India is reportedly looking to tax the crypto-asset trading and ecosystem in the country.
According to news site ET Now, the cabinet is expected to receive a bill on crypto-asset trading in the near future. According to the report, the tax authority will tax any income-generating activity, including crypto-asset trading platforms and trading.
Although the sources said that it will tax the crypto-asset trading platforms and ecosystem in India, the Indian government has not yet made a statement on this issue. Ruchi Bhatia of ET Now said:
India has a complex relationship with crypto assets. Although government officials have taken a stance towards banning before, they started to evaluate taxation efforts with the reactions and pressure of institutions serving in the field of crypto assets in the country.
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