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There has been a significant year-on-year (YOY) rise in both business sentiment towards cryptocurrency and the number of mentions these coins gained in company filings. A positive outlook towards Crypto and blockchain is finally in black and white now! 1st February 2022 has made a mark in the history of #Crypto. India is finally on the path to legitimising the crypto sector. This progressive stance from the Government has validated the industry to a large extent. The Government is definitely not thinking of a ban anymore! The finance minister has indicated that Crypto falls under the 'virtual digital assets' bucket and is a special asset class. We stand by the minister’s words that Crypto is not a currency. On the other hand, a digital currency, governed by the RBI, is also on the cards. It's a piece of phenomenal news that India is launching a blockchain-powered Digital Rupee soon. This move will pave the way for crypto adoption and put India in the front seat of innovation and adoption to web 3.0. There is some good news and some news of a slightly inconvenient nature. At the same time, Finance Secretary TV Somanathan said, “people investing in private crypto should understand that it does not have the authorisation of the government”. All cryptocurrency, non-fungible tokens and similar digital assets will be taxed at a flat 30% rate. And if you intend to use your stash of crypto coins to make a transaction, that’ll attract a 1% tax deducted at source (TDS) too.

Most of the Indian crypto investors have been self-reporting crypto-related income in their income tax returns so far. Now, with the introduction of sections 115BBH (Tax on income from virtual digital assets) and 194S (Payment on transfer of a virtual digital asset), clarity on taxation and Government validation is received. While this is a concise interpretation of the law as it is, .