Cryptocurrency Q&A
Are cryptocurrencies legal in India?
Are cryptocurrencies legal in India?
CryptoMystic
Sun Jun 23 2024
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7 answers
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With the rapidly evolving landscape of cryptocurrencies, the question of their legality in India has become a hot topic of debate. Many enthusiasts and investors alike are eager to know if they can legally trade and hold cryptocurrencies in the country. Given the fluctuations in the crypto market and the potential risks associated with unregulated digital assets, clarity on the legal status of cryptos in India is crucial. Could you elaborate on the current legal position of cryptocurrencies in India, and provide any updates or insights on any potential regulatory changes in the near future?
7 answers
BusanBeauty
Tue Jun 25 2024
As part of these taxes, gains made through cryptocurrency transactions are subject to a 30% tax rate.
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Silvia
Tue Jun 25 2024
Additionally, a 1% tax is imposed on every transaction involving virtual currencies.
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GeishaWhisper
Tue Jun 25 2024
Despite these measures, some cryptocurrency exchanges continue to operate legally in India.
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TopazRider
Tue Jun 25 2024
The existing users of the cryptocurrency applications appear to be unaffected at the current moment, as they continue to utilize them without encountering any issues.
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ethan_thompson_psychologist
Tue Jun 25 2024
Among these exchanges, CoinSwitch Kuber stands out as one of the prominent platforms that remains compliant with the local regulations.
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