The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

The Indian government is reportedly considering regulating crypto as a commodity

3 min reading

The Indian Government is planning on implementing a law which would control cryptocurrency as commodity.

cryptocurrency https://www.freepikcompany.com/legal

The Indian government could try as early as February to create a legal framework for crypto-based digital currencies as "assets".

According to a report in the Indian edition of Business Today on Tuesday, officials at the country's Ministry of Finance said a potential regulatory framework would treat cryptocurrencies more closely to commodities than currencies. If this law is implemented, it would be a different approach than the total ban on digital assets in the country, which some Indian lawmakers are reportedly considering.

The officials added that any cryptocurrency laws in the country will likely be enforced by the time the government announces the Union of India budget on February 1, which will take effect before the next fiscal year. They added that they are working with the Reserve Bank of India or RBI to work out the details of each cryptocurrency legal framework.

Labeling crypto as an “asset” under Indian law is likely to have tax consequences for retail investors and stock exchanges in the country. India's tax authorities are reportedly considering taxing cryptocurrencies through shops and exchanges, but at the time of writing, it appears that no decision has been made by anyone in the government.

With a population of around 1.4 billion, India, which chose to create a special legal framework to buy cryptocurrency and other purposes, and this will most likely make significant waves in space. Governments have largely failed to take a firm stand on regulating digital currencies since the RBI lifted a full ban in March. Since then, numerous reports have circulated citing government sources indicating that the country's parliament passed a new law banning cryptocurrency trading in India and is also looking for alternative solutions to regulate digital assets.

Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.