India will impose a 30% tax on income from cryptocurrencies and other digital assets.
This was reported by Reuters, citing a statement by Indian Finance Minister.
As the agency notes, the move puts income from cryptocurrencies and NFTs in the highest taxation range in India.
There are between 15 and 20 million crypto investors in India with total cryptocurrency assets of about 400 billion rupees ($5.37 billion). There is no official data on the volume of Indian cryptocurrency.
It is noted that supporters of digital currencies in India view the changes positively and hope that the establishment of an official tax base will legalize cryptocurrencies.
“The thirty percent tax on profits from virtual digital assets, while high, is a positive step as it legitimizes cryptocurrency and hints at optimistic sentiment for further adoption of cryptocurrency and NFT,” said Avinsh Shekhar, executive director of cryptocurrency exchange ZebPay.
India’s central bank will issue the digital rupee in fiscal year 2022-2023, which begins April 1.