Global Players Cheer Tax as 1st Step to Nod

The worldwide crypto community has lauded India’s announcement to tax cryptocurrencies and develop a Blockchain based, regulator-backed digital currency as a significant step forward toward legitimizing the asset class and encouraging innovation in Blockchain technology.

“This means that India recognizes the importance of crypto, digital assets and their underlying technology, Blockchain, too,” said Anndy Lian, Chairman of Singapore-based BigONE exchange. “The next crypto bull market could be led by India.”

On February 1, Finance Minister Nirmala Sitharaman announced the government would impose a blanket tax rate of 30% on the transfer of “virtual digital assets.”

Global crypto players believe the tax clarity will enable fence sitters to activate their India investment.

“The tax clarity is a very positive step forward. The Indian government is taking a progressive stance by going ahead in the direction of innovation. By bringing in taxation, the crypto industry and trading to a large extent,” said Serdar Bisi, CEO of Tycoon, a Cyprus-based crypto startup.

“Indian government’s move to tax cryptocurrencies is welcome as it is consistent with how other modern economies are treating cryptocurrency,” Adam Mazzaferro, founder of Australia-based @pay, said.

Global crypto experts believe the government’s announcement of 1% TDS at the time of transfer of digital assets will be a powerful tool to track transactions.

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