Crypto industry celebrates breakthrough moment, but 30% tax a concern. In a breakthrough moment for the crypto industry in India, Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that income from crypto trading would be taxed at 30%. Though her announcement doesn’t make crypto legal, it does give official recognition to these digital assets, bringing much-needed legitimacy to the sector. For years, there have been reports of an imminent ban on private cryptocurrencies in India but today’s announcement closed that chapter, crypto industry stakeholders, including founders, venture capitalists and policy experts, told. To be sure, several lawyers said the industry remains in a legal grey area, and that only a full-fledged cryptocurrency bill would give these assets full legal status. What is a virtual asset? "Virtual assets" means any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptographi...
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