), indicating a broader positive sentiment in the crypto market. * MicroStrategy's Bitcoin Investment Plans: MicroStrategy reportedly plans to double its Bitcoin investment to $42 billion and aims for a higher Bitcoin yield target for 2025. This suggests continued institutional interest. * ETF Inflows: While Bitcoin's gains in April were partly driven by significant inflows into spot ETFs, these inflows reportedly cooled slightly at the beginning of May.
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