Head of the Central Board of Direct Taxes (CBDT) in India said: Recently Announced 30% Crypto Tax on Holdings It is not necessary to make crypto trading legal in India.
India’s Finance Minister announced a 30% tax on crypto holdings on Tuesday. resulting in many headlines on the topic that “India is Legalizing Crypto,” CBDT Head JB Mohapatra, however, has come out to debunk these misconceptions.
Mohaptra said the new crypto tax will allow the income tax department to gauge the depth of the cryptocurrency market in the country. He also stressed that taxation in the nascent crypto market does not necessarily make trading in the country legal.
“Crypto trading or digital asset transactions are not legal or become commonplace just because you pay taxes on them.”
The head of the tax department added that the legality of crypto trading can only be determined if a clear national framework is introduced in parliament. can be illegal in relation to digital assets He also advocates for regulating the crypto market to track money flows in and out of the digital asset ecosystem.
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