To organize this session, Coinbase has partnered with Builders Tribe, which helps crypto firms to secure funding. Builders Tribe said that more than 100 applications have been received to participate in this session. Coinbase CEO Brian Armstrong has been in India for a week and can hold meetings with students from leading universities as well as crypto investors. Armstrong said in a blog post, “Coinbase Ventures already has $150 million in investments in Indian companies related to crypto and Web 3. Given India’s software talent, we believe that crypto and Web 3 technology will drive India’s financials.” may help achieve the goal of inclusion.”
According to an estimate, the number of people holding cryptocurrencies in the Indian subcontinent is more than 100 million. The central government takes a cautious approach to the digital assets segment. However, it does not plan to ban or ban the crypto industry. From the beginning of this month, profits from trading cryptocurrencies will be taxed in the country. A law related to crypto was proposed in this year’s budget and it was passed in Parliament. With this, virtual digital assets will come under the tax net in the country. However, there is confusion regarding the definition of virtual digital assets.
Profits from crypto trading will be taxed at 30 percent. Apart from this, TDS of one percent has also been implemented on every crypto transaction. Violators of these rules can be in trouble. Violators of the new crypto law can be imprisoned for up to seven years. Crypto firms are apprehensive that the introduction of tax on this segment in the country may pull investors out of it. Legal experts believe that the government has taken this step after seeing the right opportunity.
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