India Tightens Tax Rules for Crypto Traders

The Indian Ministry of Finance ruled that when calculating taxes, traders will not be able to offset losses from one digital asset with profits from another.

The tax rate on income from operations with cryptocurrencies is 30%. According to the founder of the WazirX exchange, Nischal Shetty, separately considering the profits and losses of each market pair separately will restrain the growth of the industry.

Crypto entrepreneur Naimish Sangvi said that the Indian authorities will not take into account the cost of mining and other infrastructure costs, so it is better for traders to close all profitable positions by March 31 to compensate for losses.

Work on the regulatory framework for cryptocurrencies has been ongoing in India since 2018. During this time, the public received conflicting signals from the authorities: from a complete ban to possible regulation.

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