Virtual Digital Assets

Cryptocurrency exchange CoinDCX hacked: The crypto exchange’s co-founders have assured users their wallets are safe, but it’s wise for investors to know the rights that they can exercise in India.

Is crypto being used for terror financing in India? This is what intel agency suspects

The Financial Intelligence Unit (FIU) compiled the typologies report for virtual digital assets (VDAs) and their service providers (crypto exchanges) during the 2023-24 financial year. This was based on a collection of suspicious transaction reports (STRs) from the sector, along with the findings from their "operational analysis."

New Income Tax Bill to consider crypto as 'undisclosed income' during searches

As per the new tax bill, 'undisclosed income' includes 'money, bullion, jewellery, virtual digital asset or other valuable article' or expenditure, income based on any entry or transaction, where such entry wholly or partly represents income which has not been disclosed.

28 crypto/VDA platforms register with FIU-India to comply with PMLA norms

The Finance Ministry in March had said entities dealing in VDAs, crypto exchanges and intermediaries would be considered "reporting entity" under the Prevention of money laundering Act (PMLA).

Online gaming cos get some relief, 28% GST to be reviewed six months after implementation

While the GST Council's decision was not unanimous, no formal vote was required as only a handful of members voiced their dissent

GST Council to also tax online gaming transactions in virtual digital assets at 28%

So far, lottery, betting, and gambling were classified as actionable claims. Now, horse racing and online gaming will be added.

ITR filing for FY 2022-23: 28 days left, check these changes in income tax return forms

The tax return forms have now been modified to include necessary disclosures regarding income from VDAs. They also have to mention whether the income is to be categorised as business income or capital gains.

WazirX shuts down its NFT marketplace

WazirX’s exit from the non-fungible token space comes at a time when the VDA sector is grappling with high taxes and regulatory uncertainties

CoinSwitch releases proof of reserves, reveals $131.09 million in assets

Coinbase-backed CoinSwitch has a total asset value on custodial wallets of approximately Rs 933.83 crore, and a total asset value on exchanges of approximately Rs 149.62 crore.

Government gets Rs 60.46 crore tax from TDS on virtual digital assets

The minister further said currently, crypto assets are unregulated in India and the government does not register foreign crypto exchanges.

FTX collapse: Andreessen-backed CoinSwitch says it holds sufficient reserves to match customer investments

CoinSwitch hired consulting firm INMACS in July 2022 to study the company's processes and procedures and to carry out agreed-upon procedures (AUP) in November 2022.

Finance Ministry clarifies on what NFTs qualify as virtual digital assets

In a separate notification issued on June 30, CBDT also clarified that gift cards, vouchers, mileage points, reward points, and loyalty cards are not virtual digital assets (VDAs) and will not be taxed.

Nuts and bolts of how cryptos and digital assets will be taxed this year, and the challenges

Aside from the flat tax rate, the government has also imposed a 1% withholding tax. But when the buyer and seller of virtual digital assets on exchanges are unknown to one another, deducting the TDS will be a challenge

Crypto Conversations: A stricter tax regime for cryptocurrencies

These provisions may appear to be very regressive in the first instance and may discourage trading in VDAs. But the VDA framework across the globe is in its infancy and leaving this arena without control would be detrimental to the country

FinMin may move amendments to Fin Bill today; seeks to tighten crypto tax rules

This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.

Mainstream Indian artists enter the NFT World

Paresh Maity is the first senior artist to issue non-fungible tokens.

Storyboard18 | Crypto being pitched as easy investments in ads is problematic: ASCI’s Subhash Kamath

Advertising council ASCI’s chairman talks about the strategy to implement new ad guidelines and the common pain points in VDA advertising.