India to Impose 30% Tax on Crypto and NFT Income

by in Cryptocurrency News

India crypto regulation

During a budget presentation today, India's Minister of Finance Nirmala Sitharaman revealed plans for the release of national digital currency and the taxation of the revenue from crypto assets for 30%.

Related: India’s Regulatory Authority Issued a Notice Over Crypto

As announced, the Reserve Bank of India intends to release a digital rupee in 2022-2023. The FM said that the tax law will effectively remove the uncertainty around crypto.

Previously, Indian regulators issued warnings on the crypto sphere, saying it's unregulated and presents risks of volatility and market frauds.

By taxing crypto incomes, India makes crypto trading official in the country.

Last year, the government considered banning crypto totally, and till now there wasn't any law regulating the sector. Crypto investing and trading is popular in India. A study published by the blockchain data platform Chainanalysis in October reveals that in 2021 crypto market surged by 641% in India.